U.S. taxpayers to pay nuclear build costs, and nuclear waste costs
Nuclear Power Boosts Bills and Piles On Radioactive Waste, Florida PSC to consider more rate hikes for nuke projects at FPL and Progress Energy, Kenric Ward, Sunshine State News, August 10, 2011 For an energy source once touted as too cheap to meter, nuclear power bills sure are piling up. U.S. taxpayers are on the hook for a growing, multibillion-dollar tab to dispose of tons of radioactive waste and Florida’s two biggest utilities are seeking another round of rate increases to help pay for new reactors. Continue reading
TEPCO, Japan’s largest utility, likely to go broke
The March disaster at the Fukushima complex in northeast Japan spawned the world’s worst nuclear crisis since Chernobyl and has put the existence of Asia’s largest utility, known as TEPCO, in doubt.
Tepco said it has earmarked $5.1bn to compensate the victims of the crisis, who include about 80,000 people
evacuated from areas surrounding the Fukushima plant, 240km north of Tokyo.
Even before the pay-out began, Tepco posted a $15 billion net loss for the year to March 31, Japan’s biggest non-financial loss, according to Reuters news agency…..
Switching support to renewable energy? – Japan’s largest union wavers
Will Japan’s Largest Union Support Renewable Energy? In These Times, 11 Aug 11 By Akito Yoshikane, The Japanese Trade Union Confederation, also known as Rengo, said the country’s nuclear energy policy and the union’s support of it should bequestioned going forward. At an anti-nuclear gathering last Thursday in Hiroshima, the union’s secretary general told reporters, “We have to start discussions concerning nuclear energy from the beginning to decide what we should do in the future.”
That is a change from last August when the union promoted atomic power. …..
TEPCO nuclear company near financial disaster, even with government bailout
TEPCO teetering on financial edge, Chiaki Toyoda and Tadaaki Inoue / Yomiuri Shimbun Staff Writers, 11 Aug 11The harsh business environment facing Tokyo Electric Power Co. has been brought to the fore after the utility posted a record quarterly group net loss, logging a 571.7 billion yen deficit for the April-June period due to the crisis at its Fukushima No. 1nuclear power plant.
TEPCO will receive financial support from a new organization to be set up later this month by the government, which will be tasked with securing funds for the utility to pay compensation to people affected by radiation from the crippled plant.
Yet the utility’s business operations will be precarious, Continue reading
Lower deman for uranium is forecast
Uranium One cuts demand forecast by 8%-10% TORONTO Mining Weekly, 9th August 2011 – Canada’s Uranium One has cut its demand growth projections for uranium for its namesake product by 8% to 10% over the next decade,…..
Last month, Australia-based Paladin Resources cut its 2012 uranium production guidance to 7.4-million pounds and 7.9-million pounds from the previous forecast of 8.2-million pounds, mainly because of delays to its stage-three expansion at the Langer Heinrich mine in Namibia.
This was followed by an August 4 announcement by uranium’s perennial under-performer, Rio Tinto’s Energy Resources of Australia, that it had nearly halved the reserves at its Ranger mine……
Yellow cake prices dropped to $49/lb from around $66/lb in the immediate wake of the Japanese disaster, and have since settled at about $52/lb.–
$196 million in advance for nukes that might never be built!
FPL to ask customers to pay $196 million to plan nukes, Sun Sentinel By Julie PatelAugust 8, 2011 Florida Power & Light wants to charge customers $196 million next year for costs to plan nuclear projects that may not be built…. FPL has proposed expanding four existing reactors and building two new ones. The proposed expansions still require approvals from federal and state agencies.
“I think it’s the paying in advance that I resent without something concrete in the making,” said Emily Doucette, a retiree in Pompano Beach…..
Critics plan to raise several key issues:
Cost-overruns. FPL should not have abandoned getting bids “with price-assured contracts” and other traditional construction practices meant to control costs for construction work related to the proposed expansions of four existing reactors, according to the Office of Public Counsel, the state’s advocate for utility customers. FPL implemented this “fast-tracked” approach to meet it goals for completion but the consumer advocate’s office argues that the move is leading to “rapidly increasing estimates of the cost to complete the…the projects” and they may end up costing more than FPL’s alternative plan, not to do them.
Transparency. The consumer advocate’s office also recommends that the PSC fine FPL a penalty for allegedly violating a rule that requires utilities to report estimated nuclear planning costs if they want to charge customers for them.
An investigator hired by FPL found last year that the utility provided “inaccurate and incomplete” information to regulators about the growing costs of its nuclear expansions. The consumer advocate’s office examined the issue itself and found that FPL’s cost estimates increased by $444 million in the months before it testified on costs but it did not report the changes….
Uncertainty. Both FPL and Progress Energy Florida are allegedly violating a rule that requires utilities that want to charge customers for nuclear planning costs to have a clear intent to build them, according to the Southern Alliance for Clean Energy. Last year, both utilities announced “delaying major capital expenditures” to build new reactors last year – and instead, said they would focus on the getting the required licenses – because of the uncertainty involved, SACE wrote to the PSC.
The Florida Industrial Power Users Group, a group that represents consumers that are businesses, said utilities should prove the projects are the most reasonable and cost-effective way to serve customers…..http://weblogs.sun-sentinel.com/business/realestate/housekeys/blog/2011/08/fpl_to_ask_customers_to_pay_19.html
Uranium industry heading for collapse
The disaster at Japan’s Fukushima Daiichi power plant following the March earthquake and tsunami has essentially killed investor enthusiasm for uranium stocks…… The other uranium stocks are all miners, but if there is no support for new nuclear development, then the value of these stocks will drop as well. Aside from early comments supporting nuclear power, the US has been non-committal, whereas Germany and Italy have both indicated that no new nuclear plants will be built and, in Germany, existing plants will be closed over the next decade or so.
USEC Shares Collapse on Loan Worries (USEC, URRE, UEC, URG, URZ, URA),August 5, 2011, 247Wst.com Paul Ausick, The sole US provider of low-enriched uranium fuel for nuclear power plants is in serious trouble. USEC Inc. (NYSE: USU) shares have fallen more than -12% this morning and posted another new 52-week low on concern that the company’s loan guarantee from the federal government will not be approved in time to prevent USEC from running into liquidity problems.
Every US company involved in the nuclear fuel business is getting beaten up this morning. Continue reading
USA’s Price Anderson Act – a scam to prop up nuclear industry
Musicians United for Safe Energy Launch Mega-Concert in San Francisco This Sunday, Huffington Post, Joan Brunwasser, 6 Aug 11, “……Price-Anderson was passed because the administration wanted to build commercial reactors as a happy face for the nuclear weapons industry. But no utility company or builder would take on the liability. So the industry asked for the liability shield until the reactors were safe enough to attract private insurers. That was more than a half-century ago. The current deal stretches it out until at least 2020. It’s a terrible and unique scam. We can “just say no” except for the billions in funny money certain dark forces have invested in this failed technology. At this point, a free market in energy, with no subsidies for ANY technology, would bring us a green-powered Solartopian planet very quickly, and King CONG — coal, oil, nukes and gas — would fade away very quickly. All the dirty energies are totally reliant on ripping of the tax/rate-payer, as well as destroying the planet…..”http://www.huffingtonpost.com/joan-brunwasser/musicians-united-for-safe_b_919042.html
Denison uranium miner loses, with falling uranium sales
UPDATE 1-Denison Mines falls to loss on soft uranium sales, TORONTO Aug 4 (Reuters) – Denison Mines reported a second-quarter loss on Thursday as uranium sales fell sharply in the aftermath of the nuclear crisis in Japan.
The uranium producer said it had a net loss of $13.7 million, ….
It sold 116,000 pounds of uranium at an average price of $65.94 a pound, compared with 417,000 pounds at an average price of $45.56 in the second quarter of 2010.
Denison said that uranium demand has decreased in the aftermath of the nuclear accident in Japan and that it has deferred sales to the second half of the year, with some 570,000 pounds available in inventory…http://af.reuters.com/article/metalsNews/idAFN1E7731YV20110804
Uranium market’s poor prospects as Cameco sinks
Cameco is the largest player in the highly volatile uranium space……Apart from causing a massive impact in Japan’s economy, as well as disrupting global supply chains, the Fukushima Daiichi incident has put the uranium industry in an existential moment.
Cameco Sinks As Sales Drop Post-Fukushima – – Forbes, 4 Aug 11, As the nuclear energy and uranium businesses recover from the crisis that was the Fukushima Daiichi accident in Japan, Cameco posted second-quarter earnings that reveal big drops in revenue and profit. Despite hitting expectations, Cameco’s earnings sparked a sell-off given a more bearish look on their industry, ….. Continue reading
Setsuden – Japan finds an nuclear power replacement that might change the world
setsuden – the Japanese word for power conservation…..As setsuni continues to pare back the power requirements of the Japanese economy, maybe the country won’t need the power from the 54 reactors that it might mothball by next year.
If so, setsuden isn’t just an energy solution for Japan..
Setsuden poised to replace nuclear power in Japan, JEFF RUBIN. Globe and Mail, August 3, 2011 Japanese Prime Minister Naoto Kan was recently quoted as seeing the country as a nuclear-free nation. But unlike similar pronouncements from Germany, which pledges to be nuclear-free by 2022, Japan may become nuclear free literally within a year. Continue reading
Uranium company abandons acid leach plan mining in Australian National Park
Bad news for uranium sector, good news for Kakadu National Park, Scott Ludlam, August 4th, 2011. The Australian Greens today welcomed the news Energy Resources Australia have abandoned plans to introduce acid heap leaching at the Ranger Uranium Mine within Kakadu National Park.
Senator Scott Ludlam said the decision by ERA – majority owned by Rio Tinto – to ditch the plan at their board meeting yesterday was welcome news, and casts a long shadow over the viability of the controversial mine.
“The plan to build a heap leach plant on the Ranger lease was opposed by\Traditional Owners, shareholders, business analysts, environmental advocates and mining experts. This is a win for good sense. “Ranger Uranium Mine has been an ongoing debacle with water seepage ana history of accidents. The Mirarr people – Traditional Owners of the site – and the broader Australian community want Kakadu protected. Ultimately the best way to do that will be the orderly shut-down of the uranium industry,” said Senator Ludlam.
Last year the Office of the Supervising Scientist told a Senate estimates hearing that contaminated water seeping from the Ranger uranium mine in Kakadu National Park had a uranium concentration about 5,400 times the normal level. The environmental regulator told the hearing that about 100,000 litres of water was seeping from the tailings dam every day.
Why Britain’s new nuclear plant might never get built
the most extraordinary thing in this whole saga is that the companies are going ahead without knowing how much this 1,600MW power station will cost.
Hinkley C – Somerset’s nuclear money pit?, byJohn Vidal 1 August 2011 guardian.co.uk Uncosted, unapproved, and unwanted: why Britain’s new nuclear plant may never get built French state-owned power company EDF has been given permission to start the pre-construction of “Hinkley C”, the third nuclear power station on the Somerset coast of the Bristol channel. Continue reading
Florida’s new nuclear plants – costs escalating
Rising cost of Florida’s new nuclear power getting scrutiny Customer groups ask state regulators to require FPL and Progress Energy to answer how much new nuclear plants will cost and when they’ll be built, Miami Herald, Mary Ellen Klas, 1 August 11, TALLAHASSEE –– For the past two years, customers of Florida’s largest electric companies have been paying to build new nuclear power plants that have an escalating price tag and no guarantee of completion.Attorneys for consumers and the state’s largest electricity users told the Public Service Commission on Monday to demand answers from the utilities…..
The Office of Public Counsel also wants the PSC to impose stronger standards on how FPL calculates its costs. It said that the cost of expanding its nuclear capacity at its Turkey Point plant has escalated from $1.4 billion to $1.8 billion in the last year, but the company makes the project appear more cost effective by not including what it has already spent on the project……http://www.miamiherald.com/2011/08/01/2340842/rising-cost-of-floridas-new-nuclear.html
The huge extent of the nuclear radiation costs at Fukushima Prefecture
The Truth About Nuclear Power: Japanese Nuclear Engineer Calls for Abolition Koide Hiroaki Introduction and translation by Sakai Yasuyuki and Norimatsu Satoko,1 August 11,“…….The government has also been forcing plant workers and local residents to sacrifice without making clear who is responsible. They have raised the radiation dose limit for the workers at Fukushima Daiichi. They have also raised radiation dose limits for local residents in deciding on compulsory evacuation.
Are they really allowed to do such things? I find myself at a loss when I think about the true scale of the damage caused by the Fukushima Daiichi accidents.If we apply the current Japanese law strictly, we would have to abandon an area that would be as large as the whole prefecture of Fukushima.
The only way to avoid this is to raise the radiation dose limit for residents, and that would mean forcing increased radiation exposure on residents.I think that primary industry will suffer tremendously. Agriculture and fishery among others will have difficulty selling their produce and their catch. Residents will be forced out of their homeland and their lives will be shattered.
Some say we should make TEPCO pay proper compensation. But no matter what they pay, or even if they pay to the extent that they go bankrupt, it will not be sufficient. Even if TEPCO goes bankrupt multiple times, it will not be enough. The damage from the accident will be so enormous that even the whole country of Japan going bankrupt might not pay for it. This of course is if they are really going to pay for the damage.
The Truth About Nuclear Power: Japanese Nuclear Engineer Calls for Abolition :: JapanFocus
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