Uranium Energy reports 3Q loss
Uranium Energy posts third-quarter loss of $5.3 million
VANCOUVER, British Columbia (AP) _ Uranium Energy Corp. (UEC) on Tuesday reported a loss of $5.3 million in its fiscal third quarter…….http://finance.yahoo.com/news/uranium-energy-reports-3q-loss-101556220.html
Uranium promise turned to poverty for Dominionville, South Africa
Uranium mining town hopes long turned to dust, Mail & Guardian 05 DEC 2014 PHILLIP DE WET Dominionville residents expected a boom town when Shiva Uranium foretold promises of riches, but white poverty and black despair remain years later. The people of Dominionville in North West have seen it before, and those who were not around have heard the stories. The residents tell it among themselves like a sort of fairy tale – the pre-Disney kind, full of darkness and foreboding – warning against hope.
In 2006, it was Uranium One, they say, that sold the idea that riches would return to their town. In Canada and Europe, the company sold the story of the rich shafts – almost within sight of the residents – and they sold it well.
The people of Dominionville, more than half resigned to the idea that the tide would never turn their way again, read the articles about hundreds of millions of dollars being poured into the company, and dared to dream……
That was so many years ago that the signboards for the Shiva Uranium mines have been bleached almost illegible by the sun. As yet, the money has not materialised. Dominionville barely clings on, a place of white poverty and black despair……http://mg.co.za/article/2014-12-04-uranium-mining-towns-hopes-long-turned-to-dust
Wikileaks reveals another corporate friendly global trade plan – Trade in Services Agreement (TISA)
WikiLeaks Strikes Again: Leaked TISA Docs Expose Corporate Plan For Reshaping Global Economy,FDL, CTUTTLE JUNE 3, 2015 Leaked Docs reveal that little-known corporate treaty poised to privatize and deregulate public services across globe. By Sarah Lazare
An enormous corporate-friendly treaty that many people haven’t heard of was thrust into the public limelight Wednesday when famed publisher of government and corporate secrets, WikiLeaks, released 17 documents from closed-door negotiations between countries that together comprise two-thirds of the word’s economy.
Analysts warn that preliminary review shows that the pact, known as the Trade in Services Agreement (TISA), is aimed at further privatizing and deregulating vital services, from transportation to healthcare, with a potentially devastating impact for people of the countries involved in the deal, and the world more broadly. Continue reading
Burnout and stress in Fukushima’s 7,000 nuclear cleanup workers
Stress on The Front Lines of Fukushima Cleanup, NHK, 12 March 2015 Four years ago, crews at Fukushima Daiichi in Japan were racing to keep the nuclear plant from spiraling out of control following the earthquake and tsunami. Today, that sense of urgency has dissipated. But the situation remains serious as workers juggle a host of problems as they decommission the facility. Given the risks involved, health concerns and other worries weigh heavily on their minds……Every day about 7,000 workers help decommission the reactors. In heavy protective clothing, they carry out such tasks as collecting and storing contaminated water. However, the decommissioning work is expected to take up to 40 years to complete. Keeping stress levels down and morale up is proving difficult.
Maeda says a change of mood has definitely come over his staff. He also says it’s getting harder to find new skilled workers. His company now has only one-third the number of experienced workers it had before the accident. “If it carries on like this, we’ll go out of business,” he says.
Four years after the disaster, the decontamination of land around the plant continues. But it is hard to predict when places like Maeda’s hometown of Namie will be habitable again. He says many residents are losing hope of returning home……… http://www3.nhk.or.jp/nhkworld/english/news/nuclearwatch/20150312.html
Meltdown in France’s nuclear dream – taxpayers to cop the costs
External factors may have precipitated the crash of Areva, but the cause is internal. Areva and the French nuclear industry is controlled by engineers and state officials and the market comes as an afterthought.
The problems of time and cost overruns in China, Finland and now in France at Flamanville are self-made and part of the “esprit de corps” arrogant attitude of the organisation.
Now, 13 years later, the problem needs to be addressed and risks costing billion of euros and thousands of jobs
France’s Nuclear Industry Dream Faces Melt-Down At Expense Of State Coffers, Tax Payers Forbes, Marcel Michelson, 3 June 15 France has decided to rescue its Areva nuclear energy company once again, this time by combining the nuclear power station creation business with state-controlled power operator EDF , its biggest client.
Only a few years back, in 2010, Areva’s finances had been restored by the forced sale of its transport and transmission activities to industrial group Alstom and electrical engineer Schneider . Meanwhile, GE of the United States controls the Alstom power activities as part of its own rescue recapitalisation.
The rest of Areva includes uranium mines, nuclear waste recycling, transport, storage and some alternative energy activities.
For all intents and purposes, Areva is dead. Continue reading
France pins its nuclear hopes on exporting reactors
Rescued Areva faces uncertain future as nuclear fuel group By Geert De Clercq (Reuters) 5 June 15 – France‘s Areva faces an uncertain future as a specialised nuclear fuel supplier, as a state rescue moves its core nuclear reactor activities to its utility customer EDF. Shares in the state-owned firm briefly rose almost 6 percent on Thursday after the government said late on Wednesday it would recapitalise Areva and approved EDF’s plan to take over Areva’s reactor unit.
The government plan unwinds Areva’s much-vaunted model of an integrated nuclear group that mines and enriches uranium, produces nuclear fuel, builds reactors and recycles spent fuel. Created fifteen years ago from the nuclear fuel group Cogema and reactor builder Framatome, Areva had ambitions to sell as many as 16 of its massive EPR reactors to energy-hungry developing countries.
But it has not sold a reactor since 2007 and the four it did sell have been plagued by delays and cost overruns. More than two decades after it was designed, not a single EPR is in operation today.
Still, the French government said it hopes an EDF-led nuclear industry could win the export contracts that have proved so elusive for Areva.”The French camp must work together abroad,” Economy Minister Emmanuel Macron told France Info radio on Thursday. Continue reading
France’s AREVA-EDF nuclear merger – easier said than done
France Grapples With a Knotty Nuclear Problem http://blogs.wsj.com/corporate-intelligence/2015/06/04/france-grapples-with-a-knotty-nuclear-problem/ By AMBROISE ECORCHEVILLE
The reconstitution of France’s nuclear industry is officially underway. Under orders from President François Hollande, atomic-power utility Electricité de France ‘sEDF.FR -0.45% is going to invest in the nuclear-reactor business of Areva to help refinance the troubled engineering group. The two state-controlled companies have a month to clinch a comprehensive deal.
That’s going to be easier said than done.
Leaving aside the questions about the future of nuclear energy in a world of fast-changing energy markets and geopolitical uncertainty, the interests of the French state, EDF and Areva are far from convergent.
Take Areva’s finances. The group, whose operations run from uranium mining to treating nuclear waste, needs a cash injection of €6 billion ($6.6 billion) to €8 billion. EDF, according to people familiar with the matter, has offered to invest €2 billion in Areva’s reactors unit. Some analysts question the willingness of the government to make up the difference. They note France’s stretched public finances and long-term risks associated with Areva’s unfinished, much-delayed, and over-budget nuclear reactor projects in Finland and France.
The future commercial ties between EDF and Areva also leave unanswered questions. The government wants to reset them. EDF’s success in diversifying its sources of nuclear fuel for its park of French reactors, responsible for about three quarters of the country’s electricity, has squeezed margins at Areva.
True, France could try to lure foreign investment but outside investors can only ever hope to be junior partners in such a strategic industry. Areva sees itself best placed to pick up business from the €55 billion investment program EDF is considering to extend the average life of its nuclear power plants to 60 from 40 years.
As for EDF, there are financial and commercial risks in being a more vertically integrated nuclear business. Building reactors is capital intensive, while foreign customers may not fancy have the prospect of EDF bidding to build, operate and now equip new projects.
The government could dull the pain by letting EDF raise electricity prices at home. That would bring a smile to the faces of shareholders, not least the state given its 84.5% stake, just not necessarily to those of President Hollande’s electorate
Bulletin of the Atomic Scientists launches Cost Calculator for the nuclear fuel chain
John Mecklin: Introducing the Nuclear Fuel Cycle Cost Calculator http://thebulletin.org/introducing-nuclear-fuel-cycle-cost-calculator8361
… Over the last two years, the Bulletin of the Atomic Scientists and the University of Chicago have created an online tool that will help countries understand the true cost of choosing the reprocessing route—and perhaps also help limit the spread of nuclear reprocessing.
The Nuclear Fuel Cycle Cost Calculator estimates the full cost of electricity produced by three configurations of the nuclear fuel cycle. This calculator is the first generally accessible model to provide a nuanced look at the economic costs of nuclear power, particularly in regard to the reprocessing of spent nuclear fuel. Among many other things, the calculator clearly demonstrates that in most cases, reprocessing results in electricity that is considerably more expensive than other nuclear power, when all costs are added in.
South Africa’s government continues in its historic underestimation of nuclear costs
Government’s nuclear cost muddle http://www.bdlive.co.za/opinion/letters/2015/06/03/letter-governments-nuclear-cost-muddle Steve Thomas, Professor of Energy Policy, Public Services International Research Unit, University of Greenwich JUNE 03 2015, THE SOUTH AFRICAN NUCLEAR ENERGY CORPORATION’S XOLISA MABHONGO CLAIMS THAT “SOUTH AFRICAN PROFESSIONALS DID NOT MAKE FOOLISH ASSUMPTIONS, DO INACCURATE FINANCIAL CALCULATIONS AND GO INTO A CONSTRUCTION PLAN WITHOUT HAVING ACCURATE PROJECTIONS OF THE OUTCOME. THIS WOULD HAVE BEEN IRRESPONSIBLE” (NUCLEAR BUILD WILL POWER ECONOMIC GROWTH, MAY 29).
History suggests otherwise. When the pebble bed programme for SA to develop its own reactor design was announced in 1998, Eskom claimed a commercial reactor could be in operation by 2004 at a construction cost of less than $1,000 per kilowatt of capacity.
By 2010, commercial deployment of the pebble bed was estimated by Eskom to be 20 years away and the estimated cost of a demonstration plant had increased nearly 30-fold.
In 2006, a tender for new nuclear plants from the world market was launched with the expectation that a plant could be bought for $2,500/kW. The lowest bid was 150% more and the tender was abandoned in 2008 because it could not be financed.
Only two years later, a new attempt to order nuclear plants was launched with the publication of the first Integrated Resource Plan for the electricity industry. The prices bid in 2008 were ignored and it was assumed the cost would be only $3,500/kW. A year later, in 2011, the government had to admit this figure was far too low and revised it up to about $5,000/kW, still well below the prices bid in 2008 and below prevailing international price levels.
There are only two explanations for this continued gross underestimation of costs. Either the government is choosing to mislead the public about the actual costs, or it is far too gullible to the claims of nuclear sales people. Neither explanation reflects well on the government.
The government has promised that if the bid prices were higher than $6,500/kW, the tender would be abandoned. Given that prevailing prices in the world are now about $8,000/kW, if the government keeps its promise, the tender being launched this year is doomed to failure. It would be useful for Energy Minister Tina Joemat-Pettersson to confirm now whether the promise still applies and, if it does not, how much the state is prepared to pay.
Merger of AREVA and EDF, to save nuclear giant AREVA- French tax-payers to fork out
France announces plan to merge nuclear reactor businesses of state-owned atomic energy giants, Star Tribune By GREG KELLER Associated Press JUNE 3, 2015 PARIS — French nuclear giants Areva and EDF will merge their reactor businesses in a joint venture controlled by EDF — a wide-ranging reshuffle of the country’s state-owned atomic energy industry.
French President Francois Hollande’s office announced the deal’s broad outlines Wednesday, saying final details would be negotiated by the two companies within a month.
The French government, which controls over 80 percent of both companies, will inject new capital “of the necessary amount” in Areva as part of the deal……
Areva lost nearly 5 billion euros ($5.6 billion) last year after taking a massive loss on new reactor projects in France and Finland……..
Last month Areva announced a 1-billion-euro cost-cutting plan, which included the removal of up to 6,000 jobs.
Only five years ago Areva was seen as a French success story, led by swashbuckling CEO Lauvergeon as it rode the wave of the so-called “nuclear renaissance.”
The company’s fortunes collapsed after a series of failures, including massive cost-overruns and technical failings with its new generation reactor; a disastrous investment in a Nigerien uranium mine; and the aftereffects of a global rejection of nuclear power after Japan’s Fukushima reactor meltdown http://www.startribune.com/france-to-merge-areva-edf-nuclear-reactor-businesses/306008871/
Unlikely that South Africa could fund its secretive nuclear power project
Too soon’ to assess SA on funding nuclear BD Live BY CHARLOTTE MATHEWS, 03 JUNE 2015, MOSCOW — Assumptions could not yet be made about SA’s capacity to finance its planned 9,600MW of new nuclear power because a number of other issues needed to be decided first, said Kirill Komarov, Rosatom State Corporation’s first deputy general director for development and international business.
He was speaking on the sidelines of the Atomexpo 2015 conference on nuclear technology in Moscow this week, which has attracted 1,600 delegates from 48 countries. Although Rosatom has the major role, there are speakers and exhibitors from nuclear vendor countries including France, Russia and China……..
The South African government seeks a large nuclear procurement despite doubts about its affordability. The target is to have the first reactor in commission by 2023……..
Given SA’s other spending priorities and weak economic growth, it seemed unlikely it could fund this programme in full………Rosatom had arranged financing for nuclear stations it built in Belarus, Hungary and India,……. • Rosatom sponsored Charlotte Mathews’s visit to Russia http://www.bdlive.co.za/business/energy/2015/06/03/too-soon-to-assess-sa-on-funding-nuclear
Nothing happening in much vaunted nuclear deal between USA and India
Little progress on nuclear deal after ‘breakthrough’ http://www.thehindu.com/news/international/little-progress-on-nuclear-deal-between-india-and-us-after-breakthrough/article7261405.ece NARAYAN LAKSHMAN 29 May 15 More than four months after Prime Minister Narendra Modi and U.S. President Barack Obama announced a “breakthrough understanding” to resolve a long-standing impasse in the bilateral civil nuclear energy agreement, forward movement has apparently ground to a standstill and neither the government nor the private sector here held out hope for a speedy resolution.
Responding to queries from The Hindu this week a State Department spokesperson said that there was “nothing new to announce on the civil nuclear deal at this time.”
Even as early as February, a top State Department official, Assistant Secretary for South and Central Asian Affairs Nisha Biswal, indicated that there may not be much more that the two governments could do to smooth the path for U.S. corporations to supply India with nuclear reactors. Ms. Biswal said that while Washington was “still in the process of taking what [India’s latest] top-line commitments were and trading paper to be able to find the more detailed understandings,” for the U.S. resolution of this “lingering challenge” hinged on the convergence between India’s 2010 Civil Liability for Nuclear Damage Act (CLND) and the 1963 CSC.
She emphasised that with the “breakthrough understanding” reached in January, “now it will be up to the companies to assess for themselves the business case scenarios and make their own decisions based on the commercial aspects – how to move forward.”
“Nothing happening” Continue reading
South Carolina nuclear company wants ratepayers to pay upfront for new nuclear units being built
SCE&G wants to raise rates again to pay for nuclear units, Post & Courier, Warren L. Wise May 29 2015 South Carolina Electric & Gas Co. wants to raise electric rates an overall 2.78 percent to help pay for new nuclear units being built north of Columbia.
The Cayce-based utility, part of SCANA Corp., filed for the increase Friday with the S.C. Public Service Commission and the state Office of Regulatory Staff.
The $70 million-a-year request is part of a 10-year series of price hikes expected annually through 2018 to offset the $10 billion costs of building two units at V.C. Summer Nuclear Station in Fairfield County. The new units will come online at the end of the decade. SCE&G jointly owns the nuclear power plant with state-owned utility Santee Cooper of Moncks Corner…………
Commercial and industrial customers would also see their bills go up.
The rate hike would take effect in October if approved. SCE&G serves about 692,000 electric customers across South Carolina. About half are in the Charleston area.
Rates for SCE&G customers have jumped 14 times over the past seven years. Seven of those were connected to the nuclear units. http://www.postandcourier.com/article/20150529/PC05/150529222/sceg-wants-to-raise-rates-again-to-pay-for-nuclear-units
Russia to participate with India in building nuclear submarines?
Russia’s Eyes Massive Nuclear Submarine Deal with India National Interest, 29 May 15 Russia may help India build nuclear submarines and stealth warships, according to Indian media reports.
Last week India’s Economic Times reported that the Indian conglomerate Reliance Infrastructure—which owns stakes in numerous Indian defense companies—is seeking Russian assistance for programs to locally produce nuclear submarines and other stealth warships. According to the report, top Reliance executives were in Moscow last week to meet with Russian defense officials about finding a partner for a joint venture between a Russian defense company and Pipavav Defence & Offshore Engineering, India’s largest defense shipyard, which Reliance has an 18 percent stake in. Specifically, Reliance is looking for a Russian partner with the “requisite technology expertise for manufacturing warships in India.”
As the Economic Times points out, the meetings come on the heels of India’s Cabinet Committee on Security (CCS) approving a plan for an Indian company to locally manufacture six nuclear submarines and seven stealth warships. The initial investment outlay for the project was set at Rs 1 trillion ($15.67 billion.)
Although the Russian government refused to specifically confirm the report, it did sound receptive to such a possibility…….http://nationalinterest.org/blog/the-buzz/russias-eyes-massive-nuclear-submarine-deal-india-12997
Investment funds likely to abandon fossil fuels, following Norwegian fund’s lead
Norway fund could trigger wave of large fossil fuel divestments, say experts,Guardian, Damian Carrington, 29 May 15 Other investors are likely to follow Norwegian fund’s move out of coal-based investments, due to its size as the world’s largest sovereign wealth fund Norway’s decision to dump all coal-focused investments from its $900bnsovereign wealth fund could unleash a wave of divestment from other large funds, according to investment experts. The fund, the largest in the world, is one of the top 10 investors in the global coal industry.
The move, agreed late on Wednesday, is one of the most significant victories to date for a fast-growing and UN-backed fossil-fuel divestment campaign. It will affect $9bn-$10bn (£5.8-£6.5bn) of coal-related investments, according to the Norwegian government.
“Investments in coal companies can have both a climate risk and a future financial risk,” said Svein Flaatten of the governing Conservative party, which made a cross-party agreement to implement the selling of coal investments.
A series of analyses have shown that the world’s existing reserves of fossil fuels are several times greater than can be burned while keeping the temperature below the 2C safety limit agreed by the world’s governments. Furthermore, authorities such as the World Bank and Bank of England have warned that fossil fuel reserves will be left worthless if the action needed to cut carbon emissions kicks in…….
Organisations that have cut or curbed coal investments recently include insurance giant Axa, the Church of England and Oxford University. The Guardian, which is running a campaign asking the world’s biggest health charities to divest, is owned by the Guardian Media Group, which announced it would divest its £800m fund from all fossil fuels in April. http://www.theguardian.com/environment/2015/may/28/norway-fund-could-trigger-wave-of-large-fossil-fuel-divestments-say-experts#comment-52997566
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Say No to NASA’s Reckless Nuclear Reactor on the Moon
Say No to NASA’s Reckless Nuclear Reactor on the Moon
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