nuclear-news

The News That Matters about the Nuclear Industry Fukushima Chernobyl Mayak Three Mile Island Atomic Testing Radiation Isotope

USA Federal Government not stepping in to save South Carolina nuclear power project

Trump administration silent on demise of nuclear project it once called ‘massively important’, Post and Courier By Thad Moore and EmmaDumain tmoore@postandcourier.com eduman@postandcourier.com, Aug 12, 2017   The day after two South Carolina power companies decided to bail out on two partially built nuclear reactors, state regulators asked the project’s top executives what it would take to restart construction.

Kevin Marsh, CEO of South Carolina Electric & Gas parent SCANA Corp., answered with a must: The federal government would need to step in to cover the spiraling costs, he said, and guarantee that ratepayers wouldn’t foot the bill for a project with an uncertain price tag.

Nearly two weeks later, support from D.C. doesn’t appear to be forthcoming.

President Donald Trump and Energy Secretary Rick Perry, who have both advocated pro-nuclear positions, haven’t addressed the project’s demise publicly. And one of the two utilities that were building the reactors at the V.C. Summer Nuclear Station near Columbia says it hasn’t heard from the administration since giving it the news.

Santee Cooper, the state-run power utility that owns 45 percent of the project, says it told the White House it was ditching the reactors but hadn’t heard anything since. SCE&G, which owns the other 55 percent, declined to answer questions about its communications with the administration.

The silence from Washington casts further doubt on the prospect of reviving the scuttled project, even as state lawmakers and Gov. Henry McMaster scramble to have at least one reactor completed…..http://www.postandcourier.com/business/trump-administration-silent-on-demise-of-nuclear-project-it-once/article_7bd33fc6-7e9d-11e7-8f2e-7b8e4872296c.html

August 14, 2017 Posted by | business and costs, politics, USA | Leave a comment

Hundreds of workers laid off, thousands of contractors lost jobs: lawsuit against Westinghouse over VC Summer nuclear failure

Pittsburgh Gazette 11th Aug 2017, Following the filing of a lawsuit alleging that Westinghouse Electric Co. violated labor laws by laying off hundreds of workers without proper notice, the bankrupt nuclear company confirmed Friday that it has furloughed 870 employees across the company.

The number represents all full-time Westinghouse employees who had been working on the VC Summer
nuclear power plant in South Carolina and includes 125 workers at
Westinghouse’s Cranberry headquarters. The majority of the furloughs took
place at the site of the VC Summer nuclear power plant construction
project.

The project was canceled last week by two South Carolina utilities. Years behind schedule and billions of dollars over budget, theproject was expected to cost another $8 billion to complete.

In addition to the Westinghouse layoffs, thousands of contractors working on the South Carolina site also lost their jobs.

The lawsuit, filed in bankruptcy court on Thursday by Andrew Fleetwood, a field engineering manager at VC Summer,
claims Westinghouse employees like him were furloughed “without being given any indication that his employment or that of his co-workers would ever recommence.”  http://powersource.post-gazette.com/powersource/companies/2017/08/11/Westinghouse-furloughed-870-employees-in-fallout-from-the-cancelled-South-Carolina-nuclear-project/stories/201708110130

August 14, 2017 Posted by | employment, USA | Leave a comment

America’s nuclear industry getting desperate – seeks money from Trump

The U.S. Nuclear Industry’s Last Hope Seeks Help From Trump, Bloomberg , By Ari Natter and Mark Chediak

August 12, 2017,
  • Cost of delayed Georgia nuclear project may be $25 billion
  • Energy Secretary Perry turned down Scana’s bid for bailout

  • President Donald Trump has vowed to revive America’s dying nuclear industry. Backers of a troubled Georgia nuclear project want him to prove it.

    They have asked the administration to come to the aid of a project to build two reactors to the Southern Co.’s Vogtle power plant, according to people familiar with the talks. That could include increasing or speeding up disbursements of $8.3 billion in federal loan guarantees to the companies behind the nuclear plant, the people said. They asked not to be identified discussing ongoing negotiations.

    A Georgia public service regulator was in Washington to make a case for the project, the last nuclear plant under construction in the U.S., and Southern has hosted congressional staff members at the construction site. The company also wants Congress to extend tax breaks for nuclear power….

    With Southern set to tell regulators in Georgia by the end of this month whether it plans to continue with construction plans for the plant, federal support could be crucial. Last week, Southern said it estimated its portion of the cost to complete the reactors was at least $11.5 billion, excluding $1.7 billion in guaranteed payments from Toshiba. Given Southern’s 46 percent stake in the project, that would put the total cost of building the two reactors at $25 billion……

  • After Energy Secretary Rick Perry turned down a request for $3 billion in aid for Scana Corp.’s nuclear plant in South Carolina, it’s not clear how much the federal government will help. Scana abandoned its V.C. Summer nuclear projects last month after it concluded the two reactors would end up costing it more than $20 billion to build.

    In general, the Trump administration has said it’s studying the nuclear issue…..https://www.bloomberg.com/news/articles/2017-08-11/troubled-georgia-nuclear-project-is-said-to-seek-aid-from-trump

August 12, 2017 Posted by | business and costs, politics, USA | Leave a comment

China’s economic advantage in control of rare earths

Control of rare earths gives China a fresh economic advantage, Las Vegas Sun, By Llewellyn King, Aug. 10, 2017 “……China controls the world’s production and distribution of rare earths. It produces more than 92 percent of them and holds the world in its hand when it comes to the future of almost anything in high technology.

Rare earths are great multipliers and the heaviest are the most valuable. They make the things we take for granted, from the small motors in automobiles to the wind turbines that are revolutionizing the production of electricity. For example, rare earths increase a conventional magnet’s power by at least fivefold. Strategically, they are the new oil.

Rare earths are also at work in smartphones and computers. Fighter jets and smart weapons, like cruise missiles, rely on them. In national defense, there is no substitute and no other supply source available…….

If President Donald Trump — apparently encouraged by his trade adviser Peter Navarro, and his policy adviser Steve Bannon — is contemplating a trade war with China, rare earths are China’s most potent weapon.

A trade war moves the rare-earths threat from existential to immediate.

In a strange regulatory twist the United States — and most of the world — won’t be able to open rare-earths mines without legislation and an international treaty modification. Rare earths are often found in conjunction with thorium, a mildly radioactive metal and a large regulatory problem.

The Nuclear Regulatory Commission and the International Atomic Energy Agency have defined thorium as a nuclear “source material” that requires special disposition. Until these classifications, thorium was disposed of along with other mine tailings. Now it has to be separated and collected. ….

Meanwhile, future disruptions from China won’t necessarily be in the markets; they could be in the obscure but vital commodities known as rare earths: China’s not-quite-secret weapon. https://lasvegassun.com/news/2017/aug/10/control-of-rare-earths-gives-china-a-fresh-economi/

August 12, 2017 Posted by | business and costs, China, politics international, RARE EARTHS | Leave a comment

China losing confidence in nuclear power

Nuclear Engineering International 10th Aug 2017, One of the conclusions of my most recent article on China was that many ofthe negative factors which have affected nuclear programmes elsewhere in
the world are now also crucial there.

The last year has confirmed that this was a reasonable judgement. Despite five new reactors starting up in 2016,
to bring the number in operation to 36, with combined generating capacity
of 32.6GWe, it is clear that the programme has continued to slow sharply.

The most obvious sign is the lack of approvals for new construction.
Although there are 21 units under construction, representing 23.1GWe, there
have now been no new approvals for 18 months. Other signs of trouble are
the uncertainties about the type of reactor to be utilised in the future,
the position of the power market in China, the structure of the industry
with its large state owned enterprises (SOEs), the degree of support from
top state planners and public opposition to nuclear plans.

There are a few possible explanations for the slowdown in approvals. Delays in imported
Generation III reactor designs (the Westinghouse AP1000 and Areva EPR) have
no doubt concerned regulators. Problems with the AP1000 projects at Sanmen
and Haiyang are more serious, as this reactor was destined for most of
China’s future reactor sites. Now hot testing is complete the first
Sanmen unit may go into operation before the end of 2017, but this will not
bring forward a flood of new approvals.

The Chinese have suffered a severe dent in their confidence about the AP1000, not helped by Westinghouse’s
bankruptcy. The authorities will want to see clear evidence of successful
operation before authorising more units. If they do, the first will be at
the existing two sites, but there are several others that have been ready
to go for several years now. http://www.neimagazine.com/opinion/opinionnuclear-in-china-why-the-slowdown-5896525/

August 11, 2017 Posted by | business and costs, China, politics | Leave a comment

Poor future for many decades for New Generation Nuclear Reactors

New Generation Nuclear Reactors Unlikely to Deliver on Design, EcoWatch, By Paul Brown, 9 Aug 17

New generation nuclear reactors, promised for the last 18 years by the U.S. Office of Nuclear Energy (NE) as a way to provide cheap and plentiful supplies of electricity, are unlikely to be fulfilled any time in the next 30 years.

That is the conclusion of university researchers who have used the Freedom of Information Act to obtain the program’s budget history to find out what designs the government has spent $2 billion of public money on supporting.

Researchers from the University of California San Diego and Carnegie Mellon University described the research program as “incoherent” and said the government was “unlikely” to deliver on its mission to develop and demonstrate an advanced nuclear reactor by mid-century.

The study, published in the journal Environmental Research Letters, said much of the money that was supposed to be spent on civilian reactors was spent instead on supporting infrastructure, where the main focus was defense programs and not commercial opportunities……..

Overall, the technology’s prospects appear grim, with implications that go beyond energy.

“Without a sense of urgency among NE and its political leaders,” Abdulla warned, “the likelihood of advanced reactors playing a substantial role in the transition to a low-carbon U.S. energy portfolio is exceedingly low…..

These reported failings in the U.S. research program come at a difficult time for the industry when across the world the current “new” generation of large nuclear reactors is proving difficult to build on time and on budget, and some projects are being abandoned mid-way through construction…….

Most of the money now being spent on research into new generations of nuclear power stations is being provided by nuclear weapon states. Most countries that have never had nuclear weapons but have invested in nuclear power stations are now phasing them out and putting their development money into cheaper renewables. https://www.ecowatch.com/new-generation-nuclear-2471347067.html

August 11, 2017 Posted by | business and costs, technology, USA | Leave a comment

Workers’ health at risk at Idaho nuclear lab

Unheeded warnings, repeated mistakes put workers’ health at risk at Idaho nuclear lab, Idaho Statesman, BY PATRICK MALONE AND PETER CARY, The Center for Public Integrity AUGUST 10, 2017 

August 11, 2017 Posted by | employment, incidents, USA | Leave a comment

South Korea: nuclear phaseout much cheaper than nuclear maintenance

By Kim Sung-hwan, staff reporter New report finds that nuclear power phaseout could save nearly $17 billion in maintenance costs

The cost of managing the “spent nuclear fuel” irradiated in nuclear plants has steadily increased and now exceeds 64 trillion won (US$57.2 billion), a new report confirms. If the government implements its policy of a nuclear phaseout, it could reduce this maintenance cost by as much as 19 trillion won (US$16.9 billion), according to the report.

A report on the current maintenance cost for spent nuclear fuel that Minjoo Party lawmaker Lee Hun, a member of the National Assembly’s Industry, Trade, Resources and SME Committee, received from the Ministry of Trade, Industry and Energy on July 25 states that as of 2016 the cost needed to maintain the spent nuclear fuel for 36 nuclear reactors (including one that is permanently shuttered, 24 that are operational, five that are under construction and six whose construction is planned) is 64.13 trillion won. “The Radioactive Waste Maintenance Cost Calculation Committee, which determines the cost of spent nuclear fuel, calculated that the project cost as of 2016 was 64.13 trillion won, but the government has been publishing the project cost calculated in 2015 [of 53.28 trillion won],” Lee said.

“Since we were unable to submit a motion for approval of the project cost to the cost management review board at the Ministry of Strategy and Finance, we included the previous year’s project cost in the basic plan for managing high-level radioactive waste, which was released in July of that year,” the Ministry of Trade, Industry and Energy said in regard to why it had published an outdated project cost. The project cost for maintaining spent nuclear fuel has been steadily increasing as more nuclear reactors have been built, rising from 22.62 trillion won (with 28 reactors) between 2004 and 2012 to 53.28 trillion won (with 34 reactors) from 2013 to 2015.

The project cost has been increasing because of the need to keep building interim storage facilities inside the nuclear reactors to store spent nuclear fuel and the need to set aside a reserve fund for permanently disposing this waste (and no decision has been reached about where or how this waste will be disposed). “The project cost has increased because the cost of regional support, including storage fees, and the contingency preparation cost, including the cost of insurance, had not been explicitly included. We need to calculate the figures more specifically by launching another public debate about spent nuclear fuel,” the Ministry of Trade, Industry and Energy said.

But implementing the government’s policy of a nuclear phaseout could shave around 19 trillion won off the spent nuclear fuel project cost, the report says. While 64.13 trillion won is required for 36 reactors (including Shin-Kori reactors 5 and 6, on which construction is currently suspended, and the reactors whose construction is planned), the cost for 28 reactors (including Shin-Kori 4 and Shin-Hanul 1 and 2, which have been completely built) would be 44.89 trillion won. The total cost of decommissioning nuclear reactors could be reduced by as much as 5.15 trillion won under the policy of the nuclear phaseout, the report found. The cost of decommissioning a single reactor was 59.5 billion won when it was first calculated in 1983, but by 2015, this had increased to 643.7 billion won.

“The government is deceiving the public when it publishes a lower project cost. Considering that the post-processing costs for nuclear reactors are increasing astronomically and that safety concerns continue to be raised about the unprecedented concentration of nuclear reactors, this is a situation that calls for serious deliberation and a reasonable social consensus about phasing out nuclear power,” Lee said.

August 11, 2017 Posted by | business and costs, South Korea, wastes | Leave a comment

NuGen tightlipped about the implications of abandonment of USA’s AP1000 nuclear reactors, and Toshiba’s problems

CORE 9th Aug 2017, Respondents to NuGen’s Stage 2 Moorside public consultation which closed
one year ago will learn little from NuGen’s response to CORE’s open
letter to its CEO Tom Samson on 30th June.

Refusing to comment on some of CORE’s questions on the grounds that ‘they are commercial processes’,
NuGen has confirmed only that it intends to publish a Stage 2 interim
consultation report – ‘but this has been deferred to ensure that
changes which arise as a result of the reviews (an engineering and wider
strategic review) are appropriately reflected in the report, which will
reflect both the feedback that NuGen received and detail how NuGen will
take that feedback into account’.

CORE’s spokesman Martin Forwood commented today that “NuGen’s inability to level with consultees,
however uncertain Moorside’s prospects, reflects the extent of the
turmoil facing its project and makes a mockery of its claim that
‘openness and transparency about our plans is the key to building
trust”.

The latest news of the plug being pulled on the half-built AP1000
reactors in the US and the fall from grace on the Tokyo Stock Exchange of
NuGen’s sole investor Toshiba will further add to the increasing
uncertainties swirling around in the Moorside mists”. http://corecumbria.co.uk/news/nugen-consultees-kept-in-the-dark-as-moorside-turmoil-increases/

August 11, 2017 Posted by | business and costs, UK | Leave a comment

USA’s huge nuclear project failed, but top executives got $millions in bonuses!

Top SCANA executives were paid millions in bonuses for roles in failed nuclear project, The State, BY AVERY G. WILKS, awilks@thestate.com AUGUST 09, 2017 As a multibillion-dollar nuclear expansion project veered toward abandonment, the company in charge – SCANA – paid its executives millions in bonuses for a job well done.

The Cayce-based utility has paid its top officials almost $21.4 million in annual performance-based bonuses over the past decade, according to The State newspaper’s review of the utility’s filings with the U.S. Securities and Exchange Commission.

Some of those payouts were to reward the executives for accomplishments related to the construction of two nuclear reactors at the V.C. Summer site in Fairfield County, SCANA said in the filings.

Late last month, SCANA and the state-owned Santee Cooper utility said they were abandoning that project, citing construction delays and cost overruns that plagued the 9-year-old venture……

Operational excellence’

Last year, SCANA’s top five executives took home $3.3 million in performance-based pay, according to the federal filings. Nearly half of that went to SCANA chief executive officer and president Kevin Marsh, accounting for about a quarter of his $6.1 million in total compensation.

The filings do not say exactly how much of the $21.4 million in performance-based pay went to reward the executives for building the two nuclear reactors……

The overall pay of SCANA’s top five executives increased to $14 million in 2016 from $8.5 million in 2007, the year the S.C. Legislature passed a law that allowed the utility to bill customers for the cost of the reactors while they were under construction. Avery G. Wilks: 803-771-8362, @averygwilks

PAY FOR PLAY

Top SCANA executives have been paid nearly $21.4 million in performance-based bonuses over the past decade. Some of that money was to reward the officials for their accomplishments in building two nuclear reactors in Fairfield County, a project the utility now says it will abandon. Here is how much the executives were paid each year.:…… http://www.thestate.com/news/politics-government/article166298442.html

August 11, 2017 Posted by | business and costs, USA | Leave a comment

Toshiba’s $8.8bn loss throws future of Cumbria’s Moorside nuclear project into doubt

Toshiba’s $8.8bn loss reignites fears over Cumbria nuclear project,  Telegraph, 10 AUGUST 2017 • The Japanese consortium behind the UK’s largest planned new nuclear project has unveiled an annual loss of almost $9bn (£6.9bn), underlining the stark risks of the Government’s high-cost nuclear ambitions.

Toshiba has delayed publishing its full-year results while teams of auditors pore over the financial damage wrought by the collapse of its US-based nuclear developer Westinghouse, before finally revealing the $8.8bn (£6.7bn) loss for 2016 three months later than planned.

The electronics giant has avoided crashing out of the Tokyo stock exchange for filing its accounts late, but its commitment to building the Moorside power plant in Cumbria remains in doubt.Toshiba is now the only investor propping up the Nugeneration consortium that plans to build the 3.8GW Moorside project, and the approved reactor design is Westinghouse-made.

The GMB union said the “fiasco” over Toshiba’s financial state “highlights the folly of allowing foreign companies to be in control of the UK’s critical future energy needs”…….

August 11, 2017 Posted by | business and costs, UK | Leave a comment

Toshiba’s $8.8b in losses

Delayed Toshiba earnings report reveals $8.8b in losses By Tech Wire Asia | 10th August 2017 | @techwireasia AFTER several delays, Toshiba Corp. has finally released an audited earnings report, which revealed the company’s losses are valued at JPY965.7 billion (US$8.8 billion) for the 2016-2017 financial year ending March this year, reported Bloomberg.

Though a startling number, it should be noted those losses are comparable to the initial estimates by independent analysts who predicted Toshiba would lose an average of JPY977.4 billion (US$8.9 billion). Toshiba’s own outlook was far more bleak, with their own financial officials reporting they expected to lose JPY1.01 trillion (US$9.2 billion)…..

suspicions about the company’s opaque finances have resulted in slipping stock prices, a situation exacerbated by the bankruptcy of its Westinghouse nuclear business…..

The company is facing a possible delisting from the Tokyo Stock Exchange as a result of the manipulation of its account books. The matter is under investigation and if Toshiba fails to clean up its act and pull itself out of the red by next March, expulsion is almost a given…….http://techwireasia.com/2017/08/toshiba-earnings-report-huge-losses/#mMpeeOZFUAVImZpQ.97

August 11, 2017 Posted by | business and costs, Japan | Leave a comment

USA: Georgia’s “Jenga” nuclear reactors

Kempner: Georgia Power’s nuclear tower teeters; EMCs ‘concerned’ By Matt Kempner – The Atlanta Journal-Constitution, 6 Aug 17,  

You know, the one where you take turns pulling out a block at a time, hoping not to topple the teetering tower.

How many pieces can be pulled out before Georgia Power’s nuclear expansion at Plant Vogtle metaphorically collapses and takes with it billions of dollars in consumer money?

The few remaining blocks left at the project’s base look shaky to me. (Well, except maybe Georgia Power’s eagerness to continue with a project the state ensures will be delightfully profitable for the power company even though Vogtle is billions of dollars over budget and years behind on completion.)………

Some elected members of the Georgia Public Service Commission rushed to put distance between South Carolina’s project and the Vogtle one they green lighted and showered with love……..

PSC chairman Stan Wise pounded out a statement highlighting “the dissimilarities of these projects.”

This is ironic, because just last year, Georgia Power stressed to the PSC just how similar the two projects are. (That served Georgia Power’s interests at the time because it wanted the regulators to give the company essentially the same sweetheart deal that South Carolina regulators had given SCANA.)

A consultant for the Vogtle team concluded the project is “sufficiently similar to Summer Units 2 and 3 so that one could reasonably compare construction outcomes. This is proven by the fact that there are many similarities in the EPC contracts, generally the same primary plant equipment suppliers, similarities in construction milestone dates, similarities in construction contractors, and evidence that GPC and SCE&G have been and continue to collaborate on the design, construction, and training on these projects.”

Here’s a few more similarities: Both projects suffer soaring costs and stretched timetables. Also last week, Southern disclosed figures suggesting the total price of Vogtle may be close to double the original forecast. And the first juice won’t flow from a new reactor before February 2021 at the earliest, it said, more than a year later than the previous target.

There really are differences between the Georgia and South Carolina projects, though. One of the most important is that there are a bunch more players involved in — and at risk on — the Vogtle expansion.

And those are the blocks anyone wondering about the future of nuclear expansion in Georgia should be eyeballing. (Building nuclear plants is generally a group project to mitigate the massive risk. Because who would be so nutty as to try to do it on their own?)

Georgia Power is managing partner on Vogtle, with just under 50 percent of an ownership stake in the expansion. But also in the mix with almost a third of the ownership is Oglethorpe Power, which represents dozens of community electric membership corporations in Georgia. Most are at risk on this project, too.

The Municipal Electric Authority of Georgia, owned by bunches of small city power systems across the state, has nearly a quarter of the Vogtle ownership. And the city of Dalton has a small piece of the project.

Every one of those players has a different comfort (or fear) level on sticking with Vogtle. I suspect leaders of EMCs may be among the most nervous……..

Some other utilities limited their exposure to Vogtle early on.

MEAG, the body representing city utilities, sold rights (and cost responsibilities) for two-thirds of the project’s first 20 years of power to PowerSouth in Alabama and JEA in Jacksonville, Fla. That’s according to Marietta’s mayor, Steve “Thunder” (fun, right?) Tumlin, who is on MEAG’s board.

“We spread the risks,” he told me.

If the Vogtle expansion gets killed, “it would hurt, but not kill” the Marietta system, Tumlin said. Customer power bill rates might go up “a few percentage points.”

So far, he said, the consortium of Vogtle owners has “steadfastly stood together and is not panicking.” But they have to be convinced it makes sense to stick with the program.

Otherwise?

Jenga!  https://www.myajc.com/business/kempner-georgia-power-nuclear-tower-teeters-emcs-concerned/wJb830Vfybvq2shcFxxc5H/

August 7, 2017 Posted by | business and costs, USA | Leave a comment

Never mind Trump – the market is moving away from fossil fuels

Trump falls flat with climate change retreat, Markets, not politics, drive energy sector’s push to cut greenhouse gas emission  Ft.com by: Ed Crooks, 7 Aug 17, US Industry and Energy Editor On Friday, the US state department submitted a notification to the UN that the administration intended to withdraw from the Paris climate agreement reached in 2015. The statement, confirming the decision that President Donald Trump announced in June, is at one level momentous. The world’s largest economy and second-largest emitter of greenhouse gases is quitting a deal that the governments of leading European countries have described as “a vital instrument for our planet”. In terms of the consequences for the global energy industry, however, its impact has so far been negligible.

Of course, the full implications have yet to play out. But in the nine weeks since Mr Trump announced that leaving the agreement would be “a reassertion of America’s sovereignty”, energy companies around the world have been making plans that suggest their views on the outlook have not changed in any significant way.
 The most important reason for that is that moves towards reducing greenhouse gas emissions are going with the grain of energy markets, regardless of political decisions. The plunging costs of renewable power and electricity storage, the rise of electric cars, the availability of cheap gas for power generation, and the prospect of abundant supplies of oil, for a while at least, all point towards investment decisions that would curb emissions.
 The comments from oil companies reporting earnings over recent weeks have provided a stark illustration of that point. For years, environmental groups have been raising concerns about stranded assets: projects that cannot be viable in a world where greenhouse gas emissions are constrained.
 When they first started making that argument, with oil at about $100 per barrel, it was often a tough sell, says Andrew Grant of the Carbon Tracker Initiative, which has pioneered analysis in this area. Now, he adds, they are “pushing at an open door”.
 The central idea is that in a world where fossil fuel consumption is curtailed to cut greenhouse gas emissions, investment in high-cost assets is likely to be wasted………..
Whatever happens to international climate policy in the aftermath of Mr Trump’s decision, unless some other shock comes along to shake the industry out of its current mindset, downward pressure on costs and caution on investment decisions are likely to remain the prevailing rules. https://www.ft.com/content/2f687cfe-7abb-11e7-9108-edda0bcbc928

August 7, 2017 Posted by | business and costs, climate change, USA | Leave a comment

Georgia Power to finalize Vogtle assessments by end of August

 Guru Focus, PR Newswire, ATLANTA, Aug. 4, 2017  Georgia Power expects to complete its comprehensive schedule and cost-to-complete assessment, as well as cancellation cost assessment, for the Vogtle nuclear expansion by the end of the month. The final recommendation is expected to be filed with the Georgia Public Service Commission (PSC) as part of the 17th Vogtle Construction Monitoring (VCM) Report. Once submitted, Georgia Power will work with the Georgia PSC to determine the best path forward for customers…….

Construction work continues at the Vogtle nuclear expansion under a new service agreement with Westinghouse while Georgia Power’s assessments, as well as assessments by Oglethorpe Power, MEAG Power and Dalton Utilities, are finalized…….

Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this communication is forward-looking information based on current expectations and plans that involve risks and uncertainties. Forward-looking information includes, among other things, statements concerning estimated cost and schedule information for Plant Vogtle Units 3 and 4 and other future actions related to Plant Vogtle Units 3 and 4. Georgia Power cautions that there are certain factors that could cause actual results to differ materially from the forward-looking information that has been provided. ……..

Editor’s note:  How’s this for one sentence?  could be a record?

The following factors, in addition to those discussed in Georgia Power’s Annual Report on Form 10-K for the year ended December 31, 2016, and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: the results of Westinghouse’s bankruptcy filing and the impact of any inability or other failure of Toshiba to perform its obligations under its guarantee, including any effect on the construction of Plant Vogtle Units 3 and 4; state and federal rate regulations and the impact of pending and future rate cases and negotiations; the impact of recent and future federal and state regulatory changes, as well as changes in application of existing laws and regulations; current and future litigation, regulatory investigations, proceedings, or inquiries; available sources and costs of fuels; effects of inflation; the ability to control costs and avoid cost overruns during the development construction and operation of facilities, which include the development and construction of generating facilities with designs that have not been finalized or previously constructed; the ability to construct facilities in accordance with the requirements of permits and licenses, to satisfy any environmental performance standards and the requirements of tax credits and other incentives, and to integrate facilities into the Southern Company system upon completion of construction; advances in technology; legal proceedings and regulatory approvals and actions related to Plant Vogtle Units 3 and 4, including Georgia Public Service Commission approvals and Nuclear Regulatory Commission actions; interest rate fluctuations and financial market conditions and the results of financing efforts; changes in The Southern Company’s or Georgia Power’s credit ratings, including impacts on interest rates, access to capital markets, and collateral requirements; the impacts of any sovereign financial issues, including impacts on interest rates, access to capital markets, impacts on foreign currency exchange rates, counterparty performance, and the economy in general, as well as potential impacts on the benefits of U.S. Department of Energy loan guarantees; and the effect of accounting pronouncements issued periodically by standard setting bodies. Georgia Power expressly disclaims any obligation to update any forward-looking information. https://www.gurufocus.com/news/549936/georgia-power-to-finalize-vogtle-assessments-by-end-of-august

August 7, 2017 Posted by | business and costs, USA | Leave a comment