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Cash-strapped Japanese nuclear company funds road plans near idle nuclear plant

Cash-strapped JAPC funds road plans near idle nuclear plant, THE ASAHI SHIMBUN
March 8, 2021, TSURUGA, Fukui Prefecture—Multibillion-yen road projects continue on a peninsula here, funded in part by a nuclear power company that has gained no income from electricity for a decade.

The roads were planned decades ago for the expected expansion of the Tsuruga Nuclear Power Plant here. Although all nuclear operations and construction at the nuclear plant have long been halted, the work on the roads has not stopped.

“We are building a new road,” said a signboard near an area where heavy vehicles were removing dirt from the site of a planned tunnel in the city of Tsuruga, Fukui Prefecture, in mid-February.

The sign included an apology for causing an inconvenience to motorists.

The city roads being built are Nishiura Route No. 1 and No. 2 on the sparsely populated eastern side of a peninsula that juts out into the Sea of Japan separating Wakasa and Tsuruga bays.Japan Atomic Power Co. (JAPC) and Kansai Electric Power Co. (KEPCO) plan to provide 1.5 billion yen ($14 million) to Tsuruga for road construction from fiscal 2018 to fiscal 2021, according to sources.

JAPC owns three nuclear reactors, including two at the Tsuruga Nuclear Power Plant. But all three reactors have been shut down since the 2011 Fukushima disaster, meaning that JAPC has had zero income from electric power generation for a decade.

The neighboring town of Mihama hosts the KEPCO-run Mihama Nuclear Power Plant, which has also been shut down since 2011.

So where does JAPC’s money for the roads come from?

JAPC had derived income from selling its electricity to five major utilities—Tokyo Electric Power Co., KEPCO, Tohoku Electric Power Co., Hokuriku Electric Power Co. and Chubu Electric Power Co. After the Fukushima nuclear disaster, JAPC’s management has relied on the basic electricity rates paid by the five major electric companies.

The basic rates come mainly from electricity bills that consumers pay.

Some experts are concerned that JAPC’s continued generous aid for road construction could affect the electricity rates charged by the five utilities.

The plans to build the two city roads were hatched around 1993, when the Fukui prefectural assembly passed a resolution to build the No. 3 and No. 4 reactors at the Tsuruga plant.

The work was expected to increase traffic of large vehicles into the peninsula………..By fiscal 2021, JAPC and KEPCO will have provided 4.06 billion yen to the city for the road construction.

After fiscal 2022, the city government said it will tell the companies how much they should pay “from fiscal year to fiscal year.”

JAPC shoulders 58 percent of the costs, while KEPCO pays 42 percent. The ratio “was decided by the business operators,” and the city government “does not know how it was decided,” an official said.

After its reactors were shut down and its business conditions deteriorated, JAPC was criticized for providing such generous donations to Tsuruga.

JAPC in 2013 demanded that the city not list its donations in the financial document, and the payments were not recorded in fiscal 2012 and fiscal 2013, the sources said.

……… KEPCO’s public relations office said the company “will be actively involved in” the city’s road construction projects, but declined to reveal the amount it has provided.

As of the end of January this year, there were 520 people living in the peninsula registered as residents of Tsuruga. The peninsula has hosted seven nuclear reactors, of which five have been under decommissioning work.

The planned city-owned Nishiura Route No. 2 will be 800 meters long. The construction site is located north of the center of the Tsuruga city.

The estimated cost to build this road is 1.46 billion yen.

A former Fukui prefectural official who was familiar with the deal-making process said.

JAPC offered the money “as a quid pro quo for the city’s acceptance of the nuclear plant’s expansion plan.”

The innkeeper who wanted the roads in the area also noted that times have changed since the start of construction.

“The traffic of vehicles related to nuclear power plants has drastically decreased compared to the times before the Fukushima accident,” the innkeeper said. “I don’t know if the roads are really needed.”

(This article was written by Hideki Muroya and Tsunetaka Sato.)  http://www.asahi.com/ajw/articles/14250714

 

March 9, 2021 Posted by | business and costs, Japan, politics | 1 Comment

Nuclear workers plagued by leukaemia, cancers and other illnesses

Some workers developed cancer, leukemia and other illnesses. The same held true for workers at other nuclear facilities across the nation.

The number of potentially eligible workers across the nation is uncertain. Likewise, the number of employees potentially affected at West Valley could be in the thousands when accounting for temporary workers.

“This was particularly troubling if the same workers were hired repeatedly as temporaries and received high doses each time,”

In addition, the exposure of growing numbers of individuals increased the possibility of genetic consequences for the entire population.” 

Cancer plagues West Valley nuke workers   https://www.investigativepost.org/2021/03/01/cancer-plagues-west-valley-nuke-workers/

Federal program has paid former employees $20.3 million in compensation. Other claims are pending and still more workers are unaware of the program.
By Phil Gambini      David Pyles says he lives on painkillers and moves with the help of a cane and walker. He worked for five years at the West Valley Demonstration Project, a failed experiment to process spent nuclear fuel.

“What we were doing was insane. We were dealing with so much radiation,” he told Investigative Post from his home in New Hampshire.

“I’ve got absolutely no joints left in my knees — my knees are gone, my ankles are gone and my hips are gone,” he said.

“I wonder if it’s from working in that bathtub full of radiation.”

Pyles was one of about 200 full-time employees who operated the former Nuclear Fuel Services reprocessing facility five decades ago in the hamlet of West Valley, where the company partnered with the federal government to recycle used radioactive fuel. Other workers were hired to contain and dispose of the dangerous waste the operation left behind.

Some workers developed cancer, leukemia and other illnesses. The same held true for workers at other nuclear facilities across the nation. As a result, Congress established the Energy Employees Occupational Illness and Compensation Program in 2000. 

An Investigative Post review of the program found the government has paid $20.3 million over the last two decades in cases involving at least 59 people who worked at the West Valley site.

In all, individuals have submitted claims involving 280 employees who worked at the bygone reprocessing facility or during the ongoing $3.1 billion taxpayer-funded cleanup. An undetermined number of claims have been denied; the rest are being adjudicated.

Pyles said he was unaware of the program. He isn’t alone.

The Department of Labor’s Office of the Ombudsman has repeatedly criticized outreach efforts  in its annual oversight reports. Most of it has been in the form of events held near former sites. Given the passage of time and people’s movement, reaching more eligible workers is a challenge.

The workforce at West Valley involved more than full-timers. About 1,000 temporary laborers were hired by the company in any given year, according to government and media reports from the time.

The use of temporary workers was a common labor practice at the time, but few operations needed to “raise quite so large an army” as Nuclear Fuel Services, according to a Science Magazine report from the era.

The industry had a nickname for them: “sponges.”

They were hired to “absorb radiation to do simple tasks,” according to Dr. Marvin Resnikoff, a radiological waste consultant who co-authored a study of West Valley. 

While working at a site like West Valley does not guarantee later illnesses or genetic complications for offspring, each exposure to radiation increases the likelihood of cancer, Resnikoff said.

“It’s what I guess I would call a meat grinder,” he said.

Exposure to radiation

At its groundbreaking in 1963, the Nuclear Fuel Services reprocessing facility was thought to be a harbinger of a coming economic transformation. It closed in less than a decade, however.

Through six years of operation, at least 36 individuals in 13 incidents were exposed to “excessive concentrations” of radioactivity, according to a federal consultant’s report.  Nevertheless, government officials at the time reported “no significant improvement in exposure controls or radiological safety conditions.”

The plant opened in the spring of 1966. Used fuel rods, thousands of which are assembled to power a nuclear reactor core, were transported to the plant by rail and truck. Upon arrival, containers were submerged in a 45-foot-deep cooling pool of demineralized water.

The fuel rods were then cut open, chopped up and placed in an acid bath. The solvent separated the used fuel from the reusable uranium and plutonium, which was collected for resale. The radioactive byproduct was pumped into underground tanks for storage.

The plant had handled 630 tons of fuel and produced 660,0000 gallons of liquid waste by 1972, when it was shut down in anticipation of making improvements to increase capacity and meet new regulatory standards.

That’s when Pyles quit.

The former lab supervisor said he was upset at management’s inaction concerning safety issues. Radioactive dust migrated through the ventilation system and accumulated in ducts, federal records said. A single duct was a “primary source of radiation” in the plant on three levels.

Pyles and coworkers absorbed radiation from that duct for five years, he said. They recognized that it posed a danger, but he said management ignored repeated requests to keep the airway flushed.

In response, Pyles said he and his coworkers hammered into the floor quarter-inch sheets of lead, used as temporary shields throughout the plant. When radiation levels went up, another sheet went down, he said. Finally, when the lead was an inch thick, Pyles said there were concerns they’d reached “the load bearing limit of the floor.”

 Many unaware of program

Under the terms of its contract with the federal government, Nuclear Fuel Services pulled out of the operation in 1977. Federal and state officials battled over who was responsible for the site, until it was decided by Congressional action five years later.

In 1982, the newly formed U.S. Department of Energy took control of the 200 acres where the reprocessing facility operated. The New York State Energy Research and Development Authority, or NYSERDA, was charged with shutting down the site’s disposal area and stewardship of the 3,345 acres that surround it.

Nationally, the Department of Labor has received claims based on 129,488 former employees and paid $19.1 billion. While substantial, the department’s ombudsman has continually pushed for more resources and outreach efforts.

“While it is clear that those efforts have informed many individuals of the existence of the [program], it is likewise clear that there are still many who are unaware of [the program] and for whom more should be done to address this lack of awareness,” the office said in its most recent report to Congress.

The report cites an email from one frustrated former employee, who learned of the program with his wife by overhearing another couple’s conversation in the lobby of a hotel in Colorado.

“The husband was a former (energy employee),” the email said, concluding: “THIS IS HOW I WAS MADE AWARE OF THIS PROGRAM.”

The number of potentially eligible workers across the nation is uncertain. Likewise, the number of employees potentially affected at West Valley could be in the thousands when accounting for temporary workers. A 1985 report to Congress on workplace reproductive health threats noted 991 temporary workers were hired in West Valley in 1971. It was an “extreme case” of using such labor, the report said.

The 1974 report in Science Magazine said temporary laborers outnumbered operating staff 10 to 1 at times. According to federal records, media reports and interviews, temps were assigned tasks ranging from replacing light bulbs to “burying low-level nuclear waste.”

Records are typically scant for such subcontractor laborers, however. Companies, rather than the government, tended to retain those employment records, many of which no longer exist.

Science Magazine reported that former employees, members of the International Association of Machinists and Aerospace Workers, said “two contractors drew heavily on moonlighters, students and men seasonally employed at area automobile plants.”

A union official told the magazine then that between one-third and one-half of the Nuclear Fuel Services workforce were temporary hires that “could have been described as ‘down-and-out’ men from skid-row areas.”

How educated they were about the hazards of the job is an open question, according to J. Samuel Walker, a historian of the United States Nuclear Regulatory Commission whose published work includes research on nuclear transient workers. Use of the labor practice declined in time as  safety concerns grew, Walker wrote in his book, “Permissible Dose.”

“This was particularly troubling if the same workers were hired repeatedly as temporaries and received high doses each time,” Walker said. “In addition, the exposure of growing numbers of individuals increased the possibility of genetic consequences for the entire population.”


Want to know more about the program? Call 716-832-6200 or visit this website.

March 8, 2021 Posted by | employment, health, Legal, USA | Leave a comment

Scottish Council calls on big pension fund to stop investing in weapons makers


The Ferret 5th March 2021, Inverclyde Council has called on Scotland’s largest council pension fund  to stop investing in arms and to commit to ethical investments. A motion was passed this week after Inverclyde Council was told that Strathclyde Pension Fund (SPF) held shares in 11 of the world’s 20 biggest arms manufacturers, including some involved in the production of nuclear weapons. The council’s decision has been welcomed by Campaign Against Arms Trade, Nuclear Free Local Authorities (NFLA) and Don’t Bank on the Bomb.

https://theferret.scot/inverclyde-council-pension-fund-invest-ethically/

March 8, 2021 Posted by | business and costs, politics, UK | Leave a comment

Despite the problems, small nuclear reactor salesmen aggressively marketing: it’s make or break time for the nuclear industry.

Entrepreneurs Look to Small-Scale Nuclear Reactors,   The American Society of Mechanical Engineers,  Mar 2, 2021, by Michael Abrams  ‘‘……… even concepts that are predicated on being small, modular, and fast to build seem locked into decades-long development cycles.

The key to reviving the nuclear power industry  is building these small reactors not as projects, but as factory-made products. That’s easier said than done. “Usually, a bunch of nuclear engineers go in a room and then they come out after a year or two, and they have a design that doesn’t have a lot of foundation in realty, and nobody can make it, and the projects dies,” said Kurt Terrani, a senior staff scientist at Oak Ridge National Laboratory………..

In terms of reactor physics, the NuScale concept is fairly bog standard: low-enriched uranium, light-water cooling. In essence, their reactor is just a smaller version of the nuclear plants already in operation. That NuScale didn’t go with a more revolutionary design to mitigate waste or utilize an alternative fuel cycle is no accident. To do so would require the Nuclear Regulatory Commission to come up with an entirely new licensing framework, said José Reyes, cofounder and chief technology officer at NuScale.

“Pressurized water-cooled reactors have benefited from billions of dollars of research and development and millions of hours of operating experience over the past 50 year,” Reyes said. “NuScale went with a more traditional approach to assure a design that is cost-competitive and capable of near-term deployment.”

…………. The containment vessel will also sit underground in a giant pool capable of absorbing radiation from a leak. Multiple reactors would share the same pool. Being underground, they are also earthquake- and airplane-resistant. [ Ed. no mention of what would happen in the case of flooding, or of an emergency requirinfpeople to quickly respond underground] The company believes that its design is robust enough that utilities could site the reactors much closer to population centers, rather than in remote locations surrounded by an emergency planning zone.

So far, the concept and design have been convincing enough to win funding from the DoE and to move NuScale farther along in the regulatory process than any of its would-be competitors.

“NuScale’s small modular reactor technology is the world’s first and only to undergo design certification review by the U.S. Nuclear Regulatory Commission,”
 
NuScale set out to design a reactor that was small enough to transport to site, essentially complete. Not everyone agrees, however, that building out a power plant in 60-MW modules is optimal.

“The whole idea of SMRs is that smaller is better,” said Jacopo Buongiorno, a professor of nuclear science and engineering at MIT and the director of the Center for Advanced Nuclear Energy Systems. “But within the class of small reactors, larger is still better.  If you can design a reactor that is still simple, that  is still passively safe, that can still be built in a factory, but that generates 300 megawatts, that for sure is going to be more economically attractive than the same thing that generates 60 megawatts.”

Buongiorno points to GE’s BWRX-300 concept as a potentially better option. It, too, is a light-water reactor with fuel rods and passive cooling. But its larger size makes it a more of a plug-and-play replacement for coal plants……
Holtec’s SMR-160 is intended to be installed deep underground; the steel containment vessel is strong enough to keep the core covered during any conceivable disaster. “
…… Other SMR designs are dispensing with solid fuel altogether. These reactors would instead dissolve uranium in a molten salt. Some of these designs are miniaturized versions of the Molten Salt Reactor Experiment built by the Oak Ridge National Laboratory in the late 1960s………
 
The one downside to molten salt reactors is that the salts usually contain fluoride, which is extremely corrosive. Simplifying the mechanical design of the cooling system cuts down on the parts in danger of corroding, but the pins that will contain the fuel are still at risk…..

Make or Break for Nuclear

Moltex is aiming for build costs at around $2,000 per kW—more than wind or solar, but less than newly built coal or gas plants, let alone competing nuclear concepts. “We’ve believe we’ve come up with a concept that can radically reduce the cost of nuclear power,” ……

 
Other SMR companies are less aggressive with their cost estimates—NuScale has its scopes on a cost of around $3,600 per kW, while GE is aiming for less than $2,500—but still come in under conventional nuclear power. …….
Proof of whether those costs can be achieved will be actual construction and commissioning. “This decade will be very telling,” said Chicago’s Rosner. “It’s the make or break decade for nuclear.”
Furthest along is NuScale, which in September 2020 announced its SMR design had been issued a standard design approval from the U.S. Nuclear Regulatory Commission. That means the design can be referenced in an application for a construction permit—a big step, and one that had not been before achieved by a small modular reactor design. In August 2020, the NRC had completed its Phase 6 review and issued a Final Safety Evaluation Report (FSER).
The company also announced in November that it had uprated its Power Module to 77 MW, which should improve its economics by around 25 percent….

March 6, 2021 Posted by | 2 WORLD, marketing, Reference, Small Modular Nuclear Reactors | Leave a comment

10 years after Fukushima nuclear disaster, – poor prospects for nuclear revival in Japan

Decade after Fukushima disaster survivor looks back | Tomioka just 10 km from wrecked nuclear plant

Wall St Journal 3rd March 2021. At a seaside nuclear-power plant here, a concrete wall stretching a mile along the coast and towering 73 feet above sea level offers protection
gainst almost any conceivable tsunami. Two reactors are ready to start splitting atoms again to heat water into steam and generate power, the operator has told regulators.
Yet despite safety measures set to cost nearly $4 billion, the Hamaoka plant hasn’t produced a single kilowatt since May 2011, and it has no target date to restart.
The paint on billboards is fading and an old “no trespassing” sign outside the barbed wire lies on the ground—signs of creeping neglect. Even a local antinuclear leader, Katsushi Hayashi, said he spent more time these days fighting an unrelated rail line in the mountains, confident that regulators and public opinion wouldn’t let the plant open any time soon.
“Fukushima gave us all the proof we need. It’s dangerous,” Mr. Hayashi said. A decade after Fukushima, just nine reactors in Japan are authorized to operate, down from 54 a decade ago, and five of those are currently offline owing to legal and other issues.

All of Fukushima prefecture’s reactors are closed permanently or set to do so. Chubu Electric Power Co. , owner of the Hamaoka plant, declined to make an executive available for comment. It has formally applied to reopen two reactors at the plant and told regulators that new measures such as the wall, mainly completed in 2015, make them safe to operate.

https://www.wsj.com/articles/nuclear-powers-prospects-cool-a-decade-after-fukushima-meltdowns-11614767406

March 6, 2021 Posted by | business and costs, Japan, politics | Leave a comment

Concern about the marketing of radioactively contaminated scrap metal

NFLA 4th March 2021, The UK & Ireland Nuclear Free Local Authorities (NFLA) has submitted a
number of concerns to the Environment Agency with an application by Cyclife Ltd to store 40 shipping containers, which includes within them low levels of radioactively contaminated scrap metal, at the Port of Workington in Cumbria.
The NFLA have been concerned for many years over the large international market that remains with the recycling of scrap metal from the nuclear sector, and the potential for such material, containing low levels of radiation, returning to be used in steel for consumables or buildings.
It is concerned to find out in this case that this market is growing exponentially from the EDF / Cyclife (formerly Studsvik) recycling plant at Lillyhall in Cumbria.

https://www.nuclearpolicy.info/news/nfla-raises-concerns-environment-agency-workington-port-storage-contaminated-containers/

March 6, 2021 Posted by | business and costs, safety, wastes | Leave a comment

Germany to pay nuclear operators 2.4 bln euros for plant closures

March 6, 2021 Posted by | business and costs, Germany, politics | Leave a comment

Nuclear Power’s Prospects Cool a Decade After Fukushima Meltdowns

Nuclear Power’s Prospects Cool a Decade After Fukushima Meltdowns

Disaster at the Japanese reactors marked a turning point for an industry that once promised to give the world a nearly unlimited source of energy  WSJ, By Peter Landers, March 3, 2021 

OMAEZAKI, Japan—At a seaside nuclear-power plant here, a concrete wall stretching a mile along the coast and towering 73 feet above sea level offers protection against almost any conceivable tsunami. Two reactors are ready to start splitting atoms again to heat water into steam and generate power, the operator has told regulators.

Yet despite safety measures set to cost nearly $4 billion, the Hamaoka plant hasn’t produced a single kilowatt since May 2011, and it has no target date to restart. The paint on billboards is fading and an old “no trespassing” sign outside the barbed wire lies on the ground—signs of creeping neglect.

Even a local antinuclear leader, Katsushi Hayashi, said he spent more time these days fighting an unrelated rail line in the mountains, confident that regulators and public opinion wouldn’t let the plant open any time soon. “Fukushima gave us all the proof we need. It’s dangerous,” Mr. Hayashi said.

The triple meltdowns at Japanese nuclear reactors in Fukushima after the March 11, 2011, earthquake and tsunami marked a turning point in an industry that once dreamed of providing the world with nearly unlimited power.

A decade after Fukushima, just nine reactors in Japan are authorized to operate, down from 54 a decade ago, and five of those are currently offline owing to legal and other issues. All of Fukushima prefecture’s reactors are closed permanently or set to do so. Chubu Electric Power Co. , owner of the Hamaoka plant, declined to make an executive available for comment. It has formally applied to reopen two reactors at the plant and told regulators that new measures such as the wall, mainly completed in 2015, make them safe to operate…… (subscribers only)  https://www.wsj.com/articles/nuclear-powers-prospects-cool-a-decade-after-fukushima-meltdowns-11614767406

March 4, 2021 Posted by | business and costs, Japan, politics | Leave a comment

Public Service Enterprise Group trying to force ratepayers to act as guarantors for nuclear power debts

Obligating ratepayers to act as guarantors…

…. they seek to leverage the subsidies as a means to obligate ratepayers to act as guarantors of the plants’ profitability,

It is noteworthy that PSEG never offered to return any stranded-cost payments to ratepayers and now has the temerity to argue that this $3 billion wealth transfer should not be considered in determining whether the nuclear plants require further subsidization.

Despite the efforts of PSEG and Exelon to ignore precedent and establish their preferred regulatory structure, the fact remains that the BPU and Legislature removed precisely these types of costs and risks from ratepayer responsibility long ago. 

March 4, 2021 Posted by | business and costs, politics, USA | Leave a comment

Michigan Attorney General wants review of nuclear plant license transfer to Holtec

AG Nessel asks for commission review of nuclear plant license transfer  https://www.wlns.com/news/michigan/ag-nessel-asks-for-commission-review-of-nuclear-plant-license-transfer/ 1 Mar 21, LANSING, Mich. (WLNS) – Michigan Attorney General Dana Nessel is petitioning for an energy company to seek more review before it undertakes a license transfer that could cost Michiganders money and safety.AG Nessel is petitioning the Nuclear Regulatory Commission to look more closely into a case involving a license transfer request for the Palisades Nuclear Plant and Big Rock Point Independent Spent Fuel Storage Installation, which are both currently owned by Entergy Co.

Nessel is requesting a hearing for the transfer of control of the licenses to those facilities from Entergy to Holtec International.

Earlier this month, Entergy and Holtec filed an application asking for the approval of the transfer of control of the licenses. Entergy plans to retire the Palisades Nuclear Plant in 2022.

A trust fund of about $550 million was established with ratepayer funds to decommission the Palisades.  Not only does Holtec want to use that fund to decommission the Palisades but also to handle the site restoration and fuel management cost.

Attorney General Nessel filed her petition and request to further review this license transfer application.

In her petition, Nessel said that she supports safe decommissioning, site restoration and fuel management at Palisades, but she’s concerned that Holtec does not have the financial qualifications to complete a risk-intensive project.

The petition demonstrates that Holtec has underestimated the costs for actual decommissioning, thus threatening the health and safety of Michigan residents, according to Michigan AG Dana Nessel. The petition also questions Holtec’s exemption request to use the decommissioning funds for site restoration and nuclear fuel management without providing evidence of other funding sources.

“Protecting the environment, the health and the pocketbooks of Michigan residents are part of my responsibilities as attorney general,” said Nessel in a press release. “My concern is that by seriously underestimating the cost of decommissioning, site restoration and nuclear fuel management, coupled with a lack of appropriate financial assurances, Holtec endangers our environment and health, and potentially leaves our residents to bear the costs of proper clean-up.”

Palisades Nuclear Power Plant is located in Covert Township and the Big Rock Point facility is located in Hayes Township both on the shores of Lake Michigan.

A copy of the AG’s petition can be found online here.

March 2, 2021 Posted by | business and costs, politics, safety, USA | Leave a comment

Is it wise for the Biden administration to fund Small Nuclear Reactors?

February 27, 2021 Posted by | business and costs, climate change, politics, Small Modular Nuclear Reactors, spinbuster | Leave a comment

France slow to leave nuclear power, (cheaper to extend lives of reactors)

France to extend lifetime of old nuclear power plants  https://au.finance.yahoo.com/news/france-extend-lifetime-old-nuclear-102331756.html

Thu, 25 February 2021,   French safety officials on Thursday gave the green light to extend the lifetime of the country’s oldest nuclear power plants as it seeks to boost the share of renewables in its power mix.

Nuclear energy currently provides nearly 70 percent of French electricity, more than in any other country.

France, hoping to reduce that share to 50 percent by 2035 — a target pushed back from an earlier 2025 date — with the help of renewables, has been holding off from building new reactors.

The number of French reactors, at 56, is second in the world only to the United States which operates 85.

French safety officials on Thursday gave the green light to extend the lifetime of the country’s oldest nuclear power plants as it seeks to boost the share of renewables in its power mix.

Nuclear energy currently provides nearly 70 percent of French electricity, more than in any other country.

France, hoping to reduce that share to 50 percent by 2035 — a target pushed back from an earlier 2025 date — with the help of renewables, has been holding off from building new reactors.

The number of French reactors, at 56, is second in the world only to the United States which operates 85.

The safety of French nuclear plants is checked every decade.

ASN asked state-controlled electricity provider EDF, which manages the country’s nuclear plants, to undertake any necessary work to safeguard their security.

The main target was to “limit the consequences of any accident, especially any serious accident involving the meltdown of a reactor”, ASN’s deputy director-general Julien Collet told AFP.

Another objective was to improve the resistance of the plants to outside shocks including earthquakes, floods, extremely hot weather, or a fire in the reactor.

Anti-nuclear campaigners have long demanded the closure of veteran nuclear power stations, and last year obtained the decommissoning of France’s oldest plant at Fessenheim in the east of the country.

“Active French nuclear power plants were built to operate for 30 or 40 years. Beyond that, nuclear reactors enter an unknown ageing phase,” said NGO Greenpeace, calling for more plants to be closed.

ASN president Bernard Doroszczuk told the Ouest France newspaper that there were still “weak points” in the stations’ security equipment, requiring “vigilance”, but that there had been improvements.

France’s nuclear reactors, grouped in 18 sites, are all second-generation pressurised water reactors.

EDF in 2015 estimated the cost of dismantling all the reactors at 75 billion euros ($92 billion) but a parliamentary report said the real cost would be more.

A third-generation reactor called EPR and under construction since 2007 in Flamanville in northern France was supposed to go online in 2012, but the launch date has been delayed repeatedly and is now fixed for next year.

Flamanville’s cost has run over 10 billion euros, more than three times the initial estimate. Once operational, it will have an estimated life span of 60 years.

February 27, 2021 Posted by | business and costs, France, politics | Leave a comment

City giant Legal and General will not be funding Sizewell nuclear project

Telegraph 20th Feb 2021, Sizewell C proves to be a turn-off for City giant Legal & General. Legal & General has ruled out helping to fund the new Sizewell C nuclear power plant, dealing a blow to EDF as it seeks backers for the £20bn project.
EDF is in negotiations with the government about taxpayer support for the planned plant in Suffolk bues of a reactor’s life.
It will also need institutional investors, which it argues can make stable returns over the decad
L&G has not spoken publicly about its plans but in a written response to a pension-holder, one of its investment service consultants said: “I have had it confirmed that Legal & General will not be investing in the Sizewell C nuclear power plant.” L&G declined to comment further. It comes after Aviva Investors expressed concerns about the potential ESG (environmental, social and governance) risks of nuclear power. It said the ESG impact of nuclear was “far from clear at this time.” L&G’s boss Nigel Wilson reportedly described Hinkley in 2016 as a “£25bn waste of money”.  https://www.telegraph.co.uk/business/2021/02/20/sizewell-c-proves-aturn-off-city-giant-legal-general/

February 22, 2021 Posted by | business and costs, UK | Leave a comment

The merging of the economic and the political power of big nuclear corporations

Big money, nuclear subsidies, and systemic corruption, Bulletin of the Atomic Scientists, By Cassandra JefferyM. V. Ramana | February 12, 2021,  ”………… the long-term impact of legislation that favors nuclear energy firms involves the great economic and political power that these large utilities possess. To better understand the basis of the economic power of these corporations, we analyzed financial data from electric utilities listed on the New York Stock Exchange (NYSE) between 1970 and 2019 on the standard Compustat database.

The first trend that is evident is one of increasing market concentration. From the 1970s through to the mid-1990s, there were roughly 80 to 85 companies listed in this sector on the NYSE. By 2000, that number had dropped to 56. The reason was a series of mergers and acquisitions through which large companies absorbed smaller companies. For example, Commonweath Edison became part of Unicom in 1994. Unicom and the Philadelphia Electric Company merged in 2000 to form Exelon. Similar mergers and acquisitions have continued, and by 2019 there were only 36 utility companies operating in the United States.

Measured through their market capitalization values, these 36 corporations are not equal. By and large, the corporations with the largest market cap values are the ones that own nuclear plants. Exelon is a good example, owning 17 of the 94 nuclear units that are operating in the United States as of November 2020. In 2019, Exelon’s average market capitalization was $44.3 billion. But Exelon is by no means the largest utility. Nextera Energy ($118 billion), Dominion ($69 billion), Duke ($67 billion), and American Electric ($47 billion) dominate the industry in terms of market capitalization. All of these five companies had a higher market capitalization in 2019 than the largest utility that did not own nuclear plants: Sempra Energy ($44.1 bn).

Over the last six years, when there have been no mergers or acquisitions among these companies, 11 out of the 14 companies that own nuclear assets have consistently held market capitalization values well above the median (based on 36 companies in all). Two of the remaining three hover near the median value, sometimes higher, sometimes lower. (The one remaining utility, El Paso, was recently bought out by JP Morgan, and will no longer be a publicly traded company.) On the whole, companies with nuclear plants have recorded larger market capitalization values than the median of 22 utilities that don’t own nuclear assets.

The legislative means used to take money away from electricity consumers and bail out economically failing nuclear plants owned by these large corporations helps further their market power, as illustrated by Dominion’s value rising from $49.5 billion in 2018 to $69.4 billion in 2019. While it is well known that wealthy corporations have a lot of political power, it seems from these examples that the converse might also be true: The political power enjoyed by these large corporations is at the root of their economic power. Indeed, as political economists Jonathan Nitzan and Shimshon Bichler have argued at length, the standard economic concept of capital symbolizes “organized power writ large,” challenging the conventional division between politics and economics. The various bills passed in state legislatures offer a political assurance to investors that revenues for these utilities are assured for the foreseeable future, which naturally translates into higher stock prices and market capitalizations.………https://thebulletin.org/2021/02/big-money-nuclear-subsidies-and-systemic-corruption/

February 13, 2021 Posted by | business and costs, politics, Reference, USA | Leave a comment

Wall Street: the Ultimate War Profiteers

Wall Street: the Ultimate War Profiteers

Wall Street plays the foundational role in the war industry by outright owning war corporations……

Big Finance sits at the top of the war industry by purchasing most shares of war corporations and by owning war corporations. Insatiable demand for profit places immense structural pressure on the Pentagon and Capitol Hill for sky-high U.S. military and intelligence budgets, broad deployment of troops overseas, and the opening up of governmental jobs to corporations. …………

Wars must be created and expanded, and military bases, through which to route goods and services, must be established and entrenched to satisfy investors. Notwithstanding, ending the wars first requires addressing the embedded profit motive, otherwise it is business as usual.

Who Are the Ultimate War Profiteers? A U.S. Air Force Veteran Removes the Veil, Covert Action Magazine By  Christian Sorensen February 10, 2021  

While war corporations, or so-called “defense contractors,” make billions in profits, Wall Street is the ultimate beneficiary of today’s nonstop wars. The prosaic nature of war profiteering—far from the work of a shadowy cabal—is precisely why the collusion is so destructive and should be outlawed.

The U.S. ruling class deploys the military for three main reasons: (1) to forcibly open up countries to foreign investment, (2) to ensure the free flow of natural resources from the global south into the hands of multinational corporations, and (3) because war is profitable. The third of these reasons, the profitability of war, is often lacking detail in analyses of U.S. imperialism: The financial industry, including investment banks and private equity firms, is an insatiable force seeking profit via military activity.

The war industry is composed of corporations that sell goods and services to the U.S. government and allied capitalist regimes around the world. Investment banks and asset management firms hold most shares of every major public war corporation.

The best-known financial firms holding the stock of war corporations include: Vanguard Group, BlackRock, State Street, JPMorgan Chase, Wells Fargo, and Wellington Management Continue reading

February 11, 2021 Posted by | business and costs, Reference, USA, weapons and war | Leave a comment