nuclear-news

World must “embrace nuclear power” says AREVA

“Nuclear is the cheapest” power source, Besnainou said

Areva Executive Praises Nuclear Power, Urges Loan Guarantees – WSJ.comBy Yuliya Chernova Of DOW JONES  VENTUREWIRE NEW YORK 4 April 11, –-Jacques Besnainou, chief executive of the U.S. arm of nuclear giant Areva SA (CEI.FR, ARVCY), said that the world must embrace nuclear power and advocated the continuation of U.S. federal loan guarantees for new nuclear power plants.

To those who think “nuclear is dead, I do not agree at all,” said Besnainou, speaking at the Columbia University Energy Symposium in New York on Friday. He said that there is no alternative in the U.S., Japan, or in European countries if nuclear power plants are phased out and new ones are not approved……
“Nuclear is the cheapest” power source, Besnainou said, adding that this is so even if one includes both the cost of building a new plant and then retiring it. Although building a plant might cost between $5 billion and $7 billion, Besnainou said that it then “becomes a cash machine.” The operational cost is very predictable, he said……
Whatever our emotions, the facts are stubborn,” he said in his speech. But because of the high upfront cost of nuclear, Besnainou said that the U.S. must continue funding federal loan guarantees, which ensure that such projects can get cheap debt.

In May last year, Areva received conditional agreement for a $2 billion loan guarantee for a project in Idaho Falls, Idaho. Georgia Power Co. received a commitment for an $8.3 billion loan guarantee, also last year. Both projects are pending final approval by the Department of Energy. The loan guarantee program has been criticized for moving slowly.

The Obama administration requested up to $36 billion in loan guarantee authority for nuclear projects in its 2012 budget for the Department of Energy. The budget must receive congressional approval…..

April 5, 2011 - Posted by Christina Macpherson | France, marketing