Individual shareholders in Japan push for withdrawal from nuclear power
Individual Shareholders of Japan Nuclear Power Plants Want Reduced Reliance on Nuke Energy – Report International Business Times, By Esther Tanquintic-Misa | June 13, 2014 Individual shareholders of Japan‘s nuclear power plants want the government to review the country’s current energy mix to rely less on nuclear energy, a report by the Asahi Shimbun said. Shareholders of Tokyo Electric Power Co (TEPCO) want the company to evaluate and examine its Comprehensive Special Business
Plan.
The report noted individual shareholders of Japan‘s nine electric utilities with nuclear power plants had also submitted proposals to strengthen their call ahead of the June 26 annual general shareholders’ meetings of the power companies.
It was the first time that individual shareholders joined in the fray to push for a withdrawal of Japan’s dependence on nuclear power.
However, Asahi Shimbun believed their calls for major changes in policy would fall on deaf ears. These individual shares, when gathered, make up only a small number of total shares.
The bulk of the nine electric utilities’ shareholders belong to financial institutions and other corporate entities…….http://au.ibtimes.com/articles/555644/20140613/shareholders-japan-nuclear-power-plants-reliance-nuke.htm#.U5z0IJRdUnk
By 2020 France’s wind and solar power to be cheaper than its nuclear electricity
French nuclear more costly than renewables by 2020 – Greenpeace PARIS, June 12 Thu Jun 12, 2014 (Reuters) – Electricity produced by onshore wind and solar plants may become more competitive with power generated by upgraded nuclear plants in France by the end of this decade, a study by environmental group Greenpeace showed on Thursday.
The study comes a week before Energy Minister Segolene Royal presents the broad lines of a much-delayed framework energy law that aims to spell out how France will cut the share of atomic energy to 50 percent from the current 75 percent by 2025.
The rising cost of France’s nuclear energy is a concern and the government should set up independent expert institutions to help it plan long-term energy investments, a parliamentary committee said in a report published on Tuesday.
According to the Greenpeace study, the investment needed to upgrade French utility EDF’s 58 nuclear reactors to bring them close to the safety level of a new-generation EPR reactor would raise median production costs to 133 euros ($180) per megawatt-hour (MWh). That estimate, based on an extension of the lifespan of current reactors by 10 years to 50 years and 4.4 billion euros worth of work per reactor, would make nuclear energy less competitive than onshore wind power around 2015, the study said.
Greenpeace also sees the cost of photovoltaic power falling to less than 134 euros/MWh around 2019 from more than 250 euros/MWh today, making it competitive with the renovated French nuclear plants by that time……
French regulator ASN is expected to give a first opinion on whether reactors can be granted life extensions in 2015 and decide reactor by reactor in 2018-2019. ($1 = 0.7345 Euros) (Reporting by Michel Rose; Editing by James Macharia, Larry King) http://in.reuters.com/article/2014/06/12/france-nuclear-idINL5N0OT2LN20140612
Japan joins scramble to sell nuclear technology to India, despite Liability Law
Japan wants slice of nuclear pie, warms up to liability law Indian Express, by Subhomoy Bhattacharjee , Anil Sasi | New Delhi | June 12, 2014 While Toshiba owns US-based reactor manufacturer Westinghouse, Hitachi is a partner of GE’s reactor business. The deadlock on the liability issue, which had stonewalled progress on the operalisation of nuclear pacts that India had signed with global reactor vendors, is on the verge of being broken.
Japan could offer Prime Minister Narendra Modi a nuclear deal in the civil sector when he travels to Tokyo next month, Hiroshi Hirabayashi, former Japanese ambassador to India and now adviser to Prime Minister Shinzo Abe, indicated.
Russia too is reported to have communicated an “in principle” nod to the Indian nuclear liability law, paving the way for signing a contract for the setting up the third and fourth units of the Kudankulam Nuclear Power Project…….
Japan is a key player in the operationalisation of the commercial nuclear pacts signed by India. Japanese companies are major players in two of the four reactor vendors that have signed preliminary agreements with India for supply of equipment for imported Light Water reactor-based projects planned on coastal sites.
While Toshiba owns US-based reactor manufacturer Westinghouse, Hitachi is a partner of GE’s reactor business.The government has short-listed Toshiba-Westinghouse’s ‘AP1000’ reactors, GE-Hitachi’s ‘ESBWR’ reactors, along with French firm Areva’s EPRs and the Russian firm Atomstroyexport’s ‘VVER’ series reactors, which are already being deployed at Kudankulam. http://indianexpress.com/article/business/business-others/japan-wants-slice-of-nuclear-pie-warms-up-to-liability-law/
Total costs of nuclear power make it uneconomic for South Africa
Long time frames and dodgy numbers justify worry about nuclear power’s cost, Business Report, South
Africa June 10 2014 By Yvette Abraam
“………My chief objection to nuclear power is precisely on the cost issue……….from 2008 to early 2010 nuclear costs were stated to be twice as much by nuclear power vendors than by the state. By early 2011, after a multitude of submissions by civil society, even the state admitted that it had undercosted nuclear power by about 40 percent and included a new estimate. The new estimate remained substantially lower than the two tenders submitted by suppliers.
Yet the amount of nuclear energy planned in the IRP II remains unchanged, despite the variation in costs. International experience rates the cost of constructing nuclear plants at about $6 000 (R63 500) per kilowatt hour.
The South African energy planning process calculated this cost as $3 000 in 2010 and $4 300 in 2011 – on what basis remains a mystery.
The second problem with assembling a budget for nuclear procurement is that the costs of waste disposal and decommissioning are of the same order as the cost of construction, but are beset by large uncertainties. For example, in the 2007/08 annual report and accounts of nuclear power generator British Energy, it was estimated the cost of decommissioning its eight plants was £9.4 billion (R167bn) and the cost of disposing of the spent fuel was £5.5bn.
Although we can estimate the order of magnitude, the actual costs are affected by the choice of technology. As such, it is important to include these costs in a tender since they deeply affect the final choice of bidder. So far these costs have not been included in South African energy planning.
As far as the cost of waste disposal is concerned, it has to be borne in mind that these costs have to be borne for a minimum of two and a half centuries before the waste can safely be neglected. Even a very small error in calculation can lead to very large divergences across this timespan. Under conventional accounting procedure, liabilities that must be met in the future should be discounted.
Effectively, this means that a sum of money (or assets of that value) is set aside now and it is assumed that money will earn interest and grow to meet the liability……..What happens if, as is the case in Germany and Japan, the interest rate is negative? It would mean we have to set aside more money now than will be required in the future.
This example demonstrates the point that the really difficult part of nuclear energy planning is that the amount it is going to cost is not knowable. Calculating the net present value of a 250-year expenditure would require that we could foresee the interest rate and the inflation rate for the next 250 years. But we are citizens, not soothsayers. Anybody who tells you they can predict these costs is talking through their hat. To any suggestion that we should give the approval anyway and trust officials to prevent any unreasonable cost overruns, I have but one word: Nkandla.
* Dr Yvette Abrahams works in the department of women and gender studies at University of the Western Cape and with Electricity Governance Initiative South Africa. http://www.iol.co.za/business/opinion/long-time-frames-and-dodgy-numbers-justify-worry-about-nuclear-power-s-cost-1.1700897#.U5oL1HJdUnk
$1billion Liability Limit for Canada’s Nuclear Industry

Canadian Nuclear Industry Accepts $1 Billion Liability Limit OTTAWA, June 5, 2014 /CNW/ – The Canadian nuclear industry told a parliamentary committee today that it accepts a proposed $1 billion liability limit for nuclear accidents.
“The $1 billion limit balances the nuclear industry’s operational needs and the public’s need for an effective liability regime,” Dr. John Barrett, the President and CEO of the Canadian Nuclear Association, told the Commons Standing Committee on Natural Resources.
The $1 billion limit would take effect if Bill C-22, the proposed Energy Safety and Security Act, becomes law. The bill would replace the 1976 Nuclear Liability Act (NLA) with a Nuclear Liability and Compensation Act, and ratify an international treaty providing additional coverage for foreign damage caused by Canadian nuclear operators…
….. the bill’s treaty provisions would enable industry members to operate in other countries, and increase the industry’s economic contributions to Canada…… f Parliament passes Bill C-22, the nuclear industry would encourage the government to increase the number of insurance companies eligible to provide nuclear liability insurance.
Bill C-22 would allow nuclear operators to provide insurance alternatives for up to 50 per cent of their liability. http://www.newswire.ca/en/story/1368049/canadian-nuclear-industry-accepts-1-billion-liability-limit
Uranium companies in a turmoil as analysts forecast prices staying low

Uranium stocks tumble after RBC takes axe to price forecasts,Financial Post Peter Koven | June 5, 2014 Uranium miners have offered a very consistent message to investors over the past couple of years: The short-term outlook is bad, but don’t worry, a lot more uranium is going to be needed down the road.
RBC Capital Markets Analysts agree. Only they think it will be a much longer road than most.
Analysts Fraser Phillips and Patrick Morton on Thursday sent shudders through the industry as they took an axe to their uranium price forecasts. They cut their 2014 spot price forecast to US$31.50 a pound, down from US$45. And it got worse from there. The 2015 target was cut to US$40 (from US$60), and targets for the 2016 to 2018 period fell to just US$40-US$45 from US$75-US$80. Not surprisingly, shares of every significant uranium company (including Cameco Corp., Paladin Energy Ltd. and Denison Mines Corp.) tumbled on Thursday.
The analysts believe the uranium market is going to be in surplus until 2021, which is far longer than most insiders expect. They blame continuing oversupply in the market.
“Active annual supply exceeds demand by a significant margin, and on top of that, significant excess inventories have been and continue to be accumulated post the Fukushima disaster, particularly in Japan,” they said in a note. It is no secret the uranium market is under pressure. The sector is still reeling from the Fukushima disaster in 2011, and approvals for Japanese reactor restarts are taking longer than expected. The spot uranium price recently fell below US$30 a pound for the first time since 2005…….
The RBC analysts pointed out that mine production has continued to grow during the past two years despite low prices, and that the Japanese restart process has stalled. They believe only four Japanese reactors will restart this year, and just 28 (out of 50) will be online by 2018…….http://business.financialpost.com/2014/06/05/rbc-annihilates-uranium-price-outlook/
Warren Buffett backs revolutionary development in renewable energy
Buffett’s $28 billion winning bet on clean energy, SMH, June 5, 2014 Warren Buffett’s $US26 billion (A$28 billion) bet on western US power plants, transmission lines and wind farms is poised to pay off.
The energy unit of Buffett’s Berkshire Hathaway, with the help of California’s grid operator, is moving to unite the holdings under a single market capable of dispatching power across seven states every five minutes. The system, designed to handle sudden swings in supply and demand, would revolutionise the markets from Oregon to Nevada, where 38 transmission operators manually balance their territories on an hourly basis.
The move would be a game-changer for the renewables that Berkshire Hathaway Energy has accumulated over the past decade, including two of the world’s largest solar farms, and for other clean-power producers, according to those who trade in the region’s markets. Berkshire’s plants stand to run for longer periods of time, and its NV Energy and PacifiCorp utilities will save as much as $US63.9 million annually by 2017, Energy and Environmental Economics reports show.
“It would be huge if all 38 balancing authorities joined,” Sean Breiner, a market design analyst for energy trader Viasyn, said by telephone June 2. “Instead of having these balkanised regions, you’d have resources from Idaho to Wyoming all flowing into one kind of large spot market.”
Green power……
California has a goal of securing 33 per cent of power from clean energy by 2020. By next year, the California Independent System Operator Corp. expects renewables to meet almost a quarter of demand. In the Northwest, renewables are nearly 7 per cent of total supply, excluding hydropower.
The market, scheduled to start Oct. 1 pending approval from the Federal Energy Regulatory Commission, would use hourly bids from generators to match the cheapest resources with supply, demand and transmission changes every five minutes. It would initially include the territories of the California ISO and PacifiCorp — spanning 42,200 miles of transmission lines in six states from California to Wyoming, extend to NV Energy’s Nevada network a year later and could accommodate all operators in the region…….
Berkshire Hathaway Energy’s spending in the western states included $US10.7 billion to acquire PacifiCorp and NV Energy, $US8.7 billion in renewable investments, a $US6 billion Northwest transmission project and at least $US568 million on the Lake Side natural gas-fired power plant being completed this year in Utah, according to company filings.
Power generators and transmission operators in other parts of the US already participate in real-time markets run by grid operators from the Northeast to Texas. California runs a five-minute market within its own territory. Should all the authorities in the western US join the new system, it would become the nation’s largest geographically.
Analyses prepared by San Francisco-based Energy and Environmental Economics show the real-time market would save the California ISO area as much as $US74.3 million, PacifiCorp $US54.4 million and NV $US9.5 million in the year 2017……….. http://www.smh.com.au/environment/climate-change/buffetts-28-billion-winning-bet-on-clean-energy-20140605-zry0t.html#ixzz33v2NcWMC
Canada’s nuclear industry plans propaganda campaign, especially in schools
Canada’s uncertain nuclear future article is based on Canada’s Nuclear Energy Sector: Where to from here? published by Canada’s Public Policy Forum. 2 June 2014“……One approach to address the concerns of the anti-nuclear movement is to work with environmental NGO leaders, to foster trust and a less-polarised dialogue. Such dialogues will be difficult and will take time: workshop participants said this approach was successful in the forestry sector, but it required much time and effort over two decades. To gain social license and broader acceptance, groups outside the sector will need to initiate the discussions. The start of this dialogue can be seen in the US, with recent efforts by some prominent environmental NGO leaders, who had once been opposed to nuclear.
The often passionate public reaction against nuclear power is a significant challenge. Extensive media coverage of the Fukushima Daiichi disaster in Japan, bad memories of Chernobyl and Three Mile Island, and common misunderstandings around radiation mean the public is often reluctant to embrace nuclear power plant construction or to view nuclear as a viable energy source. A key to success in both the UK and France has been including information about nuclear energy in school curriculums.
By educating students about nuclear energy, both countries have been successful in helping to dispel myths around safety and security that persist elsewhere. These countries have shown that education could be a useful first step to engaging citizens in a more enlightened discussion on nuclear energy. Given the diverse energy sources in Canada, school boards would be wise to develop science programmes that explore all types of energy and allow students to be exposed to and learn about the positive and negative aspects of all of them.
Doom and gloom now permanent for the uranium industry
We are heading for a uranium crisis , Investor Intel, June 2, 2014 by Robin Bromby“……Welcome to the “perma-gloom” with spot uranium now at $28.25/lb. But it really does portend a very troubling situation. We could be on the brink of a real uranium crisis, one that could have serious ramifications down the road. This is because, on top of all the doubts about nuclear post-Fukushima and the slowness of Japan to get reactors back on line, uranium is caught up in the general malaise affecting the mining industry ……….the uranium price has fallen by 30% over the past year. If it keeps falling, and it well might, more and more companies will either go into hibernation mode or quit the sector all together ……..
A surer sign that all is not well can be evidenced from an ominous trend — exploration companies quitting the sector. Others are making cuts: Cameco closed its Cheyenne office, while BHP Billiton has deferred its expansion at the world’s biggest uranium deposit, Olympic Dam in South Australia. Australia’s Paladin Energy (ASX:PDN) has put one of its mines, Kayelekera in Malawi, on care and maintenance.
Back in 2007-8, after spot uranium hit $137/lb, this was the place to be. Suddenly every mining explorer was keen to be in the uranium hunt. At one stage, more than 260 companies listed on the Australian Securities claimed to have uranium projects (many of them in what the Canadian miners call “moose pasture”).
Now, it seems, those small number remaining can’t wait to get out. FYI Resources (ASX:FYI), which got into uranium after quitting the eye care business (it’s previous name was Freedom Eye) in 2009, is now concentrating on potash in Thailand. Uranex (ASX:UNX) is staying in Tanzania, but has put its uranium on the back-burner in order to pursue graphite.
But possibly the most startling change was reported today. Junior United Uranium (ASX:UUL) which has six projects in Western Australia [and A$3.41 million in the bank as at March 31] is getting out of uranium and into — wait for it — property development.You can’t exactly blame the directors. The shares are trading at a discount to the company assets (the market capitalisation being just A$2 million), all its projects are early-stage ones that will require considerable sums to explore and may not turn out to be viable, no one is investing in the sector, the uranium price is depressed as is the resource sector generally.
Just two weeks ago another uranium explorer working in Western Australia, Prime Minerals (ASX:PIM), signalled it was changing direction. It is merging with Cocoon Data Holdings which has data security software. The news lifted Prime’s stock from A0.9c to A2.2c.
Back in 2007, announcing you were getting into uranium could see your stock price double. Now announcing you’re switching focus away from uranium does the trick. This is not a good trend. http://investor
Dodgy future for Canada’s nuclear industry
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Canada’s uncertain nuclear future article is based on Canada’s Nuclear Energy Sector: Where to from here? published by Canada’s Public Policy Forum. 2 June 2014 “……. over the past two decades declining R&D funding has combined with an absence of new domestic nuclear power plant construction to push the sector into stagnation. Political and public support, once a source of strength and pride for the nuclear industry, has waned to such an extent that it is one of the greatest contributors to nuclear energy’s decline. Recent decisions by political leaders, including moratoria on uranium mining in Quebec, Nova Scotia and British Columbia, Ontario’s hesitancy to build proposed new reactors, and the federal government’s privatisation of the reactor business of Atomic Energy Canada Limited (AECL), are seen by many as evidence that government is now looking to redefine its role in the sector……..
Challenges
The following serious challenges have significantly impaired the industry’s ability to compete in domestic and international markets:
High capital costs. In today’s uncertain economic environment, it is difficult to make the political case that public funds should be committed to large, expensive energy projects that may not come online for nearly a decade. Typically, investment costs of nuclear power plants account for around 60% of total project lifecycle costs.
Unclear foreign investment rules. Organisations that constitute a “strategic asset” to Canada may be barred from foreign purchase or takeover. In fact, the phrase “strategic asset” is not discussed in the Canada Investment Act, but its frequent mention by federal and provincial politicians has created confusion in Canada and abroad. As a result, there is uncertainty around whether foreign entities will be able to purchase Canadian nuclear energy companies and assets, or even compete in the Canadian market. In the absence of a transparent investment framework, it is difficult for international organisations to expand or develop operations in Canada that could generate greater economic growth.
A historical CANDU monopoly places the sector in a niche market.The Canada Deuterium Uranium (CANDU) reactor has been the flagship of Canada’s nuclear energy sector for almost 50 years. But since the nuclear energy market shifted to light water reactors (LWRs) — approximately 30 years ago, when France started procuring LWR technology from the US — heavy water reactors have become a minority technology in the global market.
Acquiring and maintaining social license. Among the greatest challenges facing stakeholders in the nuclear sector is the lack of social license for new nuclear power plants. This concern does not necessarily exist in communities near power plants or uranium mines, but it is a broader perspective within the general population. Concerns around safety, spent fuel storage, and high capital costs have decreased public and political support for large nuclear construction programmes. Fears over nuclear proliferation and plant meltdowns and accidents, like those at Chernobyl, Three Mile Island and Fukushima, are common…..
Few political champions. An important element in any country with a successful nuclear energy programme is leaders who champion the merits of nuclear energy, often at great political risk. Overcoming the concerns of the public is much more difficult without this political support……
US tax-payer is propping up the uranium industry
THE GOVERNMENT IS PROPPING UP THE URANIUM INDUSTRY AND WE’RE PAYING FOR IT http://www.esquire.com/blogs/politics/white-mesa-uranium-mill-lawsuit-053014 The Department of Energy is promoting uranium mining at places like the White Mesa Mill and is tasked with the pricey cleanup. By Leslie Macmillan on May 30, 2014
The Grand Canyon Trust, an environmental group, has sued the operator of America’s last conventional uranium processing mill, saying its vast piles of spent ore and radioactive waste emit dangerous levels of radon and other toxins that violate the Clean Air Act.
The group and other critics of the White Mesa Mill near Blanding, Utah say it is a poorly disguised nuclear waste dump that would have gone out of business long ago were it not propped up by a lucrative federal contracts.
The uranium market has declined in the wake of the Fukushima meltdown. To stay alive in a depressed market, Energy Fuels Resources, the mill’s operator, recycles mine tailings and radioactive waste — known as “alternate feed” — from Superfund sites around the country. The mill extracts any remnants of uranium from the waste then sells the concentrated, purified uranium, called yellowcake, to its customers, some of which are government-owned utilities obligated to buy White Mesa yellowcake at prices far higher than the $35 a pound it is currently fetching on the spot market. The leftover waste, a toxic stew of industrial chemicals, is stored in open pits called impoundments.
Energy Fuels spokesperson Curtis Moore said the issues raised in the lawsuit “are either inaccurate or have already been addressed through the proper regulatory channels.”
Taylor McKinnon of the Grand Canyon Trust says he hopes the lawsuit will “rip the mill from the rat’s nest of bureaucrats who have been protecting the status quo.”
The mill, he and other critics contend that uranium mining, milling and cleanup has become a virtual cottage industry — one orchestrated largely by the federal government.
During the Cold War period of 1940s through the 1980s, uranium was mined extensively in the Colorado Plateau to supply critical materials for the nation’s nuclear weapons program. The U.S. Department of Energy manages the nation’s surplus uranium and much of the cleanup of old processing mills.
Travis Stills, an energy and conservation law attorney, argues that the DOE’s mandate to “provide a domestic supply of uranium” is outdated and wreaks havoc on environmental and human health. He also says it’s unnecessary. The DOE already owns a uranium stockpile worth $7 to $8 billion.
The DOE doesn’t want to sell off the stockpile, Stills argues, because that would drive uranium prices down. Instead, the government artificially inflates prices to keep the industry going, he says.
Energy Fuels also operates several mines at the Grand Canyon, despite the federal ban on uranium mining there, because it possesses old mining claims that were “grandfathered in.” The company said in December it planned to shutter its Pinenut Mine there as well as the White Mesa Mill in 2014 and potentially reopen them in 2015. It reversed that decision last month and announced it would continue mining, but stockpile the ore pending better market conditions.
Cleaning up uranium is not cheap. The DOE is spending a billion dollars to dispose of tailings at an enormous site near Moab — a cost “born by the taxpayer,” the Trust’s lawsuit points out. On the Navajo reservation alone, there are 500 abandoned uranium mines. The EPA estimates the cleanup cost would be in the hundreds of millions. An $18 million bond has been posted for cleaning up White Mesa Mill when it stops processing uranium — not nearly enough, Stills argues. He says the federal government — and the taxpayer — will be left holding the bag for that cleanup too.
Indeed, the DOE is slated to inherit White Mesa Mill for cleanup. Stills says that the department’s mission, to at once promote uranium mining and oversee its cleanup, is contradictory but that it keeps the agency employed. “It’s bureaucratic make-work,” he says. “As long as they keep making a mess, they’ll need to keep cleaning it up.”
Renewable energy employing 6.5 million people world wide
IRENA: 6.5 M People Employed in Renewable Energy Worldwide http://dailyfusion.net/2014/05/6-5-m-employed-in-renewable-energy-28962/ May 30, 2014 In 2013, approximately 6.5 million people were already employed in the renewable energy industry worldwide, a new study by the International Renewable Energy Agency (IRENA) reveals.
SEE ALSO: IRENA: Global Renewable Energy Share Can Double by 2030
“With 6.5 million people directly or indirectly employed in renewable energy, the sector is proving that it is no longer a niche, it has become a significant employer worldwide,” said IRENA Director-General Adnan Z. Amin. “The insights into shifts along segments of the value-chain revealed in the report are crucial to developing policy that strengthens job growth in this important sector of the economy.”
Renewable energy employment was shaped by regional shifts, industry realignments, growing competition and advances in technologies and manufacturing processes in 2013. The largest employers by country are China, Brazil, the United States, India, Germany, Spain and Bangladesh, while the largest employers by sector are solar photovoltaic, biofuels, wind, modern biomass and biogas.
Among other updates, the 6.5 million figure published in the annual review reflects growth in Chinese numbers, which can be attributed to a significant increase in annual installation and manufacturing activity and differences in the way employment figures are estimated. IRENA estimates a five-fold increase of solar PV installations in China from 2011 to 2013. Surging demand for solar PV in China and Japan has increased employment in the installation sector and eased some PV module over-supply concerns,” said Rabia Ferroukhi, heading the Knowledge, Policy and Finance division at IRENA and lead author of the report. “Consequently some Chinese manufacturers are now adding capacity.”
In the wind industry, China and Canada provided positive impulses while the outlook for the United States remains somewhat mixed because of political uncertainty. The offshore wind industry is still concentrated in Europe, particularly the United Kingdom and Germany.
The biofuels value chain provides the second largest number of renewable energy jobs after solar PV. The United States remains the largest biofuels producer, while Brazil remains the largest employer.
Corporate executives could be liable for damages for funding climate denialsim
Big Carbon’s Big Liability Environmental groups have warned directors of fossil fuel companies that they may be held personally liable for misleading the public about climate change. The Nation Dan Zegart May 29, 2014
A new and potentially potent weapon is being unleashed in the climate wars. Yesterday, three major international environmental organizations warned the corporate executives of some of the largest fossil fuel companies that they could be personally liable for damages for funding climate change denialists and working against efforts to slow climate change. Continue reading
No new contracts for 3 Exelon nuclear reactors: they may now close
Exelon nuclear plants may retire after failing to secure new contracts, Utility DIVE, By Claire Cameron MAY 27, 2014
Dive Brief:
- Three of Exelon’s nuclear power plants failed to get new contracts at the annual PJM Interconnection capacity auction for 2017-18, putting their future at risk.
- The plants, Byron and Quad Cities in Illinois and Oyster Creek in New Jersey, could now close after they were priced out of the market by cheaper competitors. Traditionally, the company has made between $1-8 per megawatt-hour in revenue from the sale of power from these plants.
- This year’s PJM capacity auction saw power supply prices rise from last year’s three year low of $59.37 per MW to $120 per MW.
Dive Insight:
Exelon relies on the capacity auction to keep funding the expensive nuclear facilities it operates. Without contracts, however, the utility could be forced to turn to federal and state regulators for a bailout.
Exelon has yet to seek such a resolution. Prior to the results of the auction being announced, an Illinois House Resolution charging the Environmental Protection Agency, the Federal Energy Regulatory Commission and grid operators to adopt more nuclear-friendly policies was floored. ……http://www.utilitydive.com/news/exelon-nuclear-plants-may-retire-after-failing-to-secure-new-contracts/267503/
The flight of investment – away from uranium
A uranium price collapse has made mining companies radioactive to investors,Quartz By Jason Karaian May 28, 2014 Here’s the latest sign that uranium-mining doesn’t pay: Paladin Energy, an Australian uranium mining group, announced today that it was ceasing production(pdf) at a key mine in Malawi. The move will take 3.3 million pounds of uranium per year off the market.
Paladin is far from alone. As uranium prices have tumbled, others have been feeling the pinch. Indeed, for some 60% of global uranium production, the cost of extraction is higher than the market price for the commodity, the firm says.
Uranium prices have been hit by a series of setbacks in recent years, from a global financial crisis that put a big dent in nuclear power demand, to a glut ofdecommissioned weapons-grade uranium, to the Fukushima nuclear disaster in Japan, which led to the shutdown of all that nation’s nuclear power plants and inspired nuclear phase-outs in places such as Germany and Switzerland.Investors in uranium mines have seen their assets plunge in value:……http://qz.com/213889/a-uranium-price-collapse-has-made-mining-companies-radioactive-to-investors/
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