Bulgaria Seeks Private Investors for Nuclear Project, US News, May 11, 2017, SOFIA (Reuters) – Bulgaria is seeking private investors to build a nuclear power plant on the Danube River, which was canceled five years ago, Prime Minister Boiko Borisov said during a phone call with Russian President Vladimir Putin on Thursday.
Sofia canceled the Belene project in 2012 after failing to find foreign investors and under pressure from Brussels and Washington to limit its energy dependence on Russia………It hopes to privatize the nuclear plant project after it paid more than 600 million euros ($652 million) in compensation to Russia’s state nuclear giant Rosatom when it canceled the 10 billion euro project. Rosatom had agreed to provide the nuclear reactors…….https://www.usnews.com/news/world/articles/2017-05-11/bulgaria-seeks-private-investors-for-nuclear-project
Japan’s Tepco to seek partners for nuclear business, Reuters, By Osamu Tsukimori and Aaron Sheldrick| TOKYO, 11 May 17Japan’s Tokyo Electric Power Co said on Thursday it will seek partners for its nuclear business as part of a recovery plan after the Fukushima disaster of six years ago brought the utility to its knees and put it under state control.
The company, known as Tepco, is trying to place itself on a sounder financial footing after the government in December almost doubled its estimate for the costs related to the Fukushima disaster to 21.5 trillion yen ($188 billion).
It is the third attempt to boost its finances in the six years since the disaster, after the targets in previous plans proved to be unattainable.
Central to its efforts to boost profits and pay for the costs of the disaster is the restart of its Kashiwazaki-Kariwa (KK) nuclear plant in northern Japan, the world’s biggest power station not including hydroelectric dams…….
However, the governor of Japan’s Niigata prefecture, where KK is located, is opposed to a restart without a review of its safety plans, which could take several years. It also must resubmit applications with the national atomic regulator…….
Finding partners for Tepco’s nuclear business will be difficult. Top executives of Tohoku Electric Power and Chubu Electric Power, which operate in regions abutting Tepco’s service area, have said they were not considering any nuclear tie-ups with Tepco……
Tepco submitted the revised business plan to the government, which is expected to give its approval after providing its own input over the last few months.
Tepco plans to allocate 500 billion yen annually in the coming decades to pay for decommissioning at Fukushima and compensation.
Tepco is estimating net profit of 288 billion yen in the year through March 2018, more than double the year earlier period. Revenue is forecast to rise to 5.75 trillion yen from 5.36 trillion yen.
A state regulatory hearing on Thursday opened the Georgia Public Service Commission’s latest biannual review of Plant Vogtle (VOH’-gohl) costs, focused on $222 million reported between July and December. But the bankruptcy filing by Westinghouse Electric Co., the U.S. nuclear unit of Japan’s Toshiba Corp., loomed large.
Construction of two new reactors south of Augusta is already years behind schedule and billions of dollars over budget.
Georgia Power officials said the company still is studying the cost and timeline to complete both reactors, cancel one or both. They say a recommendation will be brought back to the commission.
Why Nuclear Energy Doesn’t Dominate the Globe It was supposed to be the energy of the future. But then came the upkeep.http://www.popularmechanics.com/science/energy/a26426/nuclear-energy-problems/By David Grossman May 8, 2017 Once upon a time, the Atomic Age was right around the corner. The promise of nuclear power would lead it to take over the world and power all our incredible tomorrows.
What are the challenges of nuclear power? – M. V. Ramana and Sajan Saini
And then, life happened. Here, TED Ed gives a nice rundown of some of the technical issues keeping nuclear power at bay across the globe.
Safety, of course, is the big one. The challenges facing nuclear energy are inherent within the system. The control rods need to be cooled down to generate the steam which powers the generators. When things go wrong, they go very wrong. Accidents at sites like Three Mile Island, Chernobyl, and Fukushima draw massive headlines and bad publicity.
That hasn’t stopped some from using nuclear, though. While it doesn’t dominate the world like people once predicted, nuclear energy still powers slightly over 10 percent of the planet, which is saying something. Thirteen countries rely on nuclear for at least a third of their energy supply although this is generally seen to be a downward trend. Nuclear leader France, for example, just elected Emmanuel Macron to be prime minister partially on a campaign promise of reducing the country’s 72 percent reliance on nuclear to 50 percent. The upkeep is just too great.
Macron, like many around the world, is hoping to transition to renewable energy, which recently became the cheapest form of energy on the globe. One of the big advantages of renewables? Minimal upkeep, and never having to worry about rods again.
Unviable economics of nuclear power catches up with Cameco, Independent Australia, Jim Green 9 May 2017 Multinational uranium producer Cameco is battling a uranium downturn, the tax office, disinterested customers and Traditional Owners, Dr Jim Green reports.
ECONOMICS is killing the nuclear power industry.
Westinghouse, a giant of the industry, recently filed for bankruptcy protection and its parent company Toshiba may also go bankrupt — both companies brought undone by $15 billion cost overruns building four reactors.
In France, nuclear utilities EDF and Areva would have gone bankrupt if not for repeated multi-billion-dollar government bailouts — their most immediate problem is cost overruns of $18 billion building just two reactors.
The question arises: will them nuclear power crisis create similar carnage in the uranium industry? Might it bring down a uranium industry giant like Cameco, which provides about 17% of the world’s production from mines in Canada, the U.S. and Kazakhstan?
The short answer is that Cameco will likely survive, but the company has been downsizing continuously for the past five years:
In 2014, Cameco cut its growth plans and uranium exploration expenses, warning that the “stagnant, oversupplied short-term market” was not going to improve any time soon.
Another 120 workers are to be sacked by May 2017 at three Canadian uranium mines ‒ McArthur River, Key Lake and Cigar Lake ‒ and production at McArthur River, already reduced, will be suspended for six weeks in mid-2017.
Cameco’s revenue dropped US$238 million (AU$321 million) in 2016 and the company posted a US$46 million (AU$62 million) loss for the year. The loss was largely the result of US$267 million (AU$360 million) in impairment charges, including US$91 million (AU$123 million) related to the Rabbit Lake mine and a write-off of the full US$176 million (AU$237 million) value of the Kintyre uranium project in Western Australia.
“I think it’s fair to say that no one, including me, by the way, expected the market would go this low and for this long … market conditions in 2016 were as tough as I have seen them in 30 years.”
Cameco’s “tier-1” mines ‒ McArthur River and Cigar Lake in Canada and the Inkai ISL mine in Kazakhstan ‒ have been largely unaffected by the cutbacks except for the slowdown at McArthur River. But the tier-1 mines aren’t safe, Cameco plans to reduce production by 7% in 2017, the two mines in the U.S. might be sold (if a buyer can be found), and new mines are off the table.
TEPCO cancels billion-dollar contract
Cameco faces a new problem with notorious Japanese company TEPCO ‒ owner of the Fukushima reactors ‒ announcing on January 24 that it had issued a contract termination notice, sparking a 15% drop in Cameco’s share price over the next two days. The termination affects about 9.3 million pounds (4.22 kilos) of uranium oxide due to be delivered until 2028, worth approximately US$959 million (AU$1294 million).
TEPCO argues that a “force majeure” event occurred because it has been unable to operate its nuclear plants in Japan ‒ four reactors at Fukushima Daini and seven reactors at Kashiwazaki Kariwa ‒ for some years due to government regulations relating to reactor restarts in the aftermath of the March 2011 Fukushima disaster.
Cameco plans to fight the contract termination and will pursue “all its legal rights and remedies”.
‘They’ve taken delivery under this contract in 2014, 2015 and 2016, so we’re a bit perplexed as to why now all of a sudden they think there’s a case of, as they say, “force majeure”.’
TEPCO has received and paid for 2.2 million pounds of uranium oxide from Cameco since 2014
Japan is “swimming – some would say drowning – in uranium”, the senior editor of Platts Nuclear Publicationssaid in early 2016. According to Forbeswriter James Conca, Japan’s existing uranium inventory will suffice to fuel the country’s power reactors “for the next decade”.
Nick Carter from Ux Consulting said he believes TEPCO is the first Japanese utility to terminate a long-term contract, while many others have tried to renegotiate contracts to reduce volumes or prices or delay shipments. Gitzel acknowledged that “there is concern over the risk of contagion from the TEPCO announcement” ‒ more customers might try to cancel contracts if TEPCO succeeds.
Tax dispute
A long-running tax dispute is starting to heat up with the October 2016 commencement of a court case brought against Cameco by the Canada Revenue Agency (CRA). The dispute has been slowly winding its way through appeals and legal motions since 2009 when Cameco first challenged the CRA’s findings. The court case is likely to conclude in the coming months but the court’s decision may not be finalised until late-2017 or 2018.
Cameco is accused of setting up a subsidiary in Switzerland and selling it uranium at a low price to avoid tax. Thus Cameco was paying the Swiss tax rate of about 10% compared to almost 30% in Canada. Cameco set up the subsidiary in 1999 and established a 17-year deal selling uranium at approximately US$10 (AU$13.50) a pound — far less than the average price over the 17-years period. Another subsidiary was established in Barbados — possibly to repatriate offshore profits.
If Cameco loses the case in the Tax Court of Canada, it could be liable for back taxes of US$1.6 billion (AU$2.2 billion). Last year, the company spent approximately US$89 million (AU$120 million) legal costs related to the tax dispute.
Canadians for Tax Fairness have been arguing the case for legislative change to stop profit-shifting schemes, and for Cameco to pay up. Last year, the NGO teamed up with Saskatchewan Citizens for Tax Fairness and the international corporate watchdog, SumOfUs, to deliver a petition with 35,000 signatures to the Canadian Prime Minister’s office and to Cameco’s executive offices.
America’s first ’21st century #nuclear plant’ already has been shut down for repairs, LA Times, Michael HiltzikContact Reporter, May 8 2017, When the Tennessee Valley Authority’s Watts Bar 2 nuclear power plant was finally approaching completion the big public utility hailed it as “the nation’s first new nuclear generation of the 21st century.”
That was in October 2015, and the plant was thought to be only a few months away from going online. But it wasn’t until October 2016 that Watts Bar 2 began operating commercially. In March, just over five months later, the plant went offline — and it’s expected to remain offline at least into this summer, the TVA region’s peak period for electrical demand.
The 21st century is shaping up as not a good one for nuclear power, and Watts Bar Unit 2 may show why. The U.S. nuclear industry is running in neutral, except when it runs in reverse. Other than Watts Bar 2, the last new nuclear plant to enter American service is now nearly 20 years old — TVA’s 1996-vintage Watts Bar Unit 1.
California is on the verge of exiting the nuclear power field entirely, with the planned mothballing of Pacific Gas & Electric’s Diablo Canyon power plant. Diablo Canyon’s two reactors are to be shut down in 2024 and 2025 as part of a deal reached last year for the utility’s transition to other renewable sources. That deal followed the 2013 decision of Southern California Edison to permanently close San Onofre, the state’s only other nuclear power plant, following a botched attempt at its refurbishment.
The immediate cause of the Watts Bar shutdown is the failure of components of the unit’s condenser, which cools steam used to drive the generating turbines back into water. TVA took the plant off-line on March 23 and is still trying to pinpoint the cause of the condenser failure.
But the problems at Watts Bar arise from more than just a structural failure of the condenser. They’re also connected to the plant’s long gestation and to maladies endemic to the entire nuclear power industry.
Watts Bar 2 holds the world record for the longest gestation of any nuclear plant in history, having been listed as “under construction” for 43 years. Construction was launched in 1972 and suspended in 1985, when the plant already was 60% complete. By then, despite an initial cost estimate of about $400 million, some $1.7 billion had been spent. Construction resumed in 2007. The total cost is now estimated at $6.1 billion……..
Watts Bar, the so-called 21st century American nuclear plant, defines the crisis facing the U.S. nuclear industry. It’s stuck with outmoded technology and a management culture that exacerbates, rather than constrains, the technology’s safety issues. With every episode like this, the industry moves one step further away from making the case for its survival. http://www.latimes.com/business/hiltzik/la-fi-hiltzik-nuclear-shutdown-20170508-story.html
Areva pulls out of Baker Lake, Nunavut uranium mine remains mothballed, NUNATSIAQ ONLINE, Nunavut May 05, 2017 JANE GEORGE Areva Resources Canada, the proponent of the Kiggavik uranium project, has decided to close shop in Baker Lake and put its office building up for sale.
“After over 10 years exploring in the territory, studying the possibility of developing the Kiggavik Project and making numerous friends in the Kivalliq region, it’s time to say good bye,” the company said in an advertisement in the Nunatsiaq News print newspaper of May 5…..
The decision to sell the building comes after Areva opted to place its uranium mining project on hold.
That followed a 2015 recommendation from the Nunavut Impact Review Board that the project, 80 kilometres east of Baker Lake, should not proceed.
Kiggavik will remain in care and maintenance for an “indefinite period,” McCallum said May 4.
Meanwhile, its permits will be maintained and the property will be secured and visited once a year, he said.
The uranium mine to be located at two sites, Kiggavik and Sissons, would have comprised four open pits and an underground operation.
Areva said the project, with an estimated lifespan of about 12 years, would have been operating by some time in the 2020s or 2030s.
But opponents, such as the Nunavummiut Makitagunarningit group, said uranium mining posed a serious risk to the Kivalliq region’s caribou herds and that the environmental risks associated with the operation would outweigh its economic benefits.
While the mine would have cost $2 billion to build, McCallum said Areva had spent $80 million on developing the project, with $30 million going to northern contractors since 2006—numbers he recently shared in a meeting with the mayor of Baker Lake and the Kivalliq Inuit Association……The price of uranium currently stands at about $22 per pound—down nearly by half since 2013 and much lower than its high of more than $136 per pound in 2007. http://www.nunatsiaqonline.ca/stories/article/65674areva_pulls_out_of_baker_lake_as_nunavut_uranium_mine_mothballed/#.WQzPWFlWLhM.twitter
Moorside nuclear plant ‘on hold’ as review announced, BBC News 4 May 2017 A plan to build a nuclear power station in Cumbria has been put on hold while the company behind it carries out a strategic review.
NuGen, which is overseeing the planned Moorside plant, was initially co-owned by French firm Engie and Toshiba.
Toshiba’s bankrupt nuclear arm may be prevented from providing any emergency funds to its overseas interests, throwing the future of the Moorside nuclear plant in Cumbria into fresh doubt.
It has emerged that Westinghouse, the Toshiba-owned American nuclear reactor developer, faces orders not to prop up any joint venture agreements that it entered into before the company filed for Chapter 11 bankruptcy in March.
Wall Street private equity giant Apollo has pledged an $800m (£617m)rescue loan to the Pennsylvania-based company, which is awaiting court approval, while a group of hedge funds is also interested in providing emergency financing. However, it is understood that many of these prospective new investors want to see any fresh funds funnelled into Westinghouse and its main subsidiaries, not foreign joint venture projects like Moorside. They are calling for partners involved in Toshiba’s overseas interests to also step in and provide support.
The £18bn Moorside project is a central pillar of the UK’s atomic energy programme. The 3.4 gigawatt plant will power up to 6m homes but it has been thrown into doubt by Toshiba’s financial crisis and the bankruptcy of Westinghouse. The reactor maker, which the Japanese corporation bought from the British government in 2006, had been due to install three of its AP1000 reactors at Moorside. The project received a further blow when its other backer, French energy provider Engie, pulled out. Without the support of the only remaining backer, there are fears that the plant will never be built.
However, an industry source said: “Engie is a nuclear developer and a nuclear operator – it’s what they do. Senior people in the company have said that if the project found a way to move forward they would be interested in coming back.”
So-called “fitness champions” will now offer advice to colleagues on a wide range of issues, such as how to achieve and maintain peak physical condition, how to avoid injury and even what to eat in order to stay healthy. They will be recruited internally, but will receive special training, in the hope that they can help reduce the current average of 12.8 sick days a year, per officer.
In addition the force is increasing the amount of money spent on physiotherapists to help officers who suffer injuries get back to work as soon as possible. Despite having many of the same powers as ordinary police officers, those who serve with the CNC are not allowed to retire at 60, in line with their colleagues in the 43 Home Office forces.
They have argued that the physical nature of their role means they cannot guarantee they will be able to fulfil their duties beyond the age of 60, putting the public at risk.
But new rules mean they will have to work until 65 and eventually 68, before they are entitled to claim their pension.
Established in 2005, the CNC has more than 1,250 armed officers, who patrol all non-military nuclear sites – including the 14 atomic power stations – and keep them safe from terrorist attack.
The highly trained specialists can also be deployed at short notice to assist with any large scale national emergencies in order to bolster the number of armed officers on the streets.The move comes at a time when CNC officers are embroiled in a long running battle with the Government over their retirement age. While they have the same powers of arrest as ordinary warranted officers, the role of a CNC constable is very different, and when not out on patrol spend a large amount of their time undertaking rigorous training exercises.
They provide a round the clock ring of steel around nuclear establishments and must be prepared to repel any form of attack by terrorists.
In addition they are also expected to accompany nuclear materials being transported within the UK and further afield.
Given the risks of working in close proximity to nuclear material, officers are also regularly checked for exposure to radiation and carry dosage meters on them at all times. The CNC’s most recent annual report, revealed that the force had failed to meet its sickness target of an average of 10.5 days for the past five years running.
Officials discovered that rather than illness an increasing number of officers, were being signed off work with injuries, picked up due to the physical nature of the role.
Carrying almost 50 lbs in kit, the officers are susceptible to back injuries and other musculoskeletal complaints.
The introduction of fitness champions is intended to provide more support for those officers who are struggling with the physical demands of the role
UAE delays launch of first nuclear power reactor, REUTERS By Jane Chung and Geert De Clercq| SEOUL/PARIS, 4 May 17The commercial start-up of the first of four nuclear reactors that South Korea’s KEPCO is building in United Arab Emirates is set to be delayed because the local operating company is not ready to run the reactors, a nuclear industry source said.
Barakah is one of the world’s few major nuclear newbuild contracts, which Korea Electric Power Corporation(KEPCO) won in 2009, beating a rival consortium led by more established French reactor maker Areva……
a source familiar with the situation said that Nawah – the joint venture between the Emirates Nuclear Energy Corporation (ENEC) and KEPCO that will operate the plant – is struggling to get an operating license, which could delay the start-up of the first plant by several months, possibly to the end of this year……
construction of Shin Kori No.3 reactor [in South Korea] was delayed three years due to a safety scandal in late 2012, and the reactor only became operational in December 2016.
A source with direct knowledge of the situation told Reuters that because of the delay on Shin Kori No.3, UAE nuclear regulator FANR was not ready to give Nawah its operating license and wanted to postpone this “regardless of the construction schedule.”…….
Low oil prices are also making the start-up of the plant less urgent from the UAE perspective, the source added.
ENEC and Nawah did not respond to several requests for comment. KEPCO declined to comment.
A second source in the nuclear industry who is not directly involved in the Barakah project, said nuclear fuel had been shipped to UAE but was not being loaded into the reactor as Nawah does not yet have a license.
For years, Nawah has been training staff in power plant operation, but to get an operating license it needs to demonstrate it has the necessary management skills and can master all the systems needed to operate the reactors.
“It is not a simple undertaking. There will be some Korean staff, but they can only be in the back seat, not the front seat. The reactor has to be operated by the licensee’s staff,” the industry source said.
For KEPCO, a delay of the project increases its indirect costs, as it will force it to keep its staff of about 21,000 in the UAE for longer, the first source said……..(Reporting by Jane Chung in Seoul, Geert De Clercq in Paris and Stanley Carvalho in Abu Dhabi; Writing by Geert De Clercq, editing by David Evans) http://www.reuters.com/article/us-kepco-emirates-nuclearpower-exclusive-idUSKBN1801ZD
A New Era for Iran: Trade With EU Grows 79 Percent on Nuclear Deal Implementation http://www.albawaba.com/business/new-era-iran-trade-eu-grows-79-percent-nuclear-deal-implementation-970660May 4th, 2017 Iran’s exports to the European Union have increased by over 300 percent after the implementation of the historic 2015 nuclear agreement between Iran and the P5+1 group of countries, European Climate Action and Energy Commissioner Miguel Arias Canete says.
Speaking at the first-ever Iran-EU Business Forum on Sustainable Energy in Tehran on Saturday, Canete added that trade between Iran and the union showed 79 percent boost following the implementation of the nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA), IRNA reported.
According to figures released by the European Union’s statistics agency Eurostat in February, Iran’s exports to the EU stood at €5.494 billion in 2016 as compared to €1.235 in 2015 due to the EU resuming oil imports from Iran following the nuclear deal.
Canete expressed the 28-nation bloc’s keenness to cooperate with Iran in the nuclear energy sector and said the JCPOA prepared the ground for the resumption of Iran-EU cooperation.
The commissioner reiterated the EU’s support for the nuclear agreement and said Iran and the union started to cooperate with each other in different sectors in 2016 and managed to sign many agreements.
He urged both sides to continue to upgrade their cooperation and expressed hope that the ongoing forum in Tehran would lay the ground for interaction in clean energy. He noted that he would help European firms make more investment in Iran.
Under the agreement, limits were put on Iran’s nuclear activities in exchange for, among other things, the removal of all nuclear-related bans against the Islamic Republic.
Following the conclusion and implementation of the JCPOA, Iran and EU member states launched cooperation and signed several agreements in various fields.
More than 50 European companies and business associations and some 40 Iranian energy companies are participating at the Tehran forum with the purpose of enabling business relations and partnerships between Iran and the EU and laying the ground for further cooperation and joint partnerships in the energy sector.
It will provide a platform for investors and businesses to look into investment opportunities for clean energy, renewable energy efficiency and energy conservation actions in Iran.
NIA sets out six priorities for Euratom exit, WNN03 May 2017The UK government needs to work closely with industry to bring about replacement arrangements for the European Atomic Energy Community (Euratom) in a timely manner for the country’s nuclear industry, the Nuclear Industry Association (NIA) says in a position paper published today. The NIA represents more than 260 companies including nuclear power station operators, new build developers and vendors, those engaged in decommissioning, waste management, all aspects of the nuclear fuel cycle, supply chain and consultancy companies.
The NIA said its paper, Exiting Euratom, sets out the priority areas for negotiations with the European Commission as the UK ceases to be a full member of the Euratom community alongside the process to leave the European Union. It also sets out the steps the government needs to take “to avoid serious disruption to normal nuclear business” in the UK and across the EU…….
The NIA has listed six key steps it wants the government to take:
agreeing a replacement Voluntary Offer Agreement with the International Atomic Energy Agency for a new UK safeguards regime;
replacing the Nuclear Co-operation Agreements (NCA) with key nuclear markets – Australia, Canada, the Euratom Community, Kazakhstan, South Korea and the USA;
clarifying the validation of the UK’s current bilateral NCAs with Japan and other nuclear states;
setting out the process for the movement of nuclear material, goods, people and services;
agreeing a new funding arrangement for the UK’s involvement in Fusion 4 Energy and wider EU nuclear R&D programs; and maintaining confidence in the industry and securing crucial investment.
The London-based trade association said addressing these priority areas will enable the nuclear sector to continue its work with other countries, both within and outside the continuing EU, as the UK ceases to be a member of the EU. Given the amount to be concluded within the next 22 months, however, there is a risk that new arrangements will not be in place, the NIA said……. http://www.world-nuclear-news.org/NP-NIA-sets-out-six-priorities-for-Euratom-exit-03051701.html
With Renewables Surging, Nuclear And Petroleum Battle Over Subsidies, Forbes, Jeff McMahon , 4 May 17 If the petroleum industry continues to fight subsidies for nuclear power, the nuclear industry will go after petroleum-industry tax breaks, the president of the Nuclear Energy Institute said Tuesday.
“They might say, oh don’t subsidize this, but let me tell you, you open up the books and you might not call it a subsidy but I tell you there’s a lot of tax breaks that the American Petroleum Institute gets,” said Maria Korsnick, president and CEO of NEI, the leading nuclear industry lobbying group.
“If in fact that’s the playing field that we’re going to be set with, then you’re going to hear more about comparisons of subsidies vs. tax breaks in order to get all the information, if you will, out on the table.”The American Petroleum Institute, the largest lobbying group for oil and gas companies like ExxonMobile and Chevron, has lobbied against legislative efforts in several states to save aging nuclear plants that are struggling to compete against cheap natural gas and, in some places, cheap renewable energy.
In Ohio, for example API Ohio Executive Director Chris Zeigler sent a message to state legislators:
“Abundant natural gas has provided Ohio consumers with reliable and affordable energy and created countless jobs throughout the state without government subsidies,” Zeigler said. “Instead of subsidizing nuclear power companies, we should let the markets work to protect consumers.”
API accused the nuclear industry of misleading consumers about the consequences of closing nuclear plants, arguing that natural gas would continue to lower emissions even if two Ohio plants close.
Utility not sure it can finish Vogtle plant, which was being built by bankrupt Westinghouse Electric By Russell Gold May 3, 2017 The chief executive of Southern Co. on Wednesday said the utility will need $3.7 billion and cooperation from Toshiba Corp. to complete a nuclear power plant in Georgia that was being built by bankrupt Toshiba unit Westinghouse Electric Co.
But even if it obtains those commitments, Southern isn’t sure it can finish the half-built Georgia reactors, Thomas A. Fanning, Southern’s chairman and chief executive, said in an interview with… (subscribers only)
