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Rolls Royce to cut thousands of jobs

Rolls-Royce is expected to cut thousands of jobs as it launches a dramatic
turnaround plan to save costs. New chief executive Tufan Erginbilgic, who
has described the aero-engineering giant as a “burning platform” that
needs to reform to survive, has parachuted in consultants led by McKinsey
to advise on streamlining the company. Plans to merge departments could cut
10 per cent of the company’s approximately 30,000 non-manufacturing
staff, one consultancy source said. Part of the programme will involve
merging its non-manufacturing departments in each of Rolls’s civil
aerospace, defence and power systems divisions.

 Times 27th May 2023

https://www.thetimes.co.uk/article/rolls-royce-prepares-to-swing-the-axe-on-jobs-phlxmxbnk

May 29, 2023 Posted by | business and costs, UK | Leave a comment

Point Lepreau nuclear power station – too many expensive shutdowns

Ongoing Lepreau maintenance outage is 5th since 2018 to go over budget.

N.B. Power told to get more ‘realistic’ about its nuclear planning and budgeting

Robert Jones · CBC News · May 24, 2023 

N.B. Power is finding itself mired in another slow-moving and pricey maintenance shutdown at the Point Lepreau nuclear generating station after a faulty seal on a pump delayed a restart of the plant last week.

It’s the fifth planned outage at the station since 2018 to hit delays and go over its budget. 

The recurring problem is one that an outside review blames largely on optimism inside N.B. Power that maintenance work at the station will go according to plan — despite years of experience showing it rarely does…………………..

Previous planned outages that dragged on longer than expected in 2018, 2019, 2020 and 2022 cost N.B. Power a combined $202 million more than expected, worsening its already fragile finances.

Utility’s struggles linked to Lepreau maintenance problems

A recent Price Waterhouse Coopers Canada review of N.B. Power operations found planned maintenance outages at Lepreau that went poorly have been a key contributor to the utility’s financial struggles. 

It blamed much of that on rosy expectations inside N.B. Power that fixing issues at the plant will go better in the future than it has in the past……………………………………. more https://www.cbc.ca/news/canada/new-brunswick/lepreau-maintenance-outage-1.6852499

May 26, 2023 Posted by | business and costs, Canada | Leave a comment

French defense minister opposes American takeover of nuclear firm

Economy ministry makes the final ruling.

BY GIORGIO LEALI, MAY 24, 2023 https://www.politico.eu/article/french-defense-ministry-to-block-american-takeover-of-nuclear-firm/

PARIS — France’s defense minister Sébastien Lecornu said he would veto the takeover of nuclear-submarine parts supplier Segault by American industrial machinery giant Flowserve.

“The defense ministry will veto the loss of operational control over company Segault,” Lecornu told French lawmakers Tuesday evening. “I never announced it publicly, but it’s done,” he said.

“For us it’s simple: we don’t want Segault to be controlled by an American company,” said an official from the defense ministry who was not authorized to be named.

France’s economy ministry, which has the final word on the file, was however quick to stress that no decision had been made. “The foreign investment screening procedure is ongoing,” said a French economy ministry spokesperson, declining to comment on the potential outcome.

While the defense ministry participates in the decision-making, the French economy ministry makes the final ruling.

France-based Segault is currently owned by Canada’s industrial valves group Velan, which is being bought by American industrial machinery giant Flowserve. If the deal goes through, Segault would become American-controlled, raising concerns in Paris’ halls of power that Washington would then have access to strategic French technology.

Paris last month confirmed that it was looking for a French buyer, as the file turned into a test of France’s industrial sovereignty ambitions.

Segault supplies components for nuclear-propelled submarines built by state-owned shipbuilder Naval Group and also makes industrial valves that are used on France’s flagship Charles de Gaulle aircraft carrier.

May 26, 2023 Posted by | business and costs, France | Leave a comment

America’s Wars and the US Debt Crisis

To surmount the debt crisis, America needs to stop feeding the Military-Industrial Complex, the most powerful lobby in Washington.

JEFFREY D. SACHS, May 20, 2023, Common Dreams https://www.commondreams.org/opinion/military-spending-debt-crisis

In the year 2000, the U.S. government debt was $3.5 trillion, equal to 35% of the Gross Domestic Product (GDP). By 2022, the debt was $24 trillion, equal to 95% of GDP. The U.S. debt is soaring, hence America’s current debt crisis. Yet both Republicans and Democrats are missing the solution: stopping America’s wars of choice and slashing military outlays.

Suppose the government’s debt had remained at a modest 35% of GDP, as in 2000. Today’s debt would be $9 trillion, as opposed to $24 trillion. Why did the U.S. government incur the excess $15 trillion in debt?

The single biggest answer is the U.S. government’s addiction to war and military spending. According to the Watson Institute at Brown University, the cost of U.S. wars from fiscal year 2001 to fiscal year 2022 amounted to a whopping $8 trillion, more than half of the extra $15 trillion in debt. The other $7 trillion arose roughly equally from budget deficits caused by the 2008 financial crisis and the Covid-19 pandemic

Facing down the military-industrial lobby is the vital first step to putting America’s fiscal house in order

To surmount the debt crisis, America needs to stop feeding the Military-Industrial Complex (MIC), the most powerful lobby in Washington. As President Dwight D. Eisenhower famously warned on January 17, 1961, “In the councils of government, we must guard against the acquisition of unwarranted influence, whether sought or unsought, by the military-industrial complex. The potential for the disastrous rise of misplaced power exists and will persist.” Since 2000, the MIC led the U.S. into disastrous wars of choice in Afghanistan, Iraq, Syria, Libya, and now Ukraine.

The Military-Industrial Complex long ago adopted a winning political strategy by ensuring that the military budget reaches into every Congressional district. The Congressional Research Service recently reminded Congress that, “Defense spending touches every Member of Congress’s district through pay and benefits for military servicemembers and retirees, economic and environmental impact of installations, and procurement of weapons systems and parts from local industry, among other activities.” Only a brave member of Congress would vote against the military-industry lobby, yet bravery is certainly no hallmark of Congress.

America’s annual military spending is now around $900 billion, roughly 40% of the world’s total, and greater than the next 10 countries combined. U.S. military spending in 2022 was triple that of China. According to Congressional Budget Office, the military outlays for 2024-2033 will be a staggering $10.3 trillion on current baseline. A quarter or more of that could be avoided by ending America’s wars of choice, closing down many of America’s 800 or so military bases around the world, and negotiating new arms control agreements with China and Russia.

Yet instead of peace through diplomacy, and fiscal responsibility, the MIC regularly scares the American people with a comic-book style depictions of villains whom the U.S. must stop at all costs. The post-2000 list has included Afghanistan’s Taliban, Iraq’s Saddam Hussein, Syria’s Bashar al-Assad, Libya’s Moammar Qaddafi, Russia’s Vladimir Putin, and recently, China’s Xi Jinping. War, we are repeatedly told, is necessary for America’s survival.

A peace-oriented foreign policy would be opposed strenuously by the military-industrial lobby but not by the public. Significant public pluralities already want less, not more, U.S. involvement in other countries’ affairs, and less, not more, US troop deployments overseas. Regarding Ukraine, Americans overwhelmingly want a “minor role” (52%) rather than a “major role” (26%) in the conflict between Russia and Ukraine. This is why neither Biden nor any recent president has dared to ask Congress for any tax increase to pay for America’s wars. The public’s response would be a resounding “No!”

While America’s wars of choice have been awful for America, they have been far greater disasters for countries that America purports to be saving. As Henry Kissinger famously quipped, “To be an enemy of the United States can be dangerous, but to be a friend is fatal.” Afghanistan was America’s cause from 2001 to 2021, until the U.S. left it broken, bankrupt, and hungry. Ukraine is now in America’s embrace, with the same likely results: ongoing war, death, and destruction.

The military budget could be cut prudently and deeply if the U.S. replaced its wars of choice and arms races with real diplomacy and arms agreements. If presidents and members of congress had only heeded the warnings of top American diplomats such as William Burns, the U.S. Ambassador to Russia in 2008, and now CIA Director, the U.S. would have protected Ukraine’s security through diplomacy, agreeing with Russia that the U.S. would not expand NATO into Ukraine if Russia also kept its military out of Ukraine. Yet relentless NATO expansion is a favorite cause of the MIC; new NATO members are major customers of U.S. armaments.

The U.S. has also unilaterally abandoned key arms control agreements. In 2002, the U.S. unilaterally walked out of the Anti-Ballistic Missile Treaty. And rather than promote nuclear disarmament—as the U.S. and other nuclear powers are required to do under Article VI the Nuclear Non-Proliferation Treaty—the Military-Industrial Complex has sold Congress on plans to spend more than $600 billion by 2030 to “modernize” the U.S. nuclear arsenal.

Now the MIC is talking up the prospect of war with China over Taiwan. The drumbeats of war with China are stoking the military budget, yet war with China is easily avoidable if the U.S. adheres to the One-China policy that properly underpins U.S.-China relations. Such a war should be unthinkable. More than bankrupting the U.S., it could end the world.

Military spending is not the only budget challenge. Aging and rising healthcare costs add to the fiscal woes. According to the Congressional Budget Office, debt will reach 185 percent of GDP by 2052 if current policies remain unchanged. Healthcare costs should be capped while taxes on the rich should be raised. Yet facing down the military-industrial lobby is the vital first step to putting America’s fiscal house in order, needed to save the U.S., and possibly the world, from America’s perverse lobby-driven politics.

May 25, 2023 Posted by | business and costs, USA, weapons and war | 1 Comment

USA pours $billions into Poland, in effort to market USA’s small and large nuclear reactors to Europe

The Road to US Nuclear Energy Revival May Run through Warsaw

BY Matt Bowen , Sagatom Saha • MAY 23, 2023

United States civil nuclear diplomacy is back on the move. Last month, the Export–Import Bank of the United States (EXIM) and the Development Finance Corporation (DFC) announced financing of up to $3 billion and $1 billion, respectively, to deploy US small modular reactors (SMRs) in Poland.[1] SMRs—smaller, more uniform designs intended to be factory-manufactured to lower nuclear energy costs—have benefited from congressional support and interagency interest in the Biden administration. This follows the Trump administration’s reversal of a legacy prohibition on DFC funding of US nuclear energy exports.

United States civil nuclear diplomacy is back on the move. Last month, the Export–Import Bank of the United States (EXIM) and the Development Finance Corporation (DFC) announced financing of up to $3 billion and $1 billion, respectively, to deploy US small modular reactors (SMRs) in Poland.[1] SMRs—smaller, more uniform designs intended to be factory-manufactured to lower nuclear energy costs—have benefited from congressional support and interagency interest in the Biden administration. This follows the Trump administration’s reversal of a legacy prohibition on DFC funding of US nuclear energy exports………..

The Polish Opportunity

With EXIM Bank and DFC having just signed letters of intent to support the deployment of the GE-Hitachi BWRX-300 SMR with Orlen Synthos Green Energy as the most recent example,[3] Poland has been the epicenter of the revival of US commercial nuclear diplomacy.

The 2020 US-Poland Intergovernmental Agreement (IGA) on nuclear energy cooperation[4] was a political commitment, and in 2021 the US Trade and Development Agency funded a front-end engineering (FEED) study for potential deployment of a AP1000 nuclear power plant.[5] These developments likely facilitated Poland’s selection of the Westinghouse AP1000 for large reactor builds in 2022.[6]

Separately, Poland-headquartered mining company KGHM announced a plan in 2023 to deploy modular reactors designed by the US company NuScale Power, and in April submitted an application to the Polish Ministry of Climate and Environment to build NuScale SMRs in Poland.[7]

Successfully deploying both large-scale reactors and SMRs in Poland could accelerate progress throughout a region (Romania, Slovakia, Estonia, Czech Republic, and Ukraine) that has coal plants in need of retirement by mid-century to meet decarbonization goals. Poland’s neighbors have, in some cases, handshake agreements to adopt US nuclear technologies. For example, at the 2021 United Nations Climate Change Conference in Glasgow, US special presidential envoy for climate John Kerry and Romanian president Klaus Iohannis jointly announced Romania’s intention to build NuScale SMRs. A May 2023 announcement at the G7 Leaders’ Summit included support for the Romanian SMR project of up to $275 million from the United States, Japan, Republic of Korea, and United Arab Emirates, as well as Letters of Interest issued by EXIM and DFC for potential support of up to $3 billion and $1 billion for project deployment – similar to potential package for Poland.[8] US diplomatic efforts also contributed to the Czech Republic at least excluding Russian and Chinese companies from a tender to build a new reactor that will entail roughly $6.6 billion of investment into the country.[9]

Financing the Deal

For all of the announcements, there are no done deals just yet. Part of Russia’s competitive edge in the past has stemmed from the ability of Rosatom, its state-owned enterprise, to offer a “one-stop shop” including favorable financing terms that private sector companies cannot match alone.[10] The United States will ultimately have to grapple with this challenge if it expects to be competitive in international markets.

To date, the US playbook in Poland has consisted of an IGA demonstrating US political commitment and an intent to finance; funding for FEED work from USTDA; and now, letters of intent from EXIM Bank and DFC. The process has been improvised and tactical, but it could be replicated elsewhere as part of a long-term, sustainable approach. The missing piece at the end—US government financing agencies’ ability to quickly finalize deals—could make the difference, especially as the United States competes with Russia and China for reactor supply deals.

The US may be able to improve the efficiency and terms of its reactor export financing offers to other countries through measures such as:…………………………………………………more https://www.energypolicy.columbia.edu/the-road-to-us-nuclear-energy-revival-may-run-through-warsaw/

May 25, 2023 Posted by | marketing, USA | Leave a comment

Nuclear power won’t help Maine reach its clean-energy goals

The industry lobby is promoting a renewed call for investments in nuclear technology, but there are less complex, more affordable choices.

BY GERRY RUNTESPECIAL TO THE PRESS HERALD https://www.pressherald.com/2023/05/24/commentary-nuclear-power-wont-help-maine-reach-its-clean-energy-goals/

In Maine and in state legislatures across the nation, the nuclear industry lobby is promoting a renewed call for investments in nuclear technology as a source of clean energy. In the Maine Legislature, there have been three bills this session – L.D. 486, L.D. 689 and L.D. 1549 – that would promote nuclear power plants in our state.

While it’s important that Maine pursues solutions to provide affordable, clean energy, nuclear power isn’t the answer – and likely never will be.

Since launching my career in the energy industry in 1975, I have repeatedly witnessed campaigns heralding the pending emergence of nuclear power.

In the mid-’70s, there was a promise that 1,000 reactors would be up and running by 2000, producing power “too cheap to meter.” As recently as a decade ago, the U.S. was reportedly again on the cusp of a nuclear renaissance. But this renaissance and other, earlier predictions never materialized. In this latest campaign, the spotlight is on small modular reactor technology.

However, there is no market for commercial nuclear power plants in this country, and there has not been one for 30 years, if ever. Only one new nuclear site, Plant Vogtle in Georgia, has been built on American soil since the mid-1980s. Public apprehension, concerns over nuclear waste and the environmental movement are often cited as reasons that nuclear energy hasn’t lived up to expectations. But none of these issues has been the real roadblock to the construction of nuclear plants – it has just been plain old economics.

Commercial nuclear power is a business, and like all businesses, it requires a market-competitive, customer-appealing product. The hard truth is that when a product isn’t financially viable and there are more cost-effective alternatives available, market demand evaporates. Nuclear power has failed in the competitive market of electricity generation, where there are less complex, more affordable choices.

Vogtle is expected to start operations this year, six years behind schedule. Its total cost is at least $35 billion, more than double the original projections. And its electricity will cost several times more than its most expensive alternative. Vogtle is by no means unique in this regard; similar plants in France and Finland that have started operations in the last few months have experienced the same exorbitant costs and late delivery. Vogtle is just the most recent example of nuclear technology consistently falling short of lofty expectations.

Will small modular reactors change this narrative? No matter the kind of nuclear plant, all units require an operating license from the U.S. Nuclear Regulatory Commission, a grueling process that can span decades. To date, only three developers of small modular nuclear technology have initiated an application with the NRC. The one company making the most progress, NuScale, started its application in 2009, yet it is still roughly a decade from completion. Earlier this year, NuScale declared delivery setbacks and a doubling of projected costs that may already be uncompetitive. It seems inevitable that their costs will continue to climb and delays will stretch further – a familiar refrain.

A few experimental, small, liquid sodium-cooled fast breeder reactors are also being promoted. Despite research into this technology dating back to the early 1950s, commercial success has yet to be achieved. These “fast” reactors are even further away from becoming commercially viable than the three that have already filed applications with the NRC.

Maine will undoubtedly need more clean and affordable electricity sources as we head into the future, and there are a variety of technologies that should be considered as we build our portfolio. Those options include technologies that are nearing commercialization and offer credible delivery and affordable electricity without the baggage of nuclear power.

It’s important that the state not be swayed by this most recent campaign promising cheap nuclear electricity just over the horizon. It was just over the horizon 50 years ago, and will remain just over the horizon 50 years from today.

May 25, 2023 Posted by | business and costs, USA | 1 Comment

Director General Grossi Highlights China as Indispensable IAEA Partner, Leader in Nuclear Energy

IAEA Joanne Liou, IAEA Office of Public Information and Communication, 24 May 23

As the IAEA supports efforts to accelerate the contribution of atomic energy to peace, health and prosperity around the world, China is an indispensable partner in this endeavour, said Rafael Mariano Grossi, IAEA Director General, at the start of a week-long visit to China. Mr Grossi is meeting with several high-level officials and visiting nuclear facilities and institutions in Beijing, Shanghai and Shandong, during his first official visit to the country. 

“China is one of the IAEA’s most important partners and a global leader in nuclear energy,” Mr Grossi said. “This week’s agenda will cover the remarkable progress of China’s nuclear energy programme, cooperation in nuclear applications and indispensable exchanges on non-proliferation and nuclear safety.” China has more than 50 operational nuclear power units and 24 are under construction. By 2035, China’s nuclear power generation will account for 10 per cent of the country’s electricity generation, according to the latest Blue Book of China Nuclear Energy Development Report.

On Monday, Mr Grossi and other IAEA officials signed several agreements at the China Atomic Energy Authority (CAEA), which reflect the diverse scope of work between the IAEA and China. The agreements will strengthen cooperation on small modular reactors, nuclear fusion, and nuclear data, fuel cycle and waste management, as well as communication activities……………………………………………. more https://www.iaea.org/newscenter/news/director-general-grossi-highlights-china-as-indispensable-iaea-partner-leader-in-nuclear-energy

May 25, 2023 Posted by | business and costs, China | Leave a comment

Romania to be a guinea pig for NuScam’s small nuclear reactor folly

Romania’s NuScale SMR plan gets USD275 million boost WNN 22 May 2023

Funding of up to USD275 million to advance the deployment of a NuScale Power Corporation VOYGR small modular reactor (SMR) plant in Romania was announced at the G7 leaders’ summit by the USA and “multinational public-private partners” from Japan, South Korea and the United Arab Emirates.

……………… EXIM and the US International Development Finance Corporation also issued Letters of Interest for “potential financial support of up to USD3 billion and USD1 billion, respectively, for project deployment”. The announcement was part of the G7 Leaders’ plan to “mobilise USD600 billion in infrastructure investments under the Partnership for Global Infrastructure and Investment”.

……………………… John Hopkins, NuScale Power president and CEO, said: “Support from the Biden Administration and international partners is a signal to energy markets around the world that NuScale SMRs are an important new technology solution to global decarbonisation and that Romania has the capabilities and experience to support its deployment … we are thrilled public-private partnerships are helping deploy our leading SMR technology as soon as 2029.”………………..  https://www.world-nuclear-news.org/Articles/NuScale-s-Romanian-SMR-plan-gets-USD275-million-bo

May 24, 2023 Posted by | 2 WORLD, marketing | Leave a comment

Damning critique of Rolls Royce

The new chief executive of Rolls-Royce has delivered another damning
critique of its performance, saying that one of its core divisions has been
“grossly mismanaged”. Tufan Erginbilgic, 63, took the top job at the
aerospace and engineering group at the start of this year and weeks later
infamously described the group as a “burning platform”. In his latest
broadside, the former BP executive took aim at the performance of its power
systems division, which makes diesel and gas engines for use in
superyachts, trains and mining lorries, and for back-up power generation.

 Times 22nd May 2023

https://www.thetimes.co.uk/article/rolls-royce-core-division-has-been-mismanaged-says-tufan-erginbilgic-nf2g7nbbm

May 23, 2023 Posted by | business and costs, UK | Leave a comment

Finnish nuclear plant throttles production as electricity price plunges

Electricity production must also be profitable for nuclear power plants, according to the facility’s operator Teollisuuden Voima (TVO).

The output of Finland’s newest nuclear power facility, Olkiluoto 3, has been
significantly cut back because electricity has become too cheap, according
to the plant’s owner, Teollisuuden Voima (TVO).

“Electricity productionmust also be profitable for nuclear power plants, and when the price is
particularly low, there may be situations where output is limited,” TVO
communications manager, Johanna Aho, said. Early on Wednesday the market
price for electricity dropped below zero cents per kilowatt-hour (kWh) and
for hours after that the price was only 0.3 cents per kWh at its highest,
according to the country’s grid operator, Fingrid.

 YLE 17th May 2023

https://yle.fi/a/74-20032375?s=09

May 19, 2023 Posted by | business and costs, Finland | Leave a comment

Should SC have canceled Plant Summer? Yes, and Ga. should have canceled, too

 https://www.postandcourier.com/columbia/opinion/should-sc-have-canceled-plant-summer-yes-and-ga-should-have-canceled-too/article_a298d894-f34c-11ed-8647-cfd2ea480900.html By Patty Durand 17 My 23

In a recent Post and Courier opinion piece, author Kevin Fisher quoted an Atlanta Journal-Constitution headline, “Georgia Power began splitting atoms on Monday at one of its two new nuclear units at Plant Vogtle.” In his piece, he expressed regret that SCANA and Santee Cooper botched and then abandoned Plant Summer, costing ratepayers about $9 billion while getting nothing in return.

It might seem logical to think that spending $9 billion for something you did not receive meant the decision to stop was wrong, but in the case of Plant Summer, it was absolutely the right decision. Rather than taking up space here, please type “sunk cost fallacy” into any search engine after you read this article.

People who wish South Carolina had not canceled Plant Summer must not realize how much trouble Georgians are in over the cost of Plant Vogtle. Now approaching $40 billion, it is the most expensive power plant ever built on earth.

As Georgia Power continues to rack up billions of dollars of cost overruns for Plant Vogtle, botched is hardly a strong enough word to describe this project. According to documents filed at the Georgia Public Service Commission prepared by independent construction monitors, issues plaguing the project include unachievable schedules, a culture of poor work inspections, failure to document progress, violation of IEEE standards and component failure rates of 80 percent. Failure to adopt lessons learned has also been a bedrock theme.

Although Georgia officials like to say zero carbon energy is a benefit of Plant Vogtle, let’s be clear: reduced carbon emissions were not why this plant was built. Georgia has no renewable energy goals and last July the Ga PSC authorized 2300 MW of new natural gas generation. Georgia doesn’t even track carbon emissions.

This plant happened because Georgia Power’s business model rewards capital investment, a perverse incentive that results in overbuilding and delivers rich profits. Georgia Power has already earned billions of dollars in early profits just for construction financing costs from riders on electricity bills. Once both reactors begin operating Georgia Power bills are expected to increase a shocking 20 percent for 60 years to pay for it.

For a state already in the top 10 for high power bills and energy poverty, these increases will be more than many people can bear.

Since South Carolina has half the population of Georgia, state officials knew that billions of dollars of cost overruns for Plant Summer would have been divided over a small number of customers and electricity rate increases would have been unbearable. That is why officials wisely canceled Plant Summer.

And look at what South Carolina has accomplished since Plant Summer was canceled: The 2014 landmark energy bill known as the Distributed Energy Resources (DER) program has flourished in ways it would not have with the heavy costs and distractions of building a nuclear power plant which crowds out other investments.

In 2023 South Carolina is a top 10 state for affordable electric bills and is ranked 13th nationally for rooftop solar. Georgia is the opposite: we are a top 10 state for most expensive electric bills and in 43rd place for rooftop solar — practically last. Rooftop solar is too expensive for almost everyone since Georgia officials do nothing to support it, so customers are forced to pay big electricity bills profiting Georgia Power. Once construction costs are added to the rates Georgia Power bills will become the highest in the nation because of Plant Vogtle. This is the fate South Carolina avoided by cancelling Plant Summer.

South Carolina officials who made the tough call to cancel Plant Summer in 2017 should be thanked for that decision. Utility officials who lied about Plant Summer’s progress were held accountable, while utility officials in Georgia similarly providing false schedule updates and cost estimates have had no accountability.

And by the way? The “splitting of atoms” at Plant Vogtle’s Unit 3 that began April 1 is no longer occurring. This unit shut down May 5, for the second time in the past month, for safety failures. Cost overruns continue.

Patty Durand is founder of Cool Planet Solutions and is a candidate for the Georgia Public Service Commission.

May 18, 2023 Posted by | business and costs, USA | Leave a comment

Finance for renewable energy

 The lessons learned from scaling up wind and solar technologies from an
expensive niche option to arguably the cheapest option for new electricity
generation can act as a framework for the continued growth of the energy
transition and its expansion to emerging economies. This is the conclusion
from a new report published this week by the International Renewable Energy
Agency (IRENA) launched in partnership with the Indian G20 Presidency
entitled “Low-Cost Energy Transition Finance”. The report focuses on
the need for low-cost finance to support the development of newer renewable
energy technologies such as green hydrogen, energy storage, and offshore
wind in both emerging market economies and advanced economies.

 Renew Economy 17th May 2023

Like solar and wind, batteries and green hydrogen need low-cost finance – and lots of it

 

May 18, 2023 Posted by | 2 WORLD, business and costs, renewable | Leave a comment

Biden is selling weapons to the majority of the world’s autocracies

Despite the White House’s rhetoric about supporting global democracy, the U.S. sold weapons in 2022 to 57 percent of the world’s authoritarian regimes.

Stephen Semler, May 11 2023, The Intercept

SINCE PRESIDENT JOE BIDEN came into office in 2021, he hasdescribed a “battle between democracies and autocracies” in which the U.S. and other democracies strive to create a peaceful world. The reality, however, is that the Biden administration has helped increase the military power of a large number of authoritarian countries. According to an Intercept review of recently released government data, the U.S. sold weapons to at least 57 percent of the world’s autocratic countries in 2022.

Since the end of the Cold War, the United States has been the world’s biggest weapons dealer, accounting for about 40 percent of all arms exports in a given year. In general, these exports are funded through grants or sales. There are two pathways for the latter category: foreign military sales and direct commercial sales.

The U.S. government acts as an intermediary for FMS acquisitions: It buys the materiel from a company first and then delivers the goods to the foreign recipient. DCS acquisitions are more straightforward: They’re the result of an agreement between a U.S. company and a foreign government. Both categories of sales require the government’s approval.

Country-level data for last year’s DCS authorizations was released in late April through the State Department’s Directorate of Defense Trade Controls. FMS figures for fiscal year 2022 were released earlier this year through the Pentagon’s Defense Security Cooperation Agency. According to their data, a total of 142 countries and territories bought weapons from the U.S. in 2022, for a total of $85 billion in bilateral sales.

How many of those countries were democracies, and how many were autocracies? That question can be answered by comparing the new U.S. arms sales data to political regime data from the Varieties of Democracy project at the University of Gothenburg in Sweden, which uses a classification system that’s called Regimes of the World.

The system classifies regimes into four categories: closed autocracy, electoral autocracy, electoral democracy, and liberal democracy. For a country to be classified as a democracy, it must have multiparty elections and political freedoms that make those elections meaningful. According to this methodology, the dividing line between democracies and autocracies is whether a country’s leaders are accountable to their citizens through free and fair elections.

Of the 84 countries codified as autocracies under the Regimes of the World system in 2022, the United States sold weapons to at least 48, or 57 percent, of them. The “at least” qualifier is necessary because several factors frustrate the accurate tracking of U.S. weapons sales. The State Department’s report of commercial arms sales during the fiscal year makes prodigious use of “various” in its recipients category; as a result, the specific recipients for nearly $11 billion in weapons sales are not disclosed…………………………  https://theintercept.com/2023/05/11/united-states-foreign-weapons-sales/

May 14, 2023 Posted by | business and costs, USA, weapons and war | Leave a comment

Counting the rising costs of Scotland’s nuclear testing facility

Alan Laird, 12 May 23
https://www.thenational.scot/community/23516945.counting-rising-costs-scotlands-nuclear-testing-facility/

HOW magnanimous of Andrew Bowie, Westminster’s Nuclear Minister, not to “impose nuclear power on Scotland” (The National, May 4), although he’s a bit late with that assurance. But never mind democracy, let’s look at the cost.

Dounreay was commissioned as a test facility in 1955 on our north coast – in other words, “let’s put it waaaay up there in case something goes wrong”.

The initial research reactor “went critical” – a not very reassuring term for “started working” – in 1958.

The Dounreay Fast Reactor started up in 1959 and shut down in 1977 after 15 years of operation. Its maximum output of 14MW was negligible.

A Fast-Breeder Reactor, now an abandoned technology, began supplying 250MW from 1975 till 1995, enough for about 48,000 homes. Its cooling was by liquid sodium – 1500 tons of the stuff – which explodes instantly in contact with air. Cool.

Then there is the military site, HMS Vulcan, for development and testing the reactors of nuclear-powered submarines. From 1963 to 2015, five generations of small reactors have been tested here, routinely run at greater than operational stress to find out any faults before installation in the subs. How reassuring. As with MoD sites on the Clyde, full disclosure of breaches of health and safety are not disclosed. The site is due for decommissioning next year. Estimates of the costs are not available.

In 1998, following safety and pollution concerns, Norway, Sweden and the Irish Republic demanded the immediate closure of the site. PM Tony Blair was advised it would take £1 billion and 100 years to complete the work. By 2006, 25 years and £2.7bn was the estimate, then in 2007 it was 17 years and £2.6bn. In 2019 contracts worth £400m were awarded to continue the clean-up, with a new estimate of £4.3bn and 60 years. I guess no-one actually knows.

The site also took in foreign spent nuclear fuel for reprocessing. Unsurprisingly, many foreign customers refused to take their nuclear waste back. It’s mostly still there, along with Dounreay’s own.

The expected date of the return of the site to brownfield use is 2330. Yes, that’s more than 300 years from now. Uncountable billions of pounds and nearly 400 years of an unusable bit of Scotland is an astounding price to pay for powering 48,000 homes.

The arguments for nuclear power put forward by the industry and their UK Government lackeys are contradictory, disingenuous and downright dishonest.

Dounreay’s installation is a mere toy compared to Hunterston (both reactors now decommissioned) and Torness (the nuclear regulator thinks it should close by 2024). First estimates for decommissioning these sites is £132 billion and 120 years. I wonder when that estimate will be revised upward?

Just as a footnote, all of the UK’s uranium has to be imported. Much of it from Russia. The real reason the UK Government wants to continue with this outrageous waste of money is for the steady supply of enriched uranium for making atomic bombs. That’s worth it to them at any cost.

May 14, 2023 Posted by | business and costs, UK | Leave a comment

Rolls-Royce falls 6% as update lacks oomph and news on small nuclear business

Oliver Haill, 11 May 23, Proactive Investor 11th May 2023

Rolls-Royce Holdings PLC’s (LSE:RR.) shares fell 6% to a month’s low after its trading update contained nothing new, analysts said, with some concern about the lack of updates about its small nuclear reactor business…………

https://www.proactiveinvestors.co.uk/companies/news/1014774/rolls-royce-falls-6-as-update-lacks-oomph-and-news-on-small-nuclear-business-1014774.html

May 14, 2023 Posted by | business and costs, UK | Leave a comment

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