The nuclear industry – a few big winners, many big losers
Left in the wake of this race to nuclear modernity are people harmed and exploited along the way..
Ironically, as nuclear weapon states pursue upgrades to their arsenal, they also insist that countries like North Korea and Iran abandon plans to develop nuclear weapons. The double-standard traps the world in a situation that increase tension and competition between nuclear haves and have-nots.
As world leaders continue to wield nuclear weapons as part of their geopolitical power plays, we should resist automatically accepting the trope that nuclear weapons are custodians of global security.
The Nuclear Industry’s Winners and Losers, The New Republic
As Donald Trump plays chicken with North Korea, it’s worth remembering that this is also a business. Some profit; others suffer. By May 31, 2018 “…. Today, nuclear weapons are having a renaissance, again confronting
news consumers with their duality as harbingers of destruction and champions of national security. …….
The American government’s renewed focus on nuclear weapons raises, again, the question taken up by protesters of the 1960s and 70s: of exactly who these weapons protect. Pomp and patriotism can obscure a more specific cast of characters—some who immensely benefit while others unjustly sufferfrom the nuclear weapons enterprise. ….
Left in the wake of this race to nuclear modernity are people harmed and exploited along the way, grievances that date decades back to the inception of the bomb itself. In stark contrast to the romanticized image of military men and scientists tinkering with the bomb in secret laboratories was dirty, unacknowledged work done by uranium miners starting in the early twentieth century—from the pits of the Congo, Australia, and the indigenous lands of Southwest United States—who dug the Earth in horrible conditions in search for the special ingredient. ………
Hitachi ‘won’t pay’ for nuclear accidents at proposed Wylfa plant on Anglesey
Times 30th May 2018 Hitachi ‘won’t pay’ for nuclear accidents at proposed Wylfa plant on Anglesey. Hitachi could seek to absolve itself of financial responsibility for any accidents at its proposed new nuclear power station in north Wales.
The Japanese conglomerate has decided to continue with work developing the planned Wylfa plant on Anglesey after progress in financing talks with the government, which Hitachi is already relying on for a package of loan guarantees, subsidies and potential direct investment to make the project viable.
However, the company wants further concessions to reduce its risks, the Japanese newspaper Nikkei reported. Reports in several Japanese media outlets have claimed that the Wylfa plant could cost as much as three trillion yen, or almost £21 billion — making it even more expensive than Hinkley Point C.
EDF decided to build Hinkley Point only thanks to a 35-year subsidy contract from the government, which locks consumers into paying a fixed price for the power it generates and has been criticised for its high cost.
The Nikkei reported that some of Hitachi’s directors also wanted “safeguards that reduce or eliminate Hitachi’s financial
responsibility for accidents at the plant”. Nuclear operators are already obliged to take out insurance to cover their liabilities in case of an accident. If they are unable to secure insurance from the market, the government is obliged to step in and provide it instead. It is unclear what alternative arrangement or safeguards Hitachi might be seeking.
https://www.thetimes.co.uk/edition/business/hitachi-wont-pay-for-nuclear-accidents-at-proposed-wylfa-plant-on-anglesey-gtm28q0k3
Persisting with the European Pressurized Reactor (EPR) has brought Franc e to a costly nuclear crisis
Liberation 30th May 2018 [Machine Translation] “The impasse”, how the EPR sank French nuclear.
France 5 broadcasts this Wednesday night “Nuclear, the French impasse”, a documentary against the declining reign of the atom. This film investigates EDF’s crazy gamble: risking its survival on the EPR, a reactor that accumulates trouble.
Will the EPR be the Titanic of French nuclear power? This is the shocking question posed by a film investigated by director Patrick Benquet broadcast tonight on France 5 which points to the “impasse”
in which the “most nuclearized country in the world” has locked up by equipping itself with 58 reactors. the 70s-80s. A fleet of 19 aging plants, which still produces 75% of French electricity, and which EDF wants to keep at all costs by launching a new generation of pressurized water reactor:
the EPR, “the most powerful never built, able to supply electricity to a metropolis like Paris. It must have been the deadly weapon of the nuclear lobby to defend the reign of the atom undermined by the Fukushima disaster and the rise of green energies.
EDF dreamed of exporting it all over the world by selling this “new nuclear” as the best lever against global warming. But things did not go at all as planned. And today EDF is going through a crisis that threatens the very existence of the “public service preferred by the French,” says the documentary.
There are these hidden costs of the atom, put under the carpet for decades, which rise to the surface: the enormous costs of reprocessing radioactive waste, is added the bill of the “great refit”: these works of Hercules designed to extend the lifespan of aging plants from 40 to 50 years. ”
EDF promised cheap electricity, but the real cost of nuclear energy today is in the tens and tens of billions. And ultimately it is the taxpayer who will pay, announces the implacable voice off. Yet, EDF, the nuclear state in the state, will launch the EPR at all costs. By assigning a strategic mission: take over
the old reactors that will gradually retire by 2035.
http://www.liberation.fr/france/2018/05/30/l-impasse-comment-l-epr-a-coule-le-nucleaire-francais_1655363
Tough times for uranium company Cameco – and no improvement in sight
Motley Fool 28th May 2018 , It has been a tough few years for one-time high-flying uranium miner Cameco Corp.. Over the last five years, its value has plummeted by 38% after nuclear power fell into disfavour after the 2011 Fukushima disaster in Japan, which caused the price of uranium to collapse.
Since then, uranium has remained caught in a protracted slump, despite claims by industry insiders and analysts that it is poised to rebound because of a combination of growing demand and emerging supply constraints. Nonetheless, despite these claims, there has been no sign of a sustained rally, and an upturn in the fortunes of the radioactive metal may never occur.
This is because the outlook for uranium is not as bright as claimed, and there is every indication that nuclear power will remain in disfavour. That will continue to weight on Cameco’s market value.
https://www.fool.ca/2018/05/28/despite-an-improved-1st-quarter-2018-the-outlook-for-cameco-corp-remains-poor/
Toshiba walks away from involvement in USA nuclear energy project
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Toshiba exits US nuclear project https://www3.nhk.or.jp/nhkworld/en/news/20180531_37/ 31 May 18 Japanese electronics maker Toshiba is walking away from a nuclear energy project in the US. The firm says it won’t take part in building or operating the nuclear plant.
There are 2 reactors on the drawing board. Toshiba executives say the project is no longer financially viable.
They say an increase in shale production has caused a fall in electricity sales.
They also point to stricter regulations introduced after the 2011 nuclear accident in Fukushima. Toshiba joined the South Texas Project in 2008. Executives were hoping to start operating the reactors around 2016 or 2017.
But the power company that’s heading up the project hasn’t started building them.
Toshiba is cutting its ties to the nuclear power business overseas.
The firm incurred massive losses through its former American nuclear subsidiary, Westinghouse.
Tennessee Valley Authority was overcharged nearly $4.4 million by contractor at Watts Bar Nuclear Power Plant
Contractor at Watts Bar Nuclear Power Plant overcharged TVA nearly $4.4 million http://www.wrcbtv.com/story/38316846/contractor-at-watts-bar-nuclear-power-plant-overcharged-tva-nearly-44-million
TVA spokesman Scott Brooks said the federal utility is pursuing action to collect for the overcharges by the contractor. May 31st 2018, by
The Tennessee Valley Authority was overcharged nearly $4.4 million by a contractor at the Watts Bar Nuclear Power Plant for construction of the Unit 2 reactor from 2013 to 2015, according to an audit released Wednesday.
Japanese Buddhist priest joins movement to divest from fossil fuels and nuclear power
Lions Roar, BY HALEIGH ATWOOD|
Japan’s state-affiliated bank is reluctant to fund Hitachi’s Wylfa nuclear project in UK
State-affiliated bank resists call to fund Hitachi nuclear project http://www.asahi.com/ajw/articles/AJ201805290047.html, THE ASAHI SHIMBUN, May 29, 2018
A government-affiliated financial institution balked at an agency’s request to pump 75 billion yen ($688 million) into Hitachi Ltd.’s nuclear power project in Britain, while the entire plan came under fire from citizen groups.
The Agency for Natural Resources and Energy under the Ministry of Economy, Trade and Industry asked the Development Bank of Japan (DBJ) for the investment to help finance a new nuclear power plant designed by Hitachi Ltd. on the island of Anglesey off northwest Wales.
A DBJ executive expressed a willingness to invest but is reluctant to finance more than half of the requested amount, saying of the original figure, “The risk is big.”
Under the plan, Hitachi subsidiary Horizon Nuclear Power Ltd. will be in charge of constructing two reactors for the new nuclear power plant.
Hitachi plans to disperse the risk of loss and slash its investment ratio from the current 100 percent to less than 50 percent as preconditions for the start of construction.
After the company held an extraordinary board meeting on May 28 to discuss the project, Toshiaki Higashihara, president and CEO of Hitachi, told reporters, “We have not decided anything yet.”
The company intends to make an official decision in 2019 on whether to proceed with the project. The DBJ’s reluctance to invest the full amount requested is clouding Hitachi’s financing plan.
The economy ministry, however, considers Hitachi’s project the “touchstone for exports of nuclear power technology.”
The Japanese and British governments reached a broad agreement around the end of 2017 on providing financial support for Hitachi’s project, but they have not decided on specific measures to come up with the estimated 3 trillion yen in total costs.
Under a proposed blueprint, the British government will guarantee loans worth 2 trillion yen. British companies and institutions, Hitachi, and other Japanese companies and institutions would invest 300 billion yen each to cover the remaining costs, sources said.
However, it may not be enough. Construction costs for nuclear power plants have continued to increase as tighter safety standards are being adopted around the world.
Hitachi intends to recover the construction costs through sales of electricity generated from the plant. But if it cannot sell the power at high prices, the plant could become unprofitable.
The project faces criticism from outside sources.
A community group on the island of Anglesey and a Japanese nongovernmental organization submitted to the ministry on May 28 hastily collected signatures calling for the halt of the use of taxpayers’ money for the new nuclear plant.
They also sent a letter to Hitachi, asking the company to withdraw from the project.
Objections to the nuclear plant in Wales were also expressed through a joint program of PAWB, (Pobol Atal Wylfa-B or the People Against Wylfa-B), and FoE Japan, a member of Friends of the Earth International. About 6,000 individuals or members of groups in 37 countries provided their signatures to call for the scrapping of the nuclear power plant project.
They are also demanding that the Japanese government will not guarantee loans for the project and that Japanese government-affiliated banking institutions will not extend loans.
Mei Tomos, a member of PAWB, told a meeting in Japan that it would be irresponsible to proceed with the project when there is still no solution on how to deal with radioactive waste.
Tomos urged Japanese at the gathering to express their opinions, keeping in mind the experience of the 2011 Fukushima nuclear disaster.
Nuclear power plant construction even more costly than we thought – new analysis shows
Construction delays make new nuclear power plants costlier than ever http://www.imperial.ac.uk/news/186487/construction-delays-make-nuclear-power-plants/ by Hayley Dunning,
The cost of building new nuclear power plants is nearly 20 per cent higher than expected due to delays, a new analysis has found.
A new analysis of the history of nuclear power plant projects shows since 2010 delays have contributed 18 per cent the costs.
These delays – which can run into years or even decades – increase the cost compared with older projects and are often overlooked when new projects are planned. The authors say that these extra costs need to be properly assessed when considering new nuclear projects.
They say nuclear projects are more like ‘mega-projects’, such as large dams, which require more rigorous financial assessments due to their high uncertainty and risk.
In the study, published today in the journal Energy Policy, the authors also suggest that because these delay costs make nuclear projects high risk, decision-makers might instead focus on more low-risk low-carbon technologies such as wind or solar power.
When assessing the cost of new nuclear projects, decision makers often use ‘overnight construction costs’, which assume the project is built on time, usually within five years. However, the ‘lead-time’ – the time between initiation of the project and completion – can cause significant extra costs.
The research team, from Imperial College London, the Universidade Federal do Rio de Janeiro and the University of Minho, looked at total costs of nuclear projects between 1955-2016, including delay costs.
Usually, as technologies mature and experience is gained in construction, costs come down. However, the team found that for nuclear, there has been a blip in the learning curve, with costs currently increasing, especially for projects since 2010.
Lead author Dr Joana Portugal Pereira, from the Centre for Environmental Policy at Imperial, said: “Nuclear projects are actually becoming more complex to carry out, inducing delays and higher costs. Safety and regulatory considerations play heavily into this, particularly in the wake of the 2011 Fukushima Dai-ichi nuclear accident in Japan.”
The analysis is one of the first to assess full financial costs of building nuclear projects throughout time, and not just the ‘overnight’ costs. It also looked at projects around the world, including newer nuclear builders like China, India, and the UAE, rather than just the traditional builders in Europe, the USA and Japan.
They say that while nuclear projects can help bridge the gap between fossil fuels and renewable energy, they could hinder progress if projects stall.
Dr Portugal Pereira said: “If we want to decarbonise our energy system, nuclear may not be the best choice for a primary strategy. Nuclear power is better late than never, but to really address climate change, it would be best if they were not late at all, as technologies like wind and solar rarely are.”
‘Better late than never, but never late is better: Risk assessment of nuclear power construction projects’ by J. Portugal-Pereira, P. Ferreira, J. Cunha, A. Szklo, R. Schaeffer and M Araujo is published in Energy Policy.
Congress has the power to stop squandering the public purse on new nuclear weapons
Congress should shoot down new nuke plan [Editorial] https://www.houstonchronicle.com/opinion/editorials/article/Congress-should-shoot-down-new-nuke-plan-12945344.php
Do we really need to spend more taxpayer money making new types of nuclear bombs?
The United States already has 6,800 nuclear weapons, according to the latest figures from the Federation of Atomic Scientists. But frankly the published data on America’s atomic arsenal varies so wildly it seems nobody knows how to count all of our nukes. Suffice to say the United States already has enough atomic firepower to blow the world to kingdom come.
Nonetheless, the House Armed Services Committee recently authorized $65 million for development of a new type of nuclear weapon, a low-yield warhead that would be attached to a long-range submarine-launched ballistic missile. During this Memorial Day weekend, a time when we honor those who’ve lost their lives in service of our country, spending that money on veteran services makes a lot more sense than buying more bombs that will be detonated only in the unlikely event of an atomic cataclysm. This proposal is now wending its way around Capitol Hill, and Congress needs to shoot it out of the sky.
Pentagon officials reportedly used some cockamamie logic to justify the expenditure, arguing that if the Russians use tactical nukes on the battlefield, the United States needs the capability to respond with a limited nuclear strike instead of a full-scale attack involving hundreds of warheads. If our planes are rendered incapable of delivering any of the 200 low-yield weapons already in Europe, they reasoned, we need to be able to launch them toward Russia from submarines.
As Walter Pincus, a respected former national security reporter for the Washington Post, pointed out, the problem is that the Russians won’t know the missiles launched from those submarines are carrying low-yield nukes. They’ll probably assume they’re under attack from the more powerful nuclear weapons typically carried by submarines as part of a first-strike intended to destroy their capacity to launch a full-scale response against the United States.
Pentagon officials argued the new bombs would deter the Russians from using tactical nukes, because they’d know the United States could respond with similar low-yield weapons. But the idea that the superpowers can fire smaller nuclear bombs at each other without escalating the conflict to Armageddon stretches credulity.
Adding even more nuclear weapons to the nation’s atomic arsenal won’t enhance deterrence. The United States already spends more on defense than the next eight top defense spending nations combined. It’s noteworthy that Director of National Intelligence Dan Coats recently warned lawmakers the spiraling federal debt could jeopardize national security. Wasting money deploying more nuclear weapons would be a step in the wrong direction
Troubled Australian uranium company Paladin mothballs Langer Heinrich uranium mine, in Namibia
Paladin mothballs Namibia uranium mine Creamer Media’s Mining Weekly 25TH MAY 2018 BY: ESMARIE SWANEPOEL CREAMER MEDIA SENIOR DEPUTY EDITOR: AUSTRALASIA PERTH (miningweekly.com) 27 May 18 – Dual-listed Paladin Energy on Friday confirmed that its Langer Heinrich uranium mine, in Namibia, was being placed under care and maintenance, but said that the low-cost openpit operation would be one of the first to resume production when the uranium market normalised.
Paladin in April said that it was unlikely to resume physical mining activities at the mine despite the medium-grade ore stockpile currently feeding the processing plant set to be exhausted before mid-2019.
The ASX and TSX-listed company on Friday said that it had received consent from all the relevant stakeholders to place the operation under care and maintenance, and had now stopped presenting ore to the plant.
There would be a run-down phase of up to three months where various stages of the plant would be progressively suspended and cleaned, and during this time, there would be some continued production of finished uranium.
Paladin noted that once the run-down phase was complete, operations would have been completely suspended and Langer Heinrich would be under care and maintenance. ……http://www.miningweekly.com/article/paladin-mothballs-namibia-uranium-mine-2018-05-25
28 May – deadline day for Hitachi over whether or not to proceed with UK Horizon nuclear power plant
Deadline day for Japan’s Hitachi over Wales £15bn Horizon nuclear plant Sunday Times, 27 May 18 The fate of a £15bn-plus nuclear power station is set to be decided this week — and with it the future of Britain’s atomic renaissance.
The Japanese industrial giant Hitachi is due to decide tomorrow whether to proceed with Horizon, a twin-reactor plant on Anglesey, north Wales.
Hitachi’s decision has huge implications for industrial collaboration between Britain and Japan and the country’s nuclear power industry. The project hinges on winning financial support from Westminster.
This weekend, ministers are expected to set out their offer to Hitachi in a letter ahead of the crucial meeting. The proposal is expected to include UK taxpayers taking a direct stake in the plant, alongside Hitachi and the Japanese state, as well as guaranteeing loans.
In return, Westminster wants Hitachi…(subscribers only) https://www.thetimes.co.uk/article/deadline-day-for-japans-hitachi-over-wales-15bn-horizon-nuclear-plant-mdxhnj9x8
Vogtle nuclear power station in Georgia, only half completed, and 7 years behind schedule
Saporta Report 24th May 2018, A new report on the construction status of the Vogtle nuclear plant,
released Wednesday by Moody’s Investors Service, provides greater detail
than a May 10 statement released by Georgia Power and cites a number of
risks that could further delay the plant’s opening date. Moody’s report
addresses a list of frequently asked questions about the Vogtle project as
it relates to MEAG, the Municipal Electric Authority. MEAG is a partner in
the Vogtle project, along with Georgia Power, Oglethorpe Power Corp., and
the City of Dalton Combined Utility. The first sentence of Moody’s report
observes: “Construction is progressing on the Vogtle Nuclear Units 3 and
4 in Georgia, offering additional credit stability to the owners of the
units, though the work is still only around 50 percent completed and is
several years behind the original schedule.”
Delay in start-up for United Arab Emirates nuclear reactor, marketed by South Korea
UAE’s first nuclear reactor start-up delayed, MEMO, May 27, 2018
Eskom ‘abandoned’ plans to build a nuclear power station in the Eastern Cape – but is paying R16.5 million to keep it alive
Phillip de Wet , Business Insider SA May 22, 2018,
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