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Old nuclear plants have low market value, new ones not viable

..Constellation’s finances have stabilized but demand for electric power has fallen, reducing not only the market value of old power plants but the viability of building new ones.

Constellation’s fallout with French firm unfortunately the new business as usual, The Washington Post, By Steven Pearlstein, October 14, 2010 If you were looking for an example of the erosion in standards of business behavior, you couldn’t do better than the story of Constellation Energy and its recent falling-out with the French nuclear energy company EDF….. Continue reading →

October 15, 2010 Posted by | business and costs, USA | , , , , , , , | Leave a comment

Nuclear “renaissance” looking riskier than ever, with cancellation of Maryland plant

There’s no gainsaying that nuclear construction projects are looking riskier all the time, especially in the United States, where many factors have conspired to spoil dreams of a big nuclear renaissance: declining energy demand since the onset of the global economic crisis (down 4 percent since 2007 in the States); plummeting natural gas prices (down almost half from what they were a few years ago); collapsing prospects for enactment of a U.S. climate bill (which would have raised the costs of fossil-fuel-generated electricity); and soaring reactor construction costs (with EDF’s current reactor 40 or 50 percent more expensive than originally billed).

Cancellation of Maryland Plant Delivers Double Whammy IEEE Spectrum:  Bill Sweet , October 13, 2010 Continue reading →

October 14, 2010 Posted by | business and costs, USA | , , , , , , , , | Leave a comment

France’s EDF takes share loss, with cancellation of USA project

EDF shares fall on nuclear news The Daily Record, , October 11, 2010By Associated Press PARIS — Shares in Electricite de France SA slid Monday after the French state-owned utility’s U.S. partner, Constellation Energy Group, pulled out of a project to build the first of a new generation of nuclear power plants in Maryland.

The announcement dealt a serious setback to EDF’s ambitions to lead a nuclear renaissance in the United States. The company is the world’s largest electric power producer.EDF shares slipped as much as 1.5 percent in early trading and midafternoon were down 1.1 percent at $43.43 on the Paris stock exchange — and were the biggest loser on the benchmark CAC-40 index.
An EDF spokeswoman said the future of the multibillion-dollar Calvert Cliffs 3 plant project is unclear after Baltimore-based Constellation said it would drop out over risks linked to the high cost of a $7.5 billion loan guarantee… » EDF shares fall on nuclear news

October 12, 2010 Posted by | business and costs, France | , , | Leave a comment

Ratepayers, not shareholders, cop the cost of Georgia’s planned nuclear reactors

[Georgia’s nuclear] project is receiving other assistance that was not available to the Calvert Cliffs project: Construction Work in Progress financing, or CWIP. This is a scheme that allows Southern Company/Georgia Power to begin charging ratepayers for the reactors even before they’re built.   Maryland law does not allow CWIP.

Nuclear project cancellation leaves Georgia standing alone, FACING SOUTH, 11 Oct 10, Apparently even billions of dollars in loan guarantees from the federal government are not enough to help the nuclear industry overcome the financial risks of building new reactors……. Continue reading →

October 12, 2010 Posted by | business and costs, USA | , , , | 2 Comments

Nuclear power’s high costs make nuclear socialism essential

the all-in cost of a 2-gigawatt nuclear plant including financing running around $20 billion to $25 billion — in other words, $10 or more per watt. Financing costs are important to include because plants take years to erect: even a one percent loan on a $8 billion project adds up. As a result, the high price results in nuclear socialism, … because plants will always need state support.

How Much Does Nuclear Cost? $6,000 a Kilowatt or More, Greentech Media, 11 Oct 10, Constellation’s bid to get government backing sheds some light on the high cost of nuclear.

How much is that nuclear reactor in the window? Continue reading →

October 12, 2010 Posted by | 2 WORLD, business and costs | , , , , | Leave a comment

Constellation Energy about to kill nuclear reactor project

Constellation Energy says loan backstop too costly,  MontereyHerald.com :By DANIEL WAGNER 10/10/2010 WASHINGTON—Constellation Energy Group Inc. says it won’t tap a government program necessary to build a new nuclear plant in Maryland, in a move likely to kill the project, according to a published report on Sunday.The U.S. Department of Energy’s loan guarantee came with “unworkable” terms and an “unreasonably burdensome” cost, Constellation said Saturday, according to a report by The Wall Street Journal……..The government guarantee was necessary for Constellation to finance the planned Calvert Cliffs 3 plant in Calvert County, Md. Lenders require developers of nuclear sites to obtain the guarantee. The projects are too costly and high-risk to qualify for regular loans…….. Constellation Energy says loan backstop too costly – MontereyHerald.com :

October 11, 2010 Posted by | business and costs, USA | , , , , , , | Leave a comment

Growing focus on renewable energy investment in Asia

“There is a realization that renewable energy is no longer a trendy fad,” It is actually something that has proven to work, proven to be financially viable and it is a sector that is maturing rapidly.

Betting big on renewables The Asset July / August 2010 by Chito Santiago As several countries across Asia are plugging their infrastructure gaps, particularly in the power sector, much attention is focussed on renewable sources of energy. Sponsors, both domestic and foreign, as well as investors and financiers, are pouring into the region looking for various opportunities in wind, solar, waste, water and hydropower projects. Continue reading →

October 5, 2010 Posted by | ASIA, business and costs | , , , , , , , | Leave a comment

Insurance for losses related to nuclear reactors – no way!

it is very clear that general insurance will not cover coastal property owners from losses related to nuclear plants.

NO INSURANCE FOR COASTAL – or any – PROPERTY NEAR NUCLEAR REACTORS | Coalition Against Nuclear Energy 4 oct 10, Energy Minister Dupuo Peters said that by the time a nuclear plant was constructed in SA, this country would not be able to afford enriched uranium.She also raised the valid point that coastal homes would be affected, since nuclear power plants would be built on the coast. Continue reading →

October 4, 2010 Posted by | business and costs, South Africa | , , , , , , , , | Leave a comment

South Africa says no to South Korea nuclear power deal

S.Africa will not sign S.Korea nuclear power deal: official, Google hosted news, (AFP) 4 Oct 10, JOHANNESBURG — South Africa said Sunday it would not sign an agreement with South Korea to design and build nuclear power plants in the African country, dismissing an earlier report, the foreign ministry said.South Africa’s Deputy President Kgalema Motlanthe is due in Seoul on Friday “to discuss our bilateral relations in general”, spokesman Saul Molobi for the foreign ministry said.”Motlanthe is not going to sign any deal… We are not going to discuss any possibility for South Africa to buy a nuclear plant,” he added.

AFP: S.Africa will not sign S.Korea nuclear power deal: official

October 3, 2010 Posted by | business and costs, South Africa | , | Leave a comment

Nuclear finance squabble as France’s debt-laden EDF in dispute with USA’s Constellation

Moving up a long way in funky financing, state-to-state bilateral deals in the nuclear power sector are now in high gear. Amounts in play are usually well above US $ 10 billion per project, and very complex mix-and-mingle methods and processes are used for their financing

From Put Options to Development Aid The French EDF ex-monopoly electricity supplier with the biggest number of nuclear reactors of any traded power company in the world, also the most debt-laden traded company in France, and with a share price down about 25% through Jan-Aug 2010, is using financial engineering to keep a foothold in the US nuclear power market. Continue reading →

September 30, 2010 Posted by | business and costs, USA | , , , , , , | Leave a comment

Financing the Nuclear Resuscitation will bring about Global Debt

Financing the Nuclear Renaissance in 2010-2020 will almost surely shift to international and multilateral debt financing methods. The IMF will surely be there, and all creative methods will have a look-in to using nuclear power plants as the underlying security in a vast new upsurge in global debt trading. –

Sovereign Debt to Global Debt The UN’s Nuclear Suppliers Group has an impressive 45-nation list of supposed nuclear equipment and service suppliers, but these include countries like Iceland, Malta, Croatia, Cyprus and Romania, everyone short of the Vatican. Continue reading →

September 30, 2010 Posted by | 2 WORLD, business and costs | , , , | Leave a comment

Costs are looking like the killer for the nuclear industry

Critics such as Mark Cooper at the University of Vermont say the real costs tend to range toward $7,000 to $10,000 per kilowatt. State support of these projects turns into “nuclear socialism,” Cooper says. Amory Lovins of the Rocky Mountain Institute says costs have escalated beyond what proponents claim.

Cost remains a huge problem for the nuclear industry. : Greentech Media,  Michael Kanellos, 29 Sept, 10 The MIT report estimates that overnight cost — i.e., the cost of a plant minus financing during construction — is around $4,000 a kilowatt, compared to $2,300 per kilowatt for natural gas and $850 for coal. A nuclear facility at this level could produce power for 8.4 cents per kilowatt hour compared to 6.2 cents per kilowatt hour for  coal and 4.2 cents to 8.7 cents for natural gas…….. Continue reading →

September 29, 2010 Posted by | business and costs, USA | , , , , , | Leave a comment

French nuclear empire in retreat as EDF pulls out of Suez

THE NUCLEAR RETREAT –  GDF Suez pulls out of French EPR project throwing French nuclear expansion into doubt Beyond Nuclear -September 23, 2010 GDF Suez, the second largest utility in France, has withdrawn from the newest nuclear reactor project there. GDF Suez, 35% state-owned, was a partner with the leading – and fully government-owned – French utility, EDF in the new reactor construction project planned at Penly on the north coast. But despite shouldering 25% of the financing, Suez was prevented by EDF from operating the reactor, a role reserved for EDF. Suez depended on operating experience to market its expertise overseas. The withdrawal marks another blow to the French EPR reactor project already suffering from huge delays and cost over-runs at its French and Finnish construction sites.

Beyond Nuclear – THE NUCLEAR RETREAT – GDF Suez pulls out of French EPR project throwing French nuclear expansion into doubt

September 29, 2010 Posted by | business and costs, MIDDLE EAST | , , , , , , , | Leave a comment

Uranium shares plunge due to Al-Qaida terrorism in Niger

on September 16, forces associated with al-Qa’ida kidnapped the seven people employed by French uranium company Areva and its contractor, Vinci, from the town of Arlit in Niger’s uranium mining region.Areva has subsequently evacuated expatriate personnel and France has dispatched anti-terrorism forces to the region……

NGM Resources shares fall as Paladin bid is threatened * Michael Bennet  The Australian * September 29, 2010 NGM Resources shares today plunged 43 per cent on the likelihood Paladin Energy’s takeover offer will fall through… Continue reading →

September 29, 2010 Posted by | business and costs, Niger | , , | Leave a comment

Electricite de France trying to salvage failed USA nuclear venture

EDF fell 0.1 percent to close at 31.69 euros in Paris. The shares are down 24 percent this year….Constellation was spending $1 million a day on design work for the proposed plant in Lusby, Maryland, adjacent to its Calvert Cliffs reactors. It cut spending and staff after the loan guarantee failed to materialize, costs rose, power demand fell, and the price of natural gas, a competing fuel for power generation, tumbled,

DF, Constellation in Talks to Save U.S. Nuclear Venture By Tara Patel, Jeffrey McCracken and Jim Polson – Sep 25, 201 (Bloomberg) — Electricite de France SA, Europe’s biggest utility, and Constellation Energy Group Inc. are in talks to avoid the collapse of their U.S. nuclear venture, according to two people with knowledge of the discussions. Continue reading →

September 28, 2010 Posted by | business and costs, USA | , , , , , | Leave a comment

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