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Fall, fuel rod mishap and failed exams plague US nuclear revival effort.

The Trump administration has promoted nuclear energy as an edge in the AI race against China. It has slashed regulation, provided tens of billions of dollars in funds and promised to reverse a culture of “risk aversion” at the NRC to accelerate projects.

The warning issued to Holtec by the NRC last week landed as investor interest in the nuclear sector has faded, driven by concerns the AI boom is slowing.

More than $30bn has been wiped off the value of five of the largest US-listed nuclear energy companies in the last year — Oklo, Centrus Energy, BWX Technologies, NuScale and Nano Nuclear

Michigan reactor restart is delayed as Trump administration champions nuclear energy to meet booming AI power demand

Jamie Smyth in New York, 23 Oct 26, https://www.ft.com/content/bcc464cc-9d12-4b15-866d-64642de66ca8?syn-25a6b1a6=1

US regulators have issued a warning to a nuclear project critical to Donald Trump’s efforts to revive the industry, after a contractor fell into a reactor cavity and a bundle of fuel rods nearly tipped over during refuelling. The US Nuclear Regulatory Commission told Holtec International, a company racing to reopen a shuttered reactor at the Palisades nuclear power plant in Michigan, to address a “chilled work environment” that has made staff hesitant to raise safety concerns without fear of retaliation. The warning has prompted concerns among critics that financial and political pressures to revitalise nuclear power as an answer to booming AI-driven energy demand are increasing risks of accidents.

The NRC performed an inspection at Palisades in July over concerns about safety awareness. It followed an incident last year in which a worker fell into the reactor cavity, ingested some water and was sent off-site for medical attention. The individual was decontaminated by radiation protection personnel but had 300 counts per minute detected in their hair, according to an incident report. In a second incident in August, a bundle of nuclear fuel rods tilted over during a refuelling operation, delaying what was anticipated to be the first reopening of a shuttered nuclear reactor in the US.

The NRC also said nine of the 15 reactor operators at Palisades failed the test for an initial licence examination administered in July and August. Six individuals were issued operator licences. Holtec, which has never operated a nuclear power plant, has secured about $2.2bn in government support for a project that has been touted as a symbol of US nuclear resurgence. The owners of two other nuclear plants slated for decommissioning — Three Mile Island in Pennsylvania and Duane Arnold in Iowa — announced restarts soon after Palisades began work.

The Trump administration has promoted nuclear energy as an edge in the AI race against China. It has slashed regulation, provided tens of billions of dollars in funds and promised to reverse a culture of “risk aversion” at the NRC to accelerate projects.

The warning issued to Holtec by the NRC last week landed as investor interest in the nuclear sector has faded, driven by concerns the AI boom is slowing. More than $30bn has been wiped off the value of five of the largest US-listed nuclear energy companies in the last year — Oklo, Centrus Energy, BWX Technologies, NuScale and Nano Nuclear. Last month, Holtec was forced to postpone a planned initial public offering that was expected to raise $900mn and value the New Jersey-based company at up to $10bn. Palisades first became operational in 1971. It was decommissioned in 2022 but received a $1.5bn loan from the Department of Energy in 2024 to finance its restoration.

More than $30bn has been wiped off the value of five of the largest US-listed nuclear energy companies in the last year — Oklo, Centrus Energy, BWX Technologies, NuScale and Nano Nuclear. Last month, Holtec was forced to postpone a planned initial public offering that was expected to raise $900mn and value the New Jersey-based company at up to $10bn. Palisades first became operational in 1971. It was decommissioned in 2022 but received a $1.5bn loan from the Department of Energy in 2024 to finance its restoration. “The situation at Palisades is that you have a power plant operator newbie in Holtec trying to restart a nuclear reactor, and they may be under a lot of financial and political pressure to get this done speedily,” said Allison Macfarlane, who served as NRC chair from 2012 to 2014.

“The ‘chilled work environment’ warning issued by the NRC raises concerns that staff don’t feel like they can speak up to raise safety concerns and prevent accidents,” she added. “That perhaps reflects the new culture sweeping through part of the industry — move fast and break things. But to ensure safety, nuclear needs a culture based on going slowly and carefully.”

Holtec faces a March 2027 contractual deadline to begin supplying power to customers, who secured an extra $1.3bn in government funds to buy power from Palisades. In a statement to the FT, Holtec said it took the issues identified by the NRC seriously and was addressing them to ensure the plant runs safely. It said the fuel assembly that tilted over was successfully recovered without spilling in a “remarkable demonstration of technical ingenuity”. “A strong safety-conscious work environment is fundamental to our culture,” the company said. “The assertion that we have rushed has directly been countered by the work that has been accomplished.”

The NRC told Holtec its concerns about workplace culture must be addressed promptly to prevent further “cultural decline” within the affected departments. NRC has asked Holtec to correct the problems and will review the company’s plan within 30 days. However, the NRC downplayed any immediate risk to the public, saying mitigating measures ensured plant safety was not compromised. Holtec said the worker who fell into the reactor cavity last year had sustained minor injuries from the fall but quickly returned to work.

Holtec, which is trying to transform itself from a supplier of nuclear components and services into a reactor design and plant operator, has faced governance questions in the past. It has been the target of a whistleblower lawsuit and legal disputes involving former executives, relating to allegations of financial misrepresentation, executive retaliation and fraudulent practices. Kris Singh, founder and chief executive of Holtec, rejected the claims in a prior interview with the FT. The NRC said in a statement that its “safety mission remains our top priority.”

“NRC inspectors continuously monitored Holtec’s actions to safely remove the tipped — not dropped — fuel assembly from the reactor core and its placement in the spent fuel pool. They are independently assessing activities at Palisades and will continue to closely monitor Holtec’s restart-related work.” The US Department of Energy said Palisades’ return to service remained subject to NRC approvals and it was working closely with the regulator and Holtec to advance the “American nuclear renaissance”. “This is why appropriate regulatory oversight is useful in the nuclear sector and in this case it seems to be working,” said Adam Stein, director of nuclear energy innovation at the Breakthrough Institute, a climate and energy think-tank.

He said restarting the Palisades plant would be “good symbolism” for nuclear energy growth in the US, particularly given the scale of the challenge in bringing a more-than-half-century-old plant back to life. “This is difficult, because Holtec never operated this plant, many of the components are old and there have been some well-documented mistakes in the process. But given the volume of investment this project is highly likely to go ahead,” he said.

Some local activists who oppose the reopening of the Michigan plant fear the potential for a serious nuclear accident if the plant restarts, claiming the NRC is no longer an independent regulator and Holtec lacks the skills to do the job. “There’s tremendous financial pressure on the company, political pressure on company. They are muddling through but they don’t know what they’re doing,” said Michael J Keegan of Don’t Waste Michigan, an environmental group. “The NRC is an enabler and they are in collusion with the nuclear power industry.”

October 26, 2026 Posted by | business and costs, USA | Leave a comment

Walt Zlotow – Thank you Mr. President for stopping the flow of most US treasure to the Ukraine proxy war


Walt Zlotow West Suburban Peace Coalition Glen Ellyn IL – 23 Oct 26

Former President Biden squandered upwards of $175 billion in direct and indirect aid to Ukraine in America’s senseless proxy war to weaken, destroy Russia.

Back in November, 2021, Russian President Putin reached out to President Biden one last time to avert military action against Ukraine massing troops to finish off Ukrainian Donbas separatists seeking autonomy and peace from their Kyiv masters. Included was Russia’s security demand that Ukraine not join NATO, a Russian red line it had been warning the US not to cross since America’s 2008 NATO membership pledge to Ukraine.

Biden’s response? Russia’s security concerns regarding Ukraine NATO membership and Donbas autonomy were not even on the agenda. Biden knew that meant Russia would launch an invasion which occurred 3 months later. He cared not one whit how many would die, believing that Russia would self destruct from US aid to Ukraine like Russia did in Afghanistan between 1979 to 1989.

Biden left office 3 years later with Ukraine in ruins with no chance of prevailing, Russia stronger than ever, and $175 billion of precious US treasure squandered on death and destruction in furtherance of America pretending it still ruled Europe, indeed the world.

Trump began his second term boasting he’d end the war on Day One. Six hundred forty days in, Trump still flails around seeking an end to Biden’s insane Ukraine proxy war so he can concentrate on polishing off Iran to please his Israeli masters.

But thankfully, he has largely cut off squandering endless tens of billions for the lost cause of defeating Russia to please the Russophobes that infest both the Republican and Democratic Parties, the military, the CIA; virtually the entire national security state. They are all supported by mainstream media which totally censures any pushback to the madness of continued war in Ukraine till the last Ukrainian soldier is dead.

There are many reasons to revile President Trump. But his cutting off squandering our precious treasure to continue the destruction of Ukraine in order to weaken, destroy Russia is not one of them.

October 26, 2026 Posted by | business and costs, politics international, Ukraine, USA | Leave a comment

Why trade is vital to understanding how Ukraine needs western capital to stay afloat and how Russia can pay for its war effort without new debt

Four graphs [on original]that tell a bigger story

Ian Proud, The Peacemonger, Oct 20, 2026

I have wanted to write an article for sometime about the differing fates of Russia and Ukraine since the onset of the conflict in 2014. The headline is that Ukraine has never made up the difference in increased trade with Europe having cut its trade with Russia to the bone since 2014. This has inadvertently meant that Europe has had to inject significant sums of capital into Ukraine just to prevent its currency from collapsing as the war has gone on. Russia has diversified its trade away from Europe such that its export model is as strong today as it was in 2014, giving it the liquidity it needs to underwrite the war effort.

Key finding:


  • Ukraine exported 24% less and imported 46% more in 2025 than in 2014. The war has driven up imports while exports never recovered from the signing of the DCFTA and have been hampered by the war effort.
  • The yawning trade deficit Ukraine has built since the war started has placed greater strain on European sponsors to provide the capital Ukraine needs to prevent its currency collapsing, in addition to providing funding to meet its fiscal requirements.
  • This funding challenge for Europe will persist after the war ends until Ukraine can become self-sufficient in boosting exports and/or attracting sufficient foreign investment to offset its trade deficits.
  • Russia’s export strength and consistent surpluses have been unaffected by war. After the Ukraine crisis started, Russia started to diversify its major energy exports away from Europe, allowing it to weather the progressive reduction of exports to Europe. Indeed, Russia gained a huge windfall in 2022 from surging energy prices. There is no evidence that sanctions have impacted Russia’s export model in a significant way.
  • Russia has already started to reaccumulate FX reserves after the oil price collapse of late 2014, until before the war started. Following the immobilisation of $300bn in Russian FX reserves, Russia started to accumulate reserves in monetary gold, to sanction-proof future earnings. Russia now has liquid reserves of over $420bn meaning the immobilisation of its foreign currency reserves is no longer an economically limiting factor.

Detailed analysis

Russia’s export model in which it runs consistently large trade surpluses has ensured it can generate the reserves of foreign currency and gold which have undoubtedly helped to bankroll the war in Ukraine. Ukraine’s trade deficit has yawned since the war started, requiring continual injections of European capital to prevent its currency from collapsing.

This helps to explain by Russia can sustain the war for longer; it doesn’t need to take on significant new debt, its debt remaining low at 20%. Ukraine can only fund the war and keep its national accounts in balance with European money that cannot be guaranteed long-term and which, in any case, has increased Ukrainian debt by an average of 20% of GDP each year since the war started. This is not sustainable.

The Deep and Comprehensive Free Trade Agreement of 2014 has disadvantaged Ukraine because it forced a choice away from trading with Russia.………………………………………………………………………………………………………………………………………………………………………………….

by encouraging Ukraine to trade with Europe and not with Russia, Europe has imposed a deadweight economic loss on Ukraine which took a sovereign decision to forgo a previously profitable trade relationship, to pursue a political goal of EU integration……………………………………………………………………………..

Dragged into a persistent and growth trade deficit by war, Ukraine needs continued injections of foreign funds to prevent its currency collapsing.…………………………………………………………………………………………………..

………………………………………………… While Russia would undoubtedly like to see the return of its immobilised assets after the war ends (big question mark) it has nevertheless built up a significant financial buffer to the tune of over $420bn in reserve assets in addition to those assets that remain frozen.

This deep well of reserves undoubtedly helps to underwrite Russia’s war effort without the need for significant borrowing. Russia’s debt today sits at around 20% of GDP.

In 2021 Ukraine’s debt sat at around 49% of GDP. Today it sits at around 110% of GDP……………………………………………… https://thepeacemonger.substack.com/p/why-trade-is-vital-to-understanding?utm_source=post-email-title&publication_id=3221990&post_id=221204744&utm_campaign=email-post-title&isFreemail=true&r=1ise1&triedRedirect=true&utm_medium=email

October 25, 2026 Posted by | business and costs, Russia, Ukraine | Leave a comment

Several tons of jellyfish packed the seawater filters at a nuclear plant on France’s northern coast, and three reactors shut down automatically

By Hugo RojasOCT 17, 2026,
https://www.ecoportal.net/en/france-s-northern-several-tons-jellyfish/43014/

The alarm at the coastal plant came from the water, not the core.

Pumps that normally pull in a steady, boring flow of seawater began choking instead.

Inside the filter drums, something soft and pale was piling up by the ton.

It was not sand, not seaweed, not debris from a storm.

It was jellyfish, drifting in on an ordinary summer tide.

By the time the night was over, three reactors had shut themselves down and a fourth was running at half power.

Why a jellyfish can stop a nuclear reactor cold

A nuclear reactor does not cool itself. It depends on a constant river of seawater pulled through intake pipes to carry heat away from the turbine side, and that water passes through grids and rotating screens first. The filter drums and grids exist to stop seaweed, driftwood and fish, not a soft bodied animal with almost no skeleton.

That is exactly why jellyfish are so effective at jamming them. A weak swimming creature that drifts with the current cannot escape the pull of an intake. Its gelatinous body does not bounce off the mesh the way debris does; it packs flat against it and blinds the filter.

Enough soft tissue in one place and the pressure loss across the drums becomes severe, cooling water flow falls, and the plant’s protection systems order an automatic shutdown to preserve the reactor’s ability to cool itself. All of that happens on the seawater side, in the non nuclear part of the site, well away from anything radioactive.

A swarm that grew from pounds to tons in a matter of days

The plant is Gravelines, sitting between Dunkirk and Calais and drawing its cooling water from a canal connected to the North Sea. A reinforced watch kept by local fishermen and volunteer sea rescuers had spotted only a few dozen kilograms of jellyfish near the site in the days before, on the order of a hundred pounds.

The operator says the swarm then multiplied far faster than anticipated, until several tons of jellyfish pushed into the pumping stations and saturated the filter drums. Units 2, 3 and 4 dropped offline, another unit was cut to half power, and a single reactor kept running at full strength while the last one sat idle for scheduled maintenance.

None of it touched the reactor cores. “This situation has no impact on the safety of the facilities, the safety of personnel, or the environment,” the operator said in a statement. The jellyfish never got near radioactive material, they simply jammed the plumbing.

This has happened before, at Gravelines and far beyond it

What makes the story stranger is that this was not a one time fluke. The same plant had lost four reactors to a near identical swarm almost exactly a year earlier, in August 2025, which shut the whole site down while two units were already in maintenance.

Gelatinous animals have stalled coastal plants elsewhere too. Sweden’s Oskarshamn lost a unit to a sudden jellyfish influx in 2005 and again in 2013, when tons of moon jellyfish clogged the cooling intake of its largest reactor. Scotland’s Torness shut down in 2011, and California’s Diablo Canyon took a unit offline in 2012 after salps, jellyfish like relatives, packed its intake pipes.

Experts quoted on the French shutdowns point to warming coastal water, overfishing and pollution as conditions that let jellyfish thrive longer. That chain is plausible rather than proven, since marine biologists cautioned it is hard to show jellyfish are genuinely increasing because long run historical data barely exists.

The fix is mechanical, not nuclear, and it is still catching up

Engineers have not redesigned the reactors to cope with jellyfish. The countermeasures sit entirely on the seawater side. After the first episode, the operator installed supervision cameras on equipment including the filter drums and the intake canal so the swarm can be watched continuously from the control room.

A partnership with a fishermen’s association and sea rescuers now runs daily visual checks and targeted fishing when a bloom builds. When the water turned thick again, three fishing boats worked around the clock to move jellyfish offshore, and crews netted tens of tons of them out of the water in little more than a day.

It is a strangely low tech answer to a high tech problem. Other energy infrastructure faces its own version of this puzzle, whether it is a dam managing its intake flow or a turbine blade tested against years of wear before it ever meets open water.

What it means for a warming coastline

None of this makes nuclear power newly unsafe. The affected units were reconnected to the grid over the following days and weeks once the drums were cleared, with one unit staying offline longer than the rest.

The story is really about plumbing meeting biology at an inconvenient hour. Even so, the frequency is worth watching, since the same plant has now been halted by the same animal two summers running.

If coastal seas keep favoring jellyfish, plants built decades ago around a certain tonnage of debris may need sturdier intake screens designed for a softer, larger problem than their builders expected. For now it remains a curiosity more than a crisis, proof that a sophisticated machine on the coastline can be stopped by an animal with no brain, no bones and barely any muscle, simply because it floats where the water goes.

October 24, 2026 Posted by | business and costs, France | Leave a comment

How much will the AWE Aldermaston build cost West Berkshire in consultants?

By Niki Hinman Local Democracy Reporter, 19 October 2026, https://www.newburytoday.co.uk/news/questions-raised-over-council-ability-to-approve-nuclear-wea-9487315/

Questions over West Berkshire Council’s ability to scrutinise forthcoming planning applications into a multi-billion pound upgrade to AWE Aldermaston have been raised.

The plans are likely to cost the authority tens of thousands of pounds in specialist consultants to evaluate the proposal to upgrade the nuclear weapons facility into a state-of-the-art science park.

The council will have to handle the massive application in the coming weeks, and has said it will need specialist help to deal with it.

The Government’s £15bn defence investment is dedicated specifically to the UK’s nuclear warhead programme as a whole – which encompasses both the Atomic Weapons Establishment (AWE) Aldermaston and its sister site at Burghfield.

Security-cleared consultants working on defence or submarine programmes command a notable market premium.

A Google search puts them upwards of £1,000 per day.

The nuclear weapons factory is soon to submit plans described as ‘being on the scale of London 2012 in complexity’ to the authority, which must then figure out whether they pass planning policies.

The person leading the project from the AWE side is Andrew McNaughton CBE – a prominent British civil engineer.

He led on delivering key components for the London 2012 Olympics and is on record as saying the Future Materials Campus is on the same scale.

The matter came up before West Berkshire Council last night (Thursday).

“Government-funded plans for the multi-billion pound Future Materials Campus (FMC) at AWE’s Aldermaston site will see planning applications coming forward soon,” said Dominic Boeck (Con, Aldermaston).

“How will the council support and engage constructively with residents, local councils and businesses on this enormous development?

“AWE have compared the scale and complexity of the proposed FMC development with London 2012

“What specific assurance can the lead member give that council has sufficient planning, emergency planning and other relevant technical resources and expertise to undertake a thorough and independent assessment of the application, including its implications for residential safety, emergency preparedness and amenity within and around the Aldermaston DEPZ?”

Deputy council leader Denise Gaines (Lib Dem, Hungerford and Kintbury) said: “We take the safety of residents and people at AWE very seriously.

“The anticipated planning application is going through the process.

“At this stage of the proposal it is a pre application.

“This is a confidential part of the process between council officers and the applicant.

“This sets out a clear timetable for a major and complex application.

“As with any planning application it will be assessed by a team of qualified professionals to ensure that all relvant technical and environmental matters are considered and evaluated either in house or by specialist external consultants.”

There is a statement of community involvement.

And the consultation will involve talks with the council’s emergency planning service and the Office for Nuclear Regulation.

“My concern and my community’s concern is the scale of this project,” added Mr Boeck.

“Of course we understand it is a matter of national security, but there are concerns about how this multi-billion pound project will impact us here.

“I appreciate much will be done behind the wire, but the trucks have got to roll.”

When local authorities deal with ‘enormous’ or hyper-scale planning applications like the London 2012 Olympic Games or major urban regenerations, the standard local planning mechanisms are usually adapted, bypassed, or heavily augmented.

Because these applications are far too large, complex, and politically sensitive for a standard local authority planning department to process normally, they are managed through a combination of special purpose vehicles, and strategic planning frameworks

October 23, 2026 Posted by | business and costs, UK, weapons and war | Leave a comment

European Bank for Reconstruction and Development (EBRD) welcomes G7 commitment to finance urgent repairs to Chornobyl’s protective shield

EBRD 15th Oct 2026,
https://www.ebrd.com/home/news-and-events/news/2026/ebrd-welcomes-g7-commitment-to-finance-urgent-repairs-to-chornob.html

The European Bank for Reconstruction and Development (EBRD) welcomes the announcement by the Group of Seven (G7)that as leading industrialised nations, they will provide €260 million to fund urgent repairs to the New Safe Confinement at the Chornobyl Nuclear Power Plant in Ukraine, following the Russian drone strike that severely damaged the structure in February 2025.

The G7 (Canada, France, Germany, Italy, Japan, the United Kingdom and the United States) expressed grave concern over the nuclear safety risks caused by the strike and pledged to mobilise funding to repair the New Safe Confinement. The structure contains the remains of Reactor Four and enables the safe dismantling of the original containment sarcophagus built after the 1986 accident.

The G7 also called on other international partners to join the effort and contribute to covering the remaining financing needs.

The announcement was made at the International Monetary Fund and World Bank Autumn Meetings in Bangkok, following a meeting of the G7 finance ministers.

EBRD President Odile Renaud-Basso said: “The EBRD is grateful to the G7 nations for their continued leadership and commitment to nuclear safety at Chornobyl. We join the G7 in calling on the wider international community to contribute to these efforts at a donor conference we are convening in Paris on 9 November 2026, co-chaired by France, Ukraine and the EBRD.”

Chornobyl’s New Safe Confinement was severely damaged by a Russian drone strike on 14 February 2025. The attack breached the structure’s inner and outer cladding, damaged critical systems and severely compromised its two primary functions: containing radioactive material and enabling the safe dismantling of the unstable original sarcophagus over Reactor Four.

Preliminary assessments indicate that at least €500 million will be needed to repair the damage and restore the structure to full functionality. The work needs to be completed by 2030 to limit the risk of corrosion of the steel arch and safeguard the structure’s 100-year design life.

The EBRD has led global efforts to stabilise and manage risks at Chornobyl since 1995, mobilising over €2.5 billion in international contributions – much of it from the G7 nations – and providing more than €700 million of its own resources to fund nuclear safety and decommissioning projects linked to the site.

The Bank is now leading international efforts to restore the full functionality of the New Safe Confinement and to mobilise the remaining funding needed for urgent repairs.

October 23, 2026 Posted by | business and costs, safety, Ukraine | Leave a comment

Britain funds Chornobyl repairs after Russian drone hit

Britain is putting £17 million towards repairing the protective shelter over the Chornobyl nuclear power plant, which was punctured by a Russian drone strike last year, according to the government.


UK Defence Journal 15th Oct 2026,
https://ukdefencejournal.org.uk/britain-funds-chornobyl-repairs-after-russian-drone-hit/

The money forms part of an international programme coordinated by the European Bank for Reconstruction and Development alongside the Ukrainian government and G7 donors, and will pay for work to restore the structure’s confinement and ventilation functions and protect its intended lifespan. Corrosion threatens to undermine decades of international investment and create longer term environmental and safety risks if the damage is left.

John Healey, the Chancellor of the Exchequer, said: “As the full-scale invasion of Ukraine by Putin continues, our commitment to the Ukrainian people is unshakeable. We are curtailing the war chest funding Putin so desperately wants and backing the reconstruction of Ukraine that has suffered at the hands of his barbaric attacks.”

Ed Miliband, the Foreign Secretary, said: “Our message to Putin is clear, we stand shoulder to shoulder with Ukraine and will do so until they prevail. Working with our allies, we are strengthening Ukraine’s security, raising the cost of Russia’s aggression and working towards a just and lasting peace.”

The structure in question is the New Safe Confinement, the arch built over the remains of reactor four and the Soviet-era sarcophagus around it, which was slid into position in 2016 and handed over in 2019 after an international effort costing around €1.5 billion. It was designed to hold for a century while the reactor underneath is dismantled, and its outer skin and ventilation system are what keep moisture out of the space where that work has to happen. A drone strike that breaches it turns a sealed structure into one that corrodes.

Attacks on Ukrainian energy infrastructure have continued through the autumn at a heavy rate. Between 5 and 11 October Russia carried out more than two hundred strikes on electricity infrastructure and a further seventeen on oil and gas facilities, six of them after President Trump announced an energy ceasefire on Sunday. On 13 October Russia fired thirty-nine ballistic missiles at Ukraine in one of the largest such attacks of the war, much of it aimed at energy targets, leaving six hundred thousand civilians without power.

Britain has been involved in nuclear safety at the site for years. It was a founding donor to the International Chornobyl Cooperation Account in 2020, when that account took over responsibility for safety in the exclusion zone, and has given €8 million to it, making it the third largest individual donor behind Norway and France.

The Foreign Secretary visited Kyiv last week for the first time since taking office and announced £54 million of winter support, including £20 million in energy funding. The Prime Minister hosted President Zelensky in Downing Street on Wednesday, where he set out a further package of Lightweight Multirole Missiles built by Thales in Belfast.

October 23, 2026 Posted by | business and costs | Leave a comment

Europe chooses economic suicide

The inconvenient truth is that Europe needs Russia economically to power its industry but Russia can live without Europe.

A conversation with Professor Michael Hudson

Ian Proud, Oct 16, 2026, https://thepeacemonger.substack.com/p/europe-chooses-economic-suicide?utm_source=post-email-title&publication_id=3221990&post_id=220664518&utm_campaign=email-post-title&isFreemail=true&r=1ise1&triedRedirect=true&utm_medium=email

In a new conversation with Professor Michael Hudson, we examine one of the more striking recent examples of Western policy incoherence: Europe’s willingness to lock itself into high-cost American energy while simultaneously pursuing sanctions that do little to constrain Russia and a great deal to damage its own industrial base

The immediate trigger is the diesel arrangement between the United States and Europe. Under the deal, Europe is selling petroleum from its national reserves at current prices. At the end of the negotiated period it will then have to replenish those reserves by buying diesel back—potentially at roughly double the cost. This is an ill-conceived economic and political choice.

European governments are accepting a higher long-term energy cost in exchange for continued alignment with U.S. priorities on Russia and, increasingly, on China.

Hudson argues that the arrangement is best understood as part of a broader pattern. Since 2022, European leaders have treated the severing of low-cost Russian energy as a strategic necessity rather than an economic trade-off. The result has been rising input costs for industry, pressure on living standards, and a structural deterioration in Europe’s competitive position.

Cheap energy as an ‘addiction’ is a bemusing soundbite for industrial workers across Europe who have found themselves out of a job because their factories have closed.

At the same time, the United States has used Europe’s growing energy dependence as leverage across multiple fronts—trade policy, technology taxation, and the broader contest with China.

What makes the episode particularly nonsensical is the contrast with Russia’s position. Total Russian goods exports since the war began amount to over $2 trillion to date, higher than the pre-war average. Cutting Europe off of Russian energy might have been more defensible politically had Russia borne a greater cost, but it manifestly has not. The occasional oil tanker seizure or a new set of shadow fleet sanctions look good on the TV but make absolutely no difference.

Sanctions that were intended to isolate Moscow have only accelerated the reorientation of its energy exports to other markets while leaving Europe more exposed, in circumstances where global energy supply is already constrained because of the war against Iran.

The inconvenient truth is that Europe needs Russia economically to power its industry but Russia can live without Europe.

Hudson notes that European industry and governments once maintained substantial commercial ties with Russia; those links were dismantled by political decision, not by market failure.

The deeper issue, in Hudson’s view, is the difference between industrial and financial capitalism. China continues to prioritize long-term investment in productive capacity and technology. Much of the West, by contrast, has subordinated industrial strategy to short-term financial returns and geopolitical alignment.

Europe’s current energy policy is a concrete illustration of that shift: higher costs are accepted, industrial capacity is allowed to erode, and the resulting dependence is then used to shape further policy choices. European leaders live in detail and blame everyone except themselves. If you wondered why voters across Europe are increasingly turning to nationalist political parties, it is because they are recognising that their globalist leaders do not have their interests in mind.

The conversation covers the mechanics of the diesel deal, the historical context of European energy strategy, the limits of sanctions, and the structural reasons European governments continue to prioritize U.S. preferences over domestic economic outcomes.

It is a clear-eyed account of how policy choices made in the name of security are producing negative economic consequences while at the same time making the continent much less safe.

October 19, 2026 Posted by | business and costs, EUROPE, politics international | Leave a comment

Threat of AI share crash puts world financial stability at risk, says IMF

High valuations and debt put sector in danger, while fund also warns on government borrowing and cyber-attacks

Heather Stewart in Bangkok and Kalyeena Makortoff in London, Tue 13 Oct 2026 , https://www.theguardian.com/business/2026/oct/13/ai-share-crash-risk-global-imf-debt-corrowing-cyber-attacks

The threat of an AI share price crash rippling out across global markets is putting world financial stability at risk, the International Monetary fund has warned.

In its twice-yearly Global Financial Stability Report, the IMF highlighted the sky-high valuations for AI companies along with their increasing debt pile as one reason that risks in the system are “elevated”.

“The consequences of an AI correction could be global,” it warned. Aside from the US, Asian markets would be most exposed, and the UK and euro area potentially more insulated – though investors with US holdings would be hit.

Athanasios Vamvakidis, the deputy director of the IMF’s monetary and capital department, launching the report, said: “The exposure of the rest of the world to US assets, particularly AI, is the highest it has ever been. So this is supporting the global economy through wealth effects today; but if we get a market correction it could have broad implications.”

An AI crash was one of three “salient risks” to stability identified by the IMF, alongside rising government borrowing costs and the threat of a big cyber-attack.

It called this trio of factors “plausible near-term catalysts for a sharp tightening of financial conditions and market turmoil”.

The IMF’s analysis underlined the interconnected nature of big AI companies, and the high levels of borrowing being undertaken to fund investment in the sector.

“Weaker or less durable investment and profitability in AI could trigger a correction in AI-related asset prices, exacerbated by rising leverage, concentrated exposures, and circular financing arrangements,” it said.

Such a reassessment would then “sharply reduce investment, trigger equity market corrections, and tighten financial conditions, with global spillovers”.

The “magnificent seven” big tech stocks – Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla – account for more than 35% of the S&P 500 share index in the US, up from 12% a decade ago, and their total market capitalisation has increased by more than 50% in the past two years.

Yet the IMF warned of “growing evidence” that the successful rollout of AI “may not require investment on the massive scale being undertaken by ‘hyperscaler’ firms”, and “potential economic gains may not be as large as expected”.

The hyperscalers are the companies building the underlying infrastructure for the AI rollout, including many vast datacentres. They include Amazon Web Services, Google, Meta and Oracle.

Shares in semiconductor companies fell on Tuesday after the boss of Broadcom compared many AI investors to “casino” gamblers. Reports that the Chinese memory chip maker CXMT was making good progress on a new chip architecture also hit South Korean tech companies.

The IMF also highlighted the growing leverage, or borrowing, that underpins the current boom and could amplify the effects of a crash.

In particular, it identified soaring debts contracted by the companies themselves; hedge fund investment in the sector; and retail investors borrowing to speculate in AI stocks.

In the event of an AI-led market downturn “these growing sources of leverage heighten the potential for forced selling and surges in equity volatility”, it said.

It also pointed to the prevalence of “circular financing” deals, tying stronger AI companies to weaker partners in the same sector, and potentially exacerbating the impact of a share price correction.

It identified $300bn (£227bn) worth of transactions between hyperscalers and “weaker AI firms” in just the past three years, supplemented by $650bn in debt, in exchange for $1.4tn in future financial commitments.

In London, the chief executive of the UK’s Financial Conduct Authority, Nikhil Rathi, urged every small business across the financial sector to take out insurance to protect themselves against AI-related cybersecurity threats.

He told MPs on the Commons Treasury committee that not all companies would have the resources to pay for access to “frontier” AI models such as Anthropic’s Mythos, which has been released on a restricted basis after it was said to be rapidly identifying gaps in government and corporate cybersecurity systems.

“One message I’d give to every small business: you should consider making sure you are insured,” Rathi said.

October 17, 2026 Posted by | business and costs, technology | Leave a comment

Agreement signed on second Polish nuclear power plant

The ministry said the final decision on the second plant would be made after conducting the necessary research and analyses to confirm the feasibility of the investment.

Tuesday, 13 October 2026


Poland’s Ministry of Energy, Polskie Elektrownie Jądrowe and Polska Grupa Energetyczna have signed an agreement defining the division of tasks and principles of cooperation in preparing the construction of the country’s second nuclear power plant.

In September 2021, it was announced that six large pressurised water reactors with a combined installed capacity of 6-9 GWe could be built by 2040 as part of the country’s plan to reduce its reliance on coal. According to the adopted schedule, the construction of the first nuclear power plant would start in 2026, with the first reactor – with a capacity of 1.0-1.6 GWe – being commissioned in 2033. Subsequent units would be implemented every 2 to 3 years.

The Lubiatowo-Kopalino site in the Choczewo municipality in Pomerania in northern Poland was selected as the preferred location for the country’s first large nuclear power plant, which will have a capacity of 3,750 MWe, using Westinghouse’s AP1000 technology. An agreement setting a plan for the delivery of the plant was signed in May 2023 by Westinghouse, Bechtel and Polskie Elektrownie Jądrowe (PEJ). Construction is scheduled to begin in 2028.

Work has now started on the second nuclear power plant, with Bełchatów and Konin the preferred locations.

PEJ – a special-purpose vehicle 100% owned by Poland’s State Treasury – is to be the investor and coordinator of the second nuclear power plant project, while state-owned power company Polska Grupa Energetyczna (PGE) will prepare site analyses and preliminary feasibility studies in collaboration with potential technology suppliers, according to a new agreement signed by the Ministry of Energy, PEJ and PGE. The document introduces the assumptions of the updated Polish nuclear power programme, adopted by the Council of Ministers on 29 September………………….

Under the recent update to the country’s nuclear power programme, the first unit is now scheduled to start commercial operation in 2036, and the plant is expected to reach full capacity by 2038 – three years later than previously planned.

The ministry said a competitive dialogue was under way to select a technology supplier and project contractor for the second plant. The USA, France, and Canada have joined the process. “A key element of this process will be for suppliers to prepare preliminary feasibility studies for power plants using the technologies they offer,” it said. “The aim of the procedure is to select a comprehensive offer encompassing technology, investment financing, and elements of broader strategic cooperation. For the second power plant, as for the first, the proven technology of large-scale Generation III+ light-water reactors is being considered.”

Key milestones for the second power plant under the updated nuclear power programme are: the selection of a strategic partner and technology in 2027; construction to start around 2032; and the first unit to start up around 2040 – one year behind the previous schedule.

The ministry said the final decision on the second plant would be made after conducting the necessary research and analyses to confirm the feasibility of the investment.

October 17, 2026 Posted by | business and costs, EUROPE, politics | Leave a comment

The market is being brutal with nuclear companies that are still years away from making real money

Oil Price By Alex Kimani – Oct 11, 2026

Nuclear energy stocks have suffered heavy losses over the past year, even as technology companies commit billions of dollars to securing nuclear electricity for AI data centers. The Global X Uranium ETF (URA) has lost more than 20% over the past 12 months, compared with gains exceeding 40% for the Energy Select Sector SPDR Fund (XLE). Investors have grown increasingly concerned about valuations, financing requirements and the long development timelines for companies that don’t yet generate any meaningful commercial revenues.

The market has been brutal with nuclear companies that are still years away from making real money. NuScale Power Corp. (NYSE: SMR) has lost about 82% of its value over the past year, Oklo Inc. (NYSE: OKLO) is down roughly 75%, and Nano Nuclear Energy (NASDAQ: NNE) has fallen nearly 68%. All three are developing technologies that could eventually feed enormous new demand for nuclear power, but investors are no longer paying nearly as much for what could happen years from now.


NuScale received standard design approval from the Nuclear Regulatory Commission (NRC) for its 77-megawatt SMR technology in May 2025, but continues to burn cash as it works toward commercial deployment. In January, Sam Altman-backed Oklo and Meta Platforms (NASDAQ: META) announced an agreement supporting development of a 1.2-gigawatt nuclear energy campus in Pike County, Ohio, to supply electricity for Meta’s regional data centers and AI infrastructure. Initial generation is targeted for as early as 2030, with the full 1.2 GW potentially coming online by 2034. Nano Nuclear, which is developing portable microreactors, also faces a long road to commercialization.

Uranium fuel suppliers and miners have suffered substantial losses of their own. Centrus Energy Corp. (NYSE: LEU) has dropped some 62% over the past year, Uranium Energy Corp. (NYSE American: UEC) has fallen roughly 32%, and BWX Technologies (NYSE: BWXT) has lost around 27%………………………….https://oilprice.com/Alternative-Energy/Nuclear-Power/3-Stocks-To-Play-The-Nuclear-Energy-Boom.html

October 16, 2026 Posted by | business and costs, Small Modular Nuclear Reactors | Leave a comment

INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Deep Fission, Inc. – FISN

Pomerantz LLP, Oct 08, 2026,

NEW YORK, Oct. 8, 2026 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Deep Fission, Inc. (“Deep Fission” or the “Company”) (NASDAQ: FISN). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.

The investigation concerns whether Deep Fission and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

[Click here for information about joining the class action]

On or around June 18, 2026, Deep Fission conducted its initial public offering (“IPO”), selling 2.5 million shares of stock priced at $16.00 per share. Then, on September 26, 2026, Iceberg Research published a short report asserting that the Company’s underground borehole reactor technology was overhyped and unlikely to achieve commercial viability.

Following publication of the Iceberg Research report, Deep Fission’s stock price fell $0.85 per share, or 10.9%, to close at $6.95 per share on September 24, 2026………..
https://www.prnewswire.com/news-releases/investor-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-deep-fission-inc—fisn-302902126.html

October 15, 2026 Posted by | business and costs, Legal | Leave a comment

Underground nuclear reactor clears hurdle, but critics say it doesn’t have solid finances

Deep Fission, the company planning a one-mile underground nuclear reactor
in Parsons, Kansas, has passed a regulatory milestone, but at the same time
is facing new financial questions. A financial research organization has
raised questions about the viability of the project.

Then, four stockholder
rights law firms throughout the U.S. launched investigations of the company
after its share price dropped. The progress and challenges could mean an
unclear path forward for the project. Deep Fission’s goal as of right now
is to do further testing at the site. Company officials remain optimistic
and say the criticisms are prompted by financial motivations from the
people making the claims.


LJ World 10th Oct 2026, https://www2.ljworld.com/news/state-region/2026/oct/09/underground-nuclear-reactor-clears-hurdle-but-critics-say-it-doesnt-have-solid-finances/

October 15, 2026 Posted by | business and costs, USA | Leave a comment

Timeline for Polish nuclear units slips in updated programme

Last October, state-owned public power company PGE signed a preliminary agreement to become the sole shareholder of PGE PAK Energia Jądrowa SA by acquiring the 50% stake held by ZE PAK.

Under the updated programme, the first unit is now scheduled to start commercial operation in 2036, and the plant expected to reach full capacity by 2038 – three years later than previously planned.

WNN, 5 October 2026

Poland’s Council of Ministers has adopted an update to the country’s nuclear power programme – a strategic document outlining the  development of nuclear energy in Poland – with the first nuclear power plant now expected to start up in 2036 and the second one in 2040.

In September 2021, it was announced that six large pressurised water reactors with a combined installed capacity of 6-9 GWe could be built by 2040 as part of the country’s plan to reduce its reliance on coal. According to the adopted schedule, the construction of the first nuclear power plant would start in 2026, with the first reactor – with a capacity of 1.0-1.6 GWe – being commissioned in 2033. Subsequent units would be implemented every 2-3 years. The coastal towns of Lubiatowo and Kopalino in Poland’s Choczewo municipality in the province of Pomerania were named as the preferred location for the country’s first large nuclear power plant.

In parallel, work is under way to build a second nuclear power plant with Bełchatów and Konin remaining the preferred locations. The final location selection will be made by the investor after detailed analyses and field studies.

The ministry said a competitive dialogue is under way to select a technology supplier and project contractor. The USA, France, and Canada have joined the process. “The goal is to select a comprehensive offer encompassing both technology and project financing under the best possible terms,” it said. Key milestones for the second power plant are: the selection of strategic partner and technology in 2027; construction to start around 2032; and the first unit to start up around 2040 – one year behind the previous schedule.

…………  “It is estimated that Polish companies could contribute approximately 40% of the project’s value during the construction of the first reactor. With the development of subsequent units, as expertise, experience, and the number of certified companies grow, this share could rise to approximately 70%.”

In November 2022, the Polish government announced the first plant, with a capacity of 3,750 MWe, would be built in Pomerania using Westinghouse’s AP1000 technology. An agreement setting a plan for the delivery of the plant was signed in May 2023 by Westinghouse, Bechtel and Polskie Elektrownie Jądrowe (PEJ)…………………………………………………………………..

The ministry said the update provides increased funding for tasks related to the implementation of nuclear energy: support for building competencies in the field of nuclear energy, support for the participation of Polish industry in the Polish Nuclear Power Programme, and strengthening the nuclear regulatory institution, that is, the National Atomic Energy Agency (NAEA). It noted support for the NAEA constitutes the largest financial component of the Polish Nuclear Power Programme………

For the project to construct the first plant – for which preparatory work at the construction site and the implementation of accompanying infrastructure is under way – PLN60.2 billion (USD15.4 billion) has been allocated for the project’s recapitalisation between 2025 and 2030. The financing model assumes a combination of equity and debt financing supported by domestic and international institutions.

Under the updated programme, the first unit is now scheduled to start commercial operation in 2036, and the plant expected to reach full capacity by 2038 – three years later than previously planned.

……..  “It is estimated that Polish companies could contribute approximately 40% of the project’s value during the construction of the first reactor. With the development of subsequent units, as expertise, experience, and the number of certified companies grow, this share could rise to approximately 70%.”

The update to the programme indicates key areas of state action to ensure effective implementation of the programme: development of staff and competences for the nuclear sector; development of transmission infrastructure; increasing the share of domestic industry; strengthening the nuclear and technical supervision system; radioactive waste management; and communication and social education.

Alongside the government’s nuclear power programme, in October 2022, Poland’s Ministry of State Assets, South Korea’s Ministry of Trade, Industry and Energy, ZE PAK and PGE, and Korea Hydro & Nuclear Power signed a letter of intent to develop plans for a nuclear power plant in Pątnów. PGE PAK Energia Jądrowa – a 50/50 joint venture special purpose vehicle formed in April 2023 by ZE PAK and PGE to implement the project – submitted an application for the plant to the Ministry of Climate and Environment in August 2023.

The application included a description of project characteristics, indicating the maximum installed capacity, the planned operating period and details of the APR1400 technology to be used in the construction of the plant. In November 2023, Poland’s Ministry of Climate and Environment issued a decision-in-principle for the plant. Last October, state-owned public power company PGE signed a preliminary agreement to become the sole shareholder of PGE PAK Energia Jądrowa SA by acquiring the 50% stake held by ZE PAK.

There are also plans, led by SGE, for a fleet of as many as 26 BWRX-300 small modular reactors in Poland.
 

October 14, 2026 Posted by | business and costs, EUROPE | Leave a comment

Slovak Republic to own 100% of new nuclear project company

Slovakia’s Prime Minister Robert Fico, speaking after the signing of the agreement to sell the stake, said: “We have agreed that the Slovak Republic, through its representatives, will acquire 100% of this company

Thursday, 8 October 2026,
https://www.world-nuclear-news.org/articles/slovakia-buys-out-czech-stake-in-new-nuclear-project


ČEZ has sold its 49% stake in JESS, the company formed to develop new nuclear capacity in Slovakia, for EUR189 million (USD211 million).

ČEZ, which is majority Czech-state-owned, is selling its stake in JESS (Jadrová energetická spoločnosť Slovenska) to Slovakia’s state-owned JAVYS.

The Czech company said: “The construction of new nuclear power plants is carried out all over the world under the direction of the state, which is why this sale is being made.”

It said the valuation of the stake was prepared by global accountants EY and confirmed by KPMG.

JESS was established in December 2009 with the goal of preparing for new nuclear capacity in the vicinity of the existing Bohunice nuclear power plant.

Slovakia’s Prime Minister Robert Fico, speaking after the signing of the agreement to sell the stake, said: “We have agreed that the Slovak Republic, through its representatives, will acquire 100% of this company, which means that we can have all the documents and permits that JESS has at its disposal, and through these processes we can significantly accelerate the construction of a new nuclear power plant in the Jaslovské Bohunice area.

“If we have a chance to build a new nuclear power plant, we must go full steam ahead and with full commitment.”

Earlier this year the Slovak Republic and the USA signed a memorandum of cooperation for what the US State Department said would be a “state-owned American 1,200 MWe nuclear unit”. Fico said the project had been granted the status of a strategic investment, adding: “We have a huge lead in terms of preparing the territory, in terms of permits, and it would be very bad if we did not use this lead.”

Slovakia currently has five nuclear reactors generating more than half its electricity, with one more reactor currently under commissioning. The first two, at Bohunice, went into commercial operation in 1984 and 1985, respectively, while Mochovce 1 and 2 were connected to the grid in 1998 and 1999, respectively. Construction of Mochovce 3 and 4 began in 1986 but was halted in 1992. It was later restarted and Mochovce 3 entered service in 2023, with Mochovce 4 expected to be operating at full power within the next few months.

When Mochovce 4 is at full capacity, nuclear will be providing the equivalent of 77.5% of Slovakia’s electricity consumption, the highest proportion for any country, even without the new unit at Bohunice.

Fico said: “If we are to continue to be an automotive powerhouse, we need new energy sources. If we are to seriously talk about artificial intelligence, data centres and if we are to fulfill the plan that the European Commission is talking about, then no other path than the path of building a new nuclear power plant is possible.”

October 12, 2026 Posted by | business and costs | Leave a comment

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