The Japan Syndrome

This could get really ugly:

Japanese officials may only have hours to cool reactors that have been disabled by Friday's massive earthquake and tsunami or face a nuclear meltdown.

Tokyo Electric Power Co (TEPCO) (9501.T) is racing to cool down the reactor core after a highly unusual "station blackout" -- the total loss of power necessary to keep water circulating through the plant to prevent overheating.

Daiichi Units 1, 2 and 3 reactors shut down automatically at 2:46 p.m. local time due to the earthquake. But about an hour later, the on-site diesel back-up generators also shut, leaving the reactors without alternating current (AC) power.

That caused Tepco to declare an emergency and the government to evacuate thousands of people from near the plant. Such a blackout is "one of the most serious conditions that can affect a nuclear plant," according to experts at the Union of Concerned Scientists, a U.S. based nuclear watchdog group.

"If all AC power is lost, the options to cool the core are limited," the group warned.

TEPCO also said it has lost ability to control pressure at some of the reactors at its Daini plant nearby.

The anti-nuclear power activists are really eating this up. And if there's a meltdown and a massive release of radioactivity, there may never be another nuclear reactor built in the world again.

UPDATE:

@Reuters FLASH: #Japan nuclear authorities say high possibility of meltdown at Fukushima Daiichi No. 1 reactor - Jiji