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

 True costs of nuclear-generated electricity hidden for decades

costs hidden

US nuclear industry’s plan thanks to NRC: let taxpayers carry the can for closed power plants, Ecologist Linda Pentz Gunter13th May 2016  “…….Using Vermont Yankee (a relatively small 620 MWe reactor) as an example, the decommissioning cost estimate in 2015 was $1.2 billion and rising. At the same time, Entergy, the plant’s owner, had just $625 million on hand.

In early May, Entergy was reprimanded (but not fined) by the NRC for violating “federal regulations last year when it prematurely took money out of the Vermont Yankee decommissioning trust fund to cover planning expenses associated with the handling of spent nuclear fuel at the closed reactor”, the Times Argus reported.

Another factor in the current struggle to pay for decommissioning is rooted in a decades-long practice by utilities of omitting the costs of decommissioning from electricity bills in order to artificially lower rates and stay competitive in the market.

Rather than preserve decommissioning trust funds for actual decommissioning work, utilities are now asking the NRC to let them raid the funds for activities outside the parameters of the reactor decommissioning process. These activities include the payment of taxes and the protracted management of orphaned nuclear waste left on site.

In addition, while at the same time delaying the start of decommissioning, the utilities have requested and received exemptions from the NRC that allow them to eliminate radiological emergency planning and drastically reduce on-site security around hundreds of tons high-level nuclear waste, all in the name of saving money.

“The Nuclear Regulatory Commission appears to be complicit in this process and is in fact providing a significant hidden subsidy to the nuclear industry when it looks the other way by allowing public trust funds to be raided in violation of the Code of Federal Regulations”, writes Arnie Gundersen of Fairewinds Associates in a document submitted to the NRC.

Gundersen, along with other groups including my own – Beyond Nuclear – have filed comments to the NRC as part of an arcane and convoluted process known as an ‘Advanced Notice of Proposed Rulemaking on Decommissioning.’ The public comment period closed on March 18, 2016.

A years long Rulemaking is underway because reactor owners are asking to streamline what were site-specific exemptions and have them issued generically instead, and across the board, without any opportunity for public review or comment. This essentially eliminates public transparency in the decommissioning process.

It further seeks to save the corporation from spending any of its electricity production profits on the costs of safety and security oversight the companies claim are no longer needed once the reactor stops power production and is defueled………..http://www.theecologist.org/News/news_analysis/2987679/us_nuclear_industrys_plan_thanks_to_nrc_let_taxpayers_carry_the_can_for_closed_power_plants.html

May 16, 2016 Posted by | business and costs, politics, secrets,lies and civil liberties, USA | Leave a comment

Russia joins the throng desperate to sell nuclear radioactive trash to Britain

Russian-Bearflag-UKRussia’s state-owned nuclear group keen to break into UK market Rosatom understood to be hoping to revive plans to build reactors in Britain if EDF proposals for Hinkley Point C fail, Guardian, , 14 May 16,  A Russian nuclear group is hoping that the potential meltdown of French plans to build new European pressurised reactors at Hinkley Point could offer an opportunity to break into the British nuclear market.

Deeper concerns about the future of the Somerset scheme were raised by the French energy minister, Ségolène Royal, who warned of the “colossal” cost, which EDF admitted could be £18bn or even £21bn.

Recent talks have been held between state-owned Russian nuclear group Rosatom and the UK’s Nuclear Decommissioning Authority (NDA) despite the chilly political relations between London and Moscow over Ukraine, Moscow sources claimed.

These discussions centred on whether Russia could help Britain with removal of uranium from old reactors – but Rosatom is understood to have a wider agenda of trying to resuscitate earlier plans to build its own reactors in Britain.

“There is still an appetite to enter the UK market,” said a senior Russian nuclear industry source who claimed Rosatom’s London-based representatives still maintained contacts with the Department ofEnergy and Climate Change…….

The Russians accept that sanctions and other political considerations make it difficult for such a plan to progress, but they point out that Rosatom still supplies uranium to UK and US nuclear plants.

The NuDA confirmed that it had held a series of talks with Rosatom. “We have met with them. We are a recognised global authority and we meet with a lot of organisations,” said a spokesman……..

China wants to use Britain as a showcase for its Hualong technology and agreed to take a third share in EDF’s Hinkley scheme in return for being allowed to proceed with Chinese-owned technology at Bradwell……..

Those worries were given extra weight with Royal’s comments in an interview with the Financial Times in which she said: “I am wondering if we should go ahead with the project. The sums involved are colossal.”

And they added to fears about the future of the Somerset project earlier this week when the company’s management was pilloried by shareholders at its annual general meeting and credit agency Moody’s downgraded EDF debt.

John Sauven, Greenpeace’s executive director, said the downgrading was just “a long line of massive red flag warnings” the UK government had received over the Hinkley nuclear project. He added: “Hinkley power station must not become ‘too big to fail’ because of politicians’ egos that are too big to back down.” http://www.theguardian.com/uk-news/2016/may/13/russias-state-owned-nuclear-group-keen-to-break-into-uk-market

May 14, 2016 Posted by | marketing, Russia, UK | Leave a comment

Sparks flew at Electricite de France’s AGM: EDF has €37 billion of debt

AREVA EDF crumblingnuClear News No 85 May 16“…….Sparks were flying at EDF’s Annual General Meeting on 12th May as EDF employees were given a chance to air their views and grill the company’s board, which remains divided on whether to go-ahead with HPC. In the run up to the meeting EDF announced that the contingency needs of HPC could increase the cost by about £3bn to £21bn.
“It’s clear that EDF’s top management and the French government are still backing the project,” Yves Marignac, director of WISE-Paris, an energy research group, said, “but neither has the means to solve all of the problems and push it forward.”
EDF has €37 billion of debt. Add to this the problems caused by the collapse of energy prices, which pushed earnings down 68% in 2015, and we are left with a company in a very precarious financial situation. EDF also needs to spend €50 billion upgrading its network of 58 ageing reactors by 2025. EDF requires a bailout so it is scrambling to sell €4 billion ($4.5 billion) of new shares and €10 billion of assets to strengthen its balance sheet. About the last thing that it needs is a new €15 billion millstone around its neck. But that is what it appears destined to get. France’s Economy Minister Emmanuel Macron, is insisting that Hinkley will be approved in September. (11) The French government is planning to sell shares in some of the country’s largest companies to pay for a €3bn aid package that will help EDF build Hinkley. Shares in Renault and Safran are likely to be sold this year, along with the airports in Nice and Lyon, in order to ensure that there will be no extra cost to taxpayers for the investments by the majoritystate owned utility group. (12) This will all take time, as will a separate, €5 billion bailout of Areva, the bankrupt developer of the EPR technology, in which EDF is expected to participate by taking a 75 per cent stake. With French presidential elections due in a year’s time, big decisions may become increasingly difficult to make, adding to the likelihood of further delay. “They are likely to postpone the decision again,” says Yves Marignac. He believes that a final decision is unlikely before the end of 2017.
Now Greenpeace and Ecotricity have warned that the European commission needs to approve further planned support from the French state. A legal opinion given to Greenpeace by three competition barristers from Monckton Chambers says plans for state help from France’s government to enable EDF to continue with the reactor scheme could break European competition rules….http://www.no2nuclearpower.org.uk/nuclearnews/NuClearNewsNo85.pdf

May 14, 2016 Posted by | business and costs, France | 1 Comment

Reasons NOT to back Britain’s Hinkley nuclear power project

text Hinkley cancellednuClear News No 85 May 16“…… there is anywhere between 4 and 18 months to develop the argument for an alternative to building HPC.
It has been a very couple of months for the crisis-ridden project. The Stop Hinkley Campaign has listed some of the events and problems which arose between the beginning of March and midApril here: http://www.stophinkley.org/PressReleases/pr160415.pdf
These included, for instance Martin Young, an energy analyst at investment bank RBC Capital Markets, saying that for EDF to proceed with such a costly plan would be “verging on insanity”.
One of the highlights perhaps was a comment on DECC’s five reasons why it is backing Hinkley Point C by independent energy consultant, Mike Parr. Writing in Energy Post, Parr called the list “a mix of truth, unprovable assertions and omissions which could also be construed as lies”. The DECC statement assumes that the problem of intermittent generation plus storage will not be solved any time soon. He asks whether DECC has read the interview with Steven Holliday, CEO of National Grid, who said in September last year that “the idea of large coal-fired or nuclear power stations to be used for baseload is outdated” and we “…have the intelligence available in the system to ensure power is consumed when it’s there and not when it’s not there.”
The Stop Hinkley Campaign also published five reasons for NOT backing the new nuclear reactors here:http://www.stophinkley.org/PressReleases/pr160317.pdf
On 19th April the Secretary of State for Energy and Climate Change, Amber Rudd, released a letter she had sent to MPs on the energy and climate change select committee. The committee had asked what contingency plans were in place if Hinkley is delayed or cancelled. She said: “While we have every confidence the deal will go ahead, we have arrangements in place to ensure that any potential delay or cancellation to the project does not pose a risk to security of supply for the UK. I am clear that keeping the lights on is non-negotiable.”
So the lights will not go out if Hinkley is cancelled. She also said that if Hinkley is delayed there could be a risk of the UK missing its targets to cut carbon emissions, and that alternatives could cost more but would not represent a “significant increase” in cost in the short term.
Yet a report from the government’s National Infrastructure Commission in March found that “smart power – principally built around three innovations, interconnection, storage, and demand flexibility – could save consumers up to £8bn a year by 2030, help the UK meet its 2050 carbon targets, and secure the UK’s energy supply for generations.”
The Stop Hinkley Campaign pointed out that Ministers have been caught misrepresenting how close the solar industry is to being able to build subsidy-free projects (17) and refusing to extend the grace period for onshore wind farms with planning permission hit by the early closure of the Renewables Obligation (RO). (18) And yet we know that Hinkley Point C will cost around £99/MWh over 35 years at today’s prices compared with £67/MWh currently being paid to newly installed onshore wind farms for only 15 years. (19) And solar with storage and flexibility would cost roughly half the cost of Hinkley Point C over its 35 year lifetime.
Stop Hinkley Spokesperson Roy Pumfrey said: “This Government seems to make up whatever nonsense it feels like to support its nuclear ambitions. (21) Yet the reality is that scrapping Hinkley Point C and going for renewable power instead would save the UK tens of billions of pounds. (22) Now Rudd says Hinkley could be abandoned without risking power cuts. The answer is obvious – time the Government stopped depending on this failed French reactor for our electricity supplies and climate targets and got on with promoting renewables.”
Meanwhile, also on 19th April a group of EDF managers wrote to the Company’s board of directors warning they could all face legal action if the company pushes ahead with Hinkley and this leads to the “destruction of the value” at the group, its directors could be held personally responsible. (23) And EDF’s workers committee, which includes representatives from the biggest unions, voted to take legal action should the company fail to consult employees on Hinkley.
This forced EDF to delay the final investment decision until at least September. The Board of Directors has agreed to undertake discussions with the company consultative council before taking a decision.
Now plans for Hinkley have been thrown into yet more chaos, according to The Times (26) after the admission that engineers have falsified vital safety tests on parts supplied to reactors in France and possibly the UK. Power Magazine says France’s nuclear sector has been rocked to its core.
Stop Hinkley Spokesperson Roy Pumfrey said: “What little credibility France’s nuclear sector had left has now completely evaporated. Surely now an end to Hinkley Point C is inevitable. If the Government doesn’t call a halt to this soon we will become the laughing stock of Europe.”
A French state-owned factory – the Areva plant in Le Creusot, Burgundy – which has manufactured key components used in more than half of France’s 58 nuclear reactors, may have falsified safety reports on some of those components. Unverified components may also have been installed by EDF at some of the 15 reactors it owns in Britain. The falsified documents have come to light because ASN ordered Areva to carry out an audit after it detected a “very serious anomaly” in the reactor pressure vessel at Flamanville – a nuclear plant being built in Normandy which is the same model as the ones planned for Hinkley Point C. Flamanville is currently 6 years late and around €7.2bn over budget. Another reactor under construction, which is the same design, at Olkiluoto in Finland is expected to be almost 10 years late and €5.5bn over budget. Hinkley Point C was originally expected to be generating ‘in time to cook Christmas dinner in 2017’.
Stop Hinkley Spokesperson, Roy Pumfrey, said: “As Albert Einstein is thought to have said the definition of insanity is doing the same thing over and over again and expecting different results. At the stroke of a pen David Cameron could launch projects sufficient to save or generate the same amount of electricity as Hinkley Point C which are capable of delivering long before 2025.” http://www.no2nuclearpower.org.uk/nuclearnews/NuClearNewsNo85.pdf

May 14, 2016 Posted by | business and costs, politics, UK | 1 Comment

Unexpectedly, California Public Utilities Commission re-opens case of ratepayers funding Dan Onofre nuclear shutdown

text-my-money-2san-onofre-deadfPublic Utilities Commission reopens San Onofre case,  Admits they “undermined public confidence in the agency”, San Diego reader By May 9, 2016  In a surprise move, the California Public Utilities Commission today (May 9) reopened the 2014 agreement by which ratepayers got stuck with $3.3 billion of costs related to the sudden closing of the San Onofre nuclear plant. It became known as “the rape of the ratepayer” because management errors, such as those causing the San Onofre shutdown, should be charged to shareholders, not ratepayers.

The utilities regulator also banned all ex parte (one-sided) meetings with decision-makers or commissioners. As representatives of ratepayers expressed shock, past secret meetings between brass of Southern California Edison and commissioners came to light, clearly showing that the decision to plunk the burden of paying for San Onofre on ratepayers was reached through a series of clandestine, unreported meetings.

Up to now, ex parte meetings have been permitted as long as they were quickly revealed to all parties. The announcement today referred to the most infamous of those meetings — a Warsaw, Poland, huddle between former CPUC president Michael Peevey and Edison executive Stephen Pickett at which Peevey essentially sketched the strategy for fleecing ratepayers. The secret huddle was in 2013 and Edison did not report it until 2015. The commission in December noted eight such violations by Edison. This clandestine coziness “undermined public confidence in the agency,” said the commission today — a laughably euphemistic way of stating the situation…….http://www.sandiegoreader.com/news/2016/may/09/ticker-utilities-commission-reopen-san-onofre-case/#

May 14, 2016 Posted by | business and costs, politics, secrets,lies and civil liberties, USA | Leave a comment

Governments and individuals can prevent banks from investing in nuclear weapons

piggy-bank--nuke-sadGovernments are talking about divestment, and it’s something you can do too. 
If you have a bank account, find out if your bank invests in nuclear weapon producing companies. You can either look at our website and see if your bank is listed, or you can ask your bank directly. We found that a few people, asking the same bank about questionable investments, was enough to get that bank to adopt a policy preventing them from having any relationship with nuclear weapon producing companies.

Nuclear Weapons Are Scary — But We Can Do Something About Themhttp://www.huffingtonpost.com/susi-snyder/nuclear-weapons-are-scary_b_9947542.html The World Post, Susi Snyder Nuclear Disarmament Programme Manager for Pax in the Netherlands 05/13/2016  Nuclear weapons are scary. The risk of use by accident, intention or terror. The climate consequences. The fact that they are designed and built to vaporize thousands of people with the push of a button. Scary. Fortunately, there is something we can do.

We know that nuclear weapons are scary, but we must be much louder in defining them as unacceptable, as illegitimate. By following the money, we can cut it off, and while this isn’t the only thing necessary to make nuclear weapons extinct, it will help.

That’s why we made Don’t Bank on the Bomb. Because we want to do something about nuclear weapons. Investments are not neutral. Financing and investing are active choices, based on a clear assessment of a company and its plans. Any financial service delivered to a company by a financial institution or other investor gives a tacit approval of their activities. To make nuclear weapons, you need money. Governments pay for a lot of things, but the companies most heavily involved in producing key components for nuclear warheads need additional investment — from banks, pension funds, and insurance companies — to sustain the working capital they need to maintain and modernize nuclear bombs.

We can steer these companies in a new direction. We can influence their decision making, by making sure our own investments don’t go anywhere near nuclear weapon producing companies. Continue reading

May 14, 2016 Posted by | 2 WORLD, business and costs, opposition to nuclear, weapons and war | Leave a comment

Even the nuclear industry knows that it’s in a desperate fight for survival

NEA head highlights challenges facing nuclear power  World Nuclear News 11 May 2016 William D. Magwood, IV, director general of the OECD Nuclear Energy Agency (NEA), highlighted some of the issues hindering the prospects of nuclear power at a two-day conference that started today at the organisation’s headquarters in Paris…….

NUCLEAR-INDUSTRY-FIGHTS-ON

“My life will not rise or fall on whether there’s a lot of new nuclear power plants being built or a few. What I think is important is that the choice is there. But I see issues preventing this,” Magwood told delegates at the conference titled Nuclear Energy’s Role in the 21st Century: Addressing the Challenge of Financing. The event was jointly organised by the NEA and the International Framework for Nuclear Energy Cooperation (IFNEC).

The IFNEC is a forum of states and organisations that share the common vision of the safe and secure development of nuclear energy for peaceful purposes worldwide.

The conference has convened leading stakeholders from energy planning authorities, regulators and export credit agencies, as well as vendors, utilities, bankers, rating agencies and insurers, to identify key barriers and develop approaches to address the financing of nuclear projects.

Magwood told them: “I am ready to stand here today and declare that the markets are broken; they don’t work and don’t do what they are supposed to do. The time has come to recognise that we have a situation where large utilities are losing money and are almost on the verge of bankruptcy. When you have a situation in many markets where the only things that can be built are things that are subsidised, then we have a serious problem…….

he “big numbers” given for the cost of nuclear power plant projects often incorporate more than just the cost of building the reactor, he said, and might also include infrastructure costs and transmission assets…….

Cost and budget overruns at Olkiluoto 3 in Finland cannot be described as typical. “……..

A challenge with small modular reactors will be the need to sell “dozens, scores if not hundreds to make it work”, he said. “And if you’re selling them to more than one country, are you going to have to go through the entire regulatory process every time you go to a country. If you do that, you may end up making them uneconomic just by the fact that you have to spend huge amounts of money to get the licence.”……

“In the flux of great change, it can be difficult to finance even modest projects. Nuclear power plants are not modest projects; with total costs ranging from about €6 billion to €12 billion and total project implantation times reaching up to a decade, building a nuclear power plant is one of the most complex of all industrial sector undertakings. Therefore, as one might expect, financing nuclear power plants can often present significant challenges.” http://www.world-nuclear-news.org/NP-NEA-head-highlights-challenges-facing-nuclear-power-110501.html

May 13, 2016 Posted by | 2 WORLD, business and costs | Leave a comment

£21bn the likely cost of ever more expensive Hinkley Point nuclear power station

Hinkley costsHinkley Point nuclear power station costs could rise to £21bn, EDF says, Belfast Telegraph, 12 May 16   Energy giant EDF has said the cost of building the Hinkley Point C nuclear power station could jump to almost £21 billion, about £3 billion more than it said last year.

In a statement ahead of its annual meeting, the French group estimated the cost of building the twin reactor plant at the Somerset site would be £20.7 billion. EDF said it would provide up to £13.8 billion, while Chinese utility CGN will bring £6.9 billion of financing to the project. It said these latest set of figures provided “a contingency margin”.

However, in October EDF said the project would cost £18 billion, with it providing £12 billion and £6 billion from CGN.

EDF said that the building plan for Hinkley would take around 115 months (nine-and-a-half years) “after the final investment decision until commissioning of the first reactor”.

The French firm had said in October that it expected a final investment decision within weeks and first power in 2025, but that decision has now been delayed until September as the company bids to arrange financing.

This now suggests that if the project completes its financing in September, the plant would not be able to pump out power until the first half of 2026.

This is three years behind EDF’s estimate in 2013, that the plant would be operationalin 2023……..http://www.belfasttelegraph.co.uk/business/news/hinkley-point-nuclear-power-station-costs-could-rise-to-21bn-edf-says-34709042.html

May 13, 2016 Posted by | business and costs, politics, UK | Leave a comment

Fort Calhoun nuclear plant no longer makes financial sense – CEO

nuke-plant-sadFlag-USAOPPD CEO: Shut down Fort Calhoun nuclear plant by end of the year , Omaha.com   MAY 12, 2016. By Cole Epley

The Omaha Public Power District would permanently shut down its nuclear power plant at the end of the year under a plan its chief executive is presenting to the utility’s board Thursday.

That means engineers at Fort Calhoun Station would split their last atom in 2016.

Omaha Public Power District President and Chief Executive Tim Burke on Thursday morning is telling the utility’s board of directors it no longer makes financial sense to continue operations at Fort Calhoun…..

The plant’s now-rectified regulatory issues aren’t the reason for the recommendation to power down, though, Burke said. It’s simply become too expensive from a cost-benefit perspective to operate the country’s smallest nuclear plant, he said.

The utility spends $250 million each year to produce energy and maintain facilities at Fort Calhoun.

That’s a hurdle, Burke says, when it comes to achieving its goal of taking rates from about 7 percent below the regional average to 20 percent below that average.

And the utility’s revenues have been falling. First, there is lower demand for electricity as customers move toward energy efficiency. Second, the utility is getting less money for the excess power it generates that it sells on the open market.

Recently, an oversupply of natural gas and increased regional wind energy production has made it increasingly difficult for OPPD to make up for revenue shortfalls associated with flat or falling demand for electricity, Burke said…….

If the board follows through on the recommendation, OPPD’s wind and renewable generation will comprise 49 percent of the portfolio by 2020, up from 38 percent that is currently forecast.

OPPD’s relationship with renewables grew in 2014 when the utility approved a long-term generation plan that included the phase-out some of its coal-burning units, conversion of others to natural gas and added 400 megawatts of wind power from a massive wind farm near O’Neill, Nebraska.

Under the plan presented Thursday, those plans remain intact, but Burke said the most economically viable course is one that does not include nuclear power and effectively ends more than 40 years of nuclear generation…….

Burke said he expects the plant to enter a “cold shutdown” in October of this year, should the board proceed with the recommendation. In a cold shutdown, pressure and temperature conditions within the plant’s nuclear reactor are lowered to a level that prevents a nuclear chain reaction from occurring.

From there, the utility will proceed with various regulatory applications required to decommission the plant. That process includes dismantling the facility, decontaminating it and safely disposing of radiated materials.

Burke said radiated fuel rods likely would remain on the site — there is nowhere else to transport them since a proposed radioactive waste repository at Yucca Mountain in south-central Nevada is still in limbo. For now, radioactive waste from nuclear power plants is stored on-site in concrete casks.

Decommissioning can take 10 years under a process known as Decon, under which the plant is immediately dismantled and contaminated materials are either decontaminated or removed. In a deferred dismantling process known as Safstor, facilities are maintained for a period of up to 60 years and radioactivity decays to a safe level.

OPPD in its 2015 annual report estimated the costs to decommission Fort Calhoun would be about $884 million. The utility has socked away about $373 million for those costs.

The board will take 30 days to consider management’s proposal, during which time it will field concerns and suggestions from stakeholders and ratepayers.

Contact the writer: 402-444-1534cole.epley@owh.com    http://www.omaha.com/money/oppd-ceo-shut-down-fort-calhoun-nuclear-plant-by-end/article_f8b86658-184e-11e6-b852-8f5144170b67.html

May 13, 2016 Posted by | business and costs, USA | 1 Comment

Germany’s biggest power utility in financial problem about nuclear wastes costs

bad-smell-nukeEon warns on capital raise to cover extra €2bn nuclear waste bill Guy Chazan in Berlin Ft.com 12 May 16 Shares in Eon, Germany’s biggest power producer, fell 5 per cent after it said it might have to raise capital to pay its share of the cost of storing Germany’s nuclear waste.

Eon has provisioned €8bn for waste storage, but under a proposal published by a government commission last month it would have to pay an extra €2bn into a special waste storage fund. Altogether, Germany’s four big utilities have been told they have to contribute a total of €23.3bn into the pool.

Michael Sen, Eon’s chief financial officer, said the company could pay the money, but doing so would reduce its equity capital and could hurt its credit rating.

He said Eon would be forced to postpone investments, cut more costs and potentially sell off marginal assets to cover the €10bn. A company presentation also said it could trigger unspecified “capital measures”.

Eon’s share price was trading down nearly 5 per cent at €8.14 on Wednesday……

The nuclear issue is just one of the problems weighing on Eon’s stock. Like its rival, RWE, Eon has been hit by Germany’s radical shift to renewables, which has squeezed electricity from fossil fuels out of the energy market.

It reported its biggest annual loss last year after writing down the value of its coal and gas-fired power plants by €8.8bn.

The company has responded by splitting itself in two: Eon is grouping its conventional power generation assets and energy trading in a new company, Uniper, while the new-look Eon will focus on renewables, networks and customer solutions. ……http://www.ft.com/cms/s/0/52d0c36e-173d-11e6-b8d5-4c1fcdbe169f.html?siteedition=uk#axzz48VIfeQb0

May 13, 2016 Posted by | business and costs, Germany, wastes | Leave a comment

Nuclear corporation EDF’s Annual General Meeting faces more financial gloom

Poster EDF menteurNuclear giant EDF Energy reports sales fall as AGM looms, BBC News, 11 May 16  French energy giant EDF says sales fell 7% in the first three months of the year in the face of stiff competition, a mild winter and lower energy prices.

The figures come ahead of Wednesday’s AGM where investors will quiz management over their plans for the Hinkley Point nuclear plant in the UK.

EDF, 85% controlled by the French state, has struggled to find the cash for its 66.5% stake in the project.

In April it pushed a final decision on the £18bn plant back to September.

Chief financial officer Thomas Piquemal resigned in April following an internal disagreement over whether to press on with the controversial project.

However, EDF has outlined plans to raise €4bn, with up to €3bn provided by the French government.

Tough markets

Credit rating agencies are due to assess the group in the coming days and their verdict on its finances will determine how easy it will be for the group to raise cash.

Meanwhile, tough market conditions mean EDF is cutting costs and planning to sell €10bn in assets by 2020, including a stake in French power-grid operator RTE……http://www.bbc.com/news/business-36262029

May 11, 2016 Posted by | business and costs, France, politics | Leave a comment

Government -run Tennessee Valley Authority (TVA) to sell Alabama Nuclear Complex at a big loss

bad-smell-nukeFeds To Sell Alabama Nuclear Complex,Losing 99% Of Investment, The Daily Caller , 6 May 16 ANDREW FOLLETT Energy and Environmental Reporter

The government-run Tennessee Valley Authority (TVA) voted Thursday to sell off the Bellefonte nuclear power plant in Alabama for about $36.4 million — after the agency invested $6 billion in the project that produced no electricity.

“Our analysis of the property and its potential uses, and input from public officials, customers and Valley residents, indicate that offering the property for sale could better serve the public,” Bill Johnson, the TVA’s president, told the Times Free Press…….

For the last 40 years, the TVA has tried to build two new nuclear reactors at Bellefonte, even completing the majority of the work on both of them. The agency invested $6 billion in the site before construction was shut down. The new property appraisal estimates the site and its facilities will sell for a mere $36.4 million.

Other nuclear reactors around America have suffered similar fates. Vermont and Wisconsin both lost nuclear plants due to competition from cheap natural gas and the San Onofre reactor in California was shut down due to safety concerns, as was the Crystal River reactor in Florida. The world’s largest nuclear plant operator, Électricité de France, withdrew from a joint venture in 2013 due to falling power prices after it had invested billions. If the venture had gone through, it would have created three new American nuclear plants………http://dailycaller.com/2016/05/06/feds-to-sell-alabama-nuclear-complex-losing-99-of-investment/

May 9, 2016 Posted by | business and costs, politics, USA | 1 Comment

Nuclear station- never completed – now to be sold at big loss

bad-smell-nukeFlag-USANever-Completed TVA Nuclear Plant That Cost $4B for Sale http://abcnews.go.com/US/wireStory/completed-tva-nuclear-plant-cost-4b-sale-38910893 By TRAVIS LOLLER, ASSOCIATED PRESS NASHVILLE, Tenn. — May 5, 2016 The nation’s largest public utility is selling a never-completed nuclear plant that has cost more than $4 billion dollars over the past four decades.

The Tennessee Valley Authority board voted Thursday to declare the Bellefonte nuclear plant near Hollywood, Alabama, surplus. The site includes two partially finished nuclear reactors, office buildings, warehouses, parking areas, railroad spurs and a helicopter pad.

TVA President and CEO Bill Johnson said after the meeting that the 1,600 acre site has been appraised at $36 million. It will be sold at auction to the highest bidder, but the utility will consider job creation and economic impact when looking at potential buyers. “There will have to be a positive impact for the community for us to qualify you as a bidder,” he said

The decision to sell is the latest blow to the nuclear power industry, which seemed poised for resurgence a decade ago but has been stymied by cheap natural gas, high construction costs and relatively flat demand for power.

TVA recently completed construction of its long mothballed Watts Bar Unit 2 reactor in Spring City, which was first started in 1979 and then restarted in 2008. The reboot ran about $2 billion over budget and took about three years longer than anticipated.

Board member Eric Satz cited that experience in concluding that completing Bellefonte is not economically viable. He said a lot has changed in the energy market in the past 40 years, including huge improvements in energy efficiency and renewable energy technology.

And he said TVA should allow the Bellefonte site to be developed so the people of Hollywood “don’t live in limbo for the next 40 years.”

A recent TVA study concluded that the utility will not need any new large-scale facilities that can generate electricity 24 hours a day for at least 20 years.

The board met Thursday at Paris Landing State Park in Buchanan.

May 9, 2016 Posted by | business and costs, USA | Leave a comment

Transatlantic Trade and Investment Partnership (TTIP) in jeopardy , leaked documents reveal problems for Europe

secret-dealsTTIP leaked documents could spell the end of controversial trade deal, say campaigners, Independent Documents shed unprecedented light on controversial agreement, which includes provisions to allow US companies to help change European law and weaken consumer protections, Independent,  Andrew Griffin  @_andrew_griffin  2 May 2016 Hundreds of leaked pages from the controversial Transatlantic Trade and Investment Partnership (TTIP) show that the deal could be about to collapse, according to campaigners.

The huge leak – which gives the first full insight into the negotiations – shows that the relationship between Europe and the US are weaker than had been thought and that major divisions remain on some of the agreement’s most central provisions.

The talks have been held almost entirely in secret, and most information that is known in public has come out from unofficial leaks. But the new pages, leaked by Greenpeace, represent the first major look at how the highly confidential talks are progressing.

The leaks could be enough to destabilise the deal completely, according to campaigners who have claimed that the agreement couldn’t survive the leaks.

  • “Now that we can see the actual texts, the EU negotiators have nowhere left to hide,” John Hilary, the executive director of War on Want, told The Independent. “The gloves are off, and they know they are in for a proper fight.”

    They indicate that the US is looking strongly to change regulation in Europe to lessen the protections on the environment, consumer rights and other positions that the EU affords to its citizens. Representatives for each side appear to have found that they have run into “irreconcilable” differences that could undermine the signing of the landmark and highly controversial trade deal, campaigners say.

    For instance, the papers show that the US is looking to weaken the EU’s “precautionary principle” that governs how potentially harmful products are sold, Greenpeace says. The US has much weaker regulation that aims to minimise rather than avoid risks, and that same less strict regime could come to the UK and Europe under the deal.

  • If the EU made further changes to similar regulations, it would have to inform the US and corporations based there, according to the documents. American companies would then be able to have the same input into EU regulation as European ones do.
  • There are also notable missing parts of the agreement. None of the texts includes any reference to the global effort to cut CO2 emissions agreed in Paris last year, according to Greenpeace, despite a commitment from the European Commission that it would make environmental sustainability a key part of any deal………http://www.independent.co.uk/news/world/europe/ttip-leak-could-spell-the-end-of-controversial-trade-deal-say-campaigners-a7009896.html

May 9, 2016 Posted by | business and costs, secrets,lies and civil liberties | 1 Comment

Exelon nuclear corporation demands tax-payer bailout for its uneconomic power plants

text-my-money-2Exelon to Close Two Nuclear Plants if Needs Aren’t Met, WSJ   By AUSTEN HUFFORD May 6, 2016 Exelon Corp. said Friday that it would close two nuclear power plants in Illinois if state officials don’t pass legislation that provides funding and support for nuclear and solar power.

The company said it would close its Clinton, Ill., nuclear power plantand its Quad Cities nuclear power plant, which is based nearCordova, Ill., if Illinois doesn’t pass “adequate legislation” by the end of the month.

Electricity producers in several states are asking for hundreds of millions of dollars in financial support to keep costly nuclear power plants in business. If successful, the legislation is likely to increase customers’ power bills……..

Abe Scarr, Director of Illinois PIRG, a public interest advocacy organization that fights against “powerful interests,” said the bill amounted to a nuclear bailout.

“Ratepayers have paid multiple times for these plants over the decades,” Mr. Scarr said. “We should be investing in the energy generation for the future. We should not be doubling down on an energy source of the past that is not competitive.”

According to Exelon, Clinton and Quad Cities have lost more than $800 million over the past six years.

In a release Thursday, Exelon said some nuclear plants are at risk of closing because wholesale energy prices are at a 15-year low……http://www.wsj.com/articles/exelon-to-close-two-nuclear-plants-if-needs-arent-met-1462544157

May 7, 2016 Posted by | business and costs, USA | Leave a comment