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Safety problems cause AREVA’s shares to fall

Areva shares fall over nuclear safety concerns New reactor design criticised by French politicians By Nina Sovich

PARIS, Nov 3 (Reuters) – A new generation of French nuclear power reactors came under attack on Tuesday as opposition parties called for an inquiry into their security systems, after three nuclear safety bodies asked for changes to their design.

In a rare joint statement, nuclear safety bodies in France, Britain and Finland on Monday ordered France’s Areva (CEPFi.PA) and EDF (EDF.PA) to modify the safety features on its European Pressurised Reactors (EPR) due to insufficient independence between the day-to-day systems and the emergency systems.

Opponents to nuclear power latched on to the news, with France’s opposition socialist party calling for a parliamentary inquiry.

CAP21, a political party founded by Corrine Lepage, a former environment minister, also said more investment should be made in renewable energy rather than nuclear.

French President Nicolas Sarkozy has championed nuclear power, both at home and abroad, where he hopes French companies will benefit from a global drive……… The design problems come as a blow to Areva, which has staked its export growth on the EPR……….. Non-voting shares in Areva closed 3.9 percent lower at 8.75 euros.

UPDATE 1-Areva shares fall over nuclear safety concerns | Markets | Markets News | Reuters

November 4, 2009 - Posted by Christina Macpherson | 1, business and costs, France | antinuclear, AREVA, EDF, France, nuclear, nuclear costs, nuclear secrecy, nuclear spin, nuclear wastes, radioactive, uranium, wastes