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NRC approves 2 new nuclear reactors, seeing that consumers take the financing risks

the SCE&G and Vogtle proposals have proceeded because both state legislatures passed anti-consumer state laws that allow utilities to collect rates in advance of project completion to pay for financing costs, with no opportunity for refunds if the projects are cancelled. These schemes essentially shift the risk from big power companies and their shareholders onto the ratepayers—families and businesses.

Misguided NRC Approves New SC Nuclear Reactors  http://www.cleanenergy.org/index.php?/Press-Update.html?form_id=8&item_id=283 Local Organizations Frustrated as Federal Agency Fails to Fully Consider Fukushima Lessons COLUMBIA, S.C. – Just weeks after the one-year anniversary of the devastating nuclear disaster in Japan, today, in a 4-1 vote, the U.S. Nuclear Regulatory Commission (NRC)approved a final license for two new reactors at the site of South Carolina Electric & Gas’ (subsidiary of SCANA Corp.) currently operating V.C. Summer nuclear power plant. Continue reading

March 31, 2012 Posted by | politics, USA | Leave a comment

Negotiations over cost overruns for South Carolina’s proposed new nuclear reactors

Scana ends dispute over early nuclear costs,  Mar 29, 2012 * Scana unit to pick up $138 million in early cost overruns * First Summer reactor operation delayed one year to 2017 * U.S. regulators to vote on Scana license Friday  March 29 (Reuters) – Scana Corp’s South Carolina utility said on Thursday it reached a preliminary pact to settle a dispute over early cost overruns for its proposed new nuclear reactors, a day before U.S. regulators are expected to vote to allow construction to move forward.

Scana’s South Carolina Electric & Gas Co (SCE&G) and its partner, state-owned electric agency Santee Cooper, want to build two AP1000 reactors at the Summer nuclear site near Jenkinsville, South Carolina, at a projected cost of $9 billion.

Scana also revised its timeline to complete the reactors, delaying the first reactor’s start date to 2017, a year later than earlier expected…

SCE&G, Westinghouse, and the Shaw Group have been negotiating who is responsible for certain increased costs to build the two new reactors for several months. SCE&G, which owns 55 percent of the project, said its portion of the increased costs will be $138 million, or $50 million less than they had previously disclosed……

Westinghouse is majority-owned by Japanese multinational Toshiba Corp. http://af.reuters.com/article/energyOilNews/idAFL2E8ETCU220120329

March 31, 2012 Posted by | general | Leave a comment