Exelon Generation Co changing its name to the more appropriate (Nuclear) Spin Co

Exelon moving nuclear plants, including Limerick, to spin-off company, https://www.readingeagle.com/2021/11/22/exelon-moving-nuclear-plants-to-spin-off-company/
The Nuclear Regulatory Commission OK’d the move on Nov. 17, By EVAN BRANDT | ebrandt@pottsmerc.com | Reading Eagle
November 22, 2021 LIMERICK — The federal Nuclear Regulatory Commission has signed off on a plan by Exelon Corp. to divest itself of its fleet of 23 nuclear power reactors, including the two at the Limerick Generating Station.
Exelon Corp. will transfer the NRC licenses to a new company, currently called HoldCo, as part of a corporate restructuring, the NRC announced on Nov. 17.
There is no money changing hands.
Exelon is not “selling” the plants, and spent fuel rod storage facilities, but rather “the transaction is taking place between corporate entities owned by Exelon,” NRC spokesman Neil Sheehan explained in response to a query from MediaNews Group.
‘It intends to separate its utilities, such as PECO, and competitive energy businesses, including its nuclear power plants, into two separate companies,’ Sheehan wrote.
“HoldCo will wholly own Exelon Generation Co. (renamed as SpinCo) and its subsidiaries. SpinCo will continue to own and operate the plants to the same extent as before the transfers. The final names for HoldCo and SpinCo will be determined prior to the completion of the transfer,” according to the Nov. 17 NRC announcement.
The new power-generation company will be named Constellation, according to a Nov. 17 press release from Exelon.
“Each of these companies will emerge as industry leaders with the financial and strategic independence to focus on best serving their respective customers and communities,” Chris Crane, president and CEO of Exelon, said in the company’s press release.
German banks sceptical about nuclear and gas inclusion in green taxonomy.
German banks sceptical about nuclear and gas inclusion in green taxonomy.
Eight German banks have said there is “limited room” for nuclear and
gas power in the EU’s list of sustainable economic investments, warning
that the ‘green taxonomy’ should only include genuinely
climate-friendly activities.
ENDS Europe 19th Nov 2021
While the French government promises a nuclear revival, its supreme auditing body warns of serious obstacles to this.

The Court of Auditors (Cour des comptes) is the supreme body for auditing the use of public funds in France. It is independent from the Government and Parliament. It has financial jurisdiction and is in charge of auditing, issuing rulings and certifying the State and Social Security accounts, as well as contributing to the evaluation of public policies.
Nuclear revival: the Court of Auditors highlights many obstacles https://reporterre.net/Relance-du-nucleaire-la-Cour-des-comptes-pointe-de-nombreux-obstacles 19 Nov 21,
In a report published this Thursday, November 18, the Court of Auditors questions our “ability to build a new fleet of [nuclear] reactors on time and at reasonable costs”. This, while “maintaining a 50% nuclear share in electricity production (…) beyond 2050 would require ultimately not having seven EPR or EPR2, but 25 to 30 in the assumption that the current reactors would almost all be shut down by this time, ”the text specifies. And that the composition of the new mix must be decided between 2022 and 2027, believes the institution, given the delays in the construction of new plants.
The report from the Court of Auditors
In this document entitled “The choices of electricity production: anticipating and controlling technological, technical and financial risks”, the wise men of the rue Cambon recall the slippages of cost – 19 billion euros instead of the 3 billion planned – and of deadlines – at least eleven years late – of the Flamanville EPR site. “The gaps are similar for the Olkiluoto RPE in Finland,” they said. In July 2020, the Court of Auditors detailed these troubles at length in a report dedicated to the EPR sector.
Several points of real concern are mentioned.
One is the locations of these new reactors, “as climate change can make the installation of sites along rivers more complicated”.
Management of spent fuel and waste: the construction of new reactors planned to operate until 2100 would in fact involve “either renewing the fuel reprocessing plant at La Hague (…) and creating new sites for ‘warehousing and then disposal of nuclear waste, or to propose another mode of management of spent nuclear fuel and waste which would be, in such a hypothesis, much more voluminous ”, we read in the note.
Another imperative element for the implementation of this half-nuclear mix emphasized by the Court is “the start of the Cigeo radioactive waste disposal project” – a project that is also marred by many uncertainties.
The cost, finally. “EDF will not be able to finance the construction of new nuclear reactors on its own when it has to bear the cost of extending the current fleet and of the“ post Fukushima ”safety investments, face the future costs of dismantling and the uncertain evolution regulated access to historic nuclear power since its inception in 2011, and that it is already indebted to the tune of 42 billion euros, ”warns the Court of Auditors. The project to build six new EPRs had been estimated at 46 billion euros by EDF and could be half-financed by the state, as reported by Reporterre. The cost of the investment has since been reassessed from 52-56 billion euros to 64 billion euros, according to a working document released at the end of October by the media Context.
The implementation of a 100% renewable energy mix also represents many challenges, nevertheless warns the Court of Auditors. It would thus be necessary to define modalities for storing energy (batteries, etc.) at an affordable cost and to overcome implementation difficulties linked to geography, regulations and even social acceptability.
In any case, “the holding of an informed democratic debate would encourage choices made with full knowledge of the facts and then followed up with lasting effects”, recommends the institution. This debate could take place in 2023 during the preparation of the next multiannual energy program, the roadmap for France’s energy policy.

The publication of this report comes at a time when debates rage on the definition of the electricity mix of the future. On October 25, the electricity transmission manager unveiled its six electricity scenarios for 2050: three give pride of place to the atom. Less than three weeks later, Emmanuel Macron promised the construction of new nuclear reactors in France during a televised address.
Finland’s nuclear power project collapsing – unprofitable and unnecessary

Doubts about nuclear power plant construction in Finland. The planned Hanhikivi nuclear power plant could be on the verge of collapse.
It is unclear whether there will be any need for the plant’s electricity at all.
The costs are running away, the schedule for the start of construction and commissioning has been revised and postponed several times. The planning documents are so inadequate that the project is not yet ready for approval even after a six-year approval process.
And most of the independent analyzes assume that the project can neither become profitable nor that
there is even a need for what is to be produced here. It recently revealed that there is also a huge funding gap, and now the military is raising concerns about national security.
Taz 18th Nov 2021
France has multiple nuclear problems – costs, wastes, safety and more …..

Cost, waste management and safety: eight questions raised by the announced
return of nuclear power in France. Emmanuel Macron said he wanted new
reactors, in the name of France’s energy independence and climate
preservation. But where is the sector and what does this choice imply?
Le Monde 18th Nov 2021
Electricity production choices: anticipate and control technological,
technical and financial risks.
Cour des Comptes 18th Nov 2021
Nuclear revival: the Court of Auditors highlights many obstacles.
Reporterre 18th Nov 2021
https://reporterre.net/Relance-du-nucleaire-la-Cour-des-comptes-pointe-de-nombreux-obstacles
Regulated Asset Base model may save Hitachi’s Wylfa Newydd nuclear project.

RAB model may have saved Wylfa Newydd nuclear project. Access to the
regulated asset base (RAB) financing model may have helped to save
Hitachi’s plans to build a new nuclear plant in north Wales, an executive
who worked on the project has told MPs. Last year, the Hitachi-backed
Horizon consortium announced it had withdrawn from the Wylfa Newydd project
after ploughing more than £2 billion into its development.
Utility Week 18th Nov 2021
France’s Court of Audit wants a debate on nuclear power decisions – in view of delays and costs in this sector.
Electricity production choices: anticipate and control technological,
technical and financial risks. COURT OF AUDIT,19 Nov 21,
The Court publishes notes that are part of a body of work carried out on several major public policies, which identify both the main challenges that public decision-makers will face in the coming years, and the levers likely to overcome them. As an extension of the report "A public finance strategy for exiting the crisis", submitted last June to the President of the Republic and the Prime Minister, this series of publications allows the Court to express itself on structural issues. With these educational notes, the Court is placing itself at the heart of its mission to inform citizens, at a key democratic moment. Nearly 70% of French electricity production is provided by nuclear reactors, two-thirds of which will have ceased to produce before 2050. To renew this large part of our electricity production capacity, new means of production - “Carbon-free”, in accordance with France's climate commitments - will require not only a considerable financial investment, but also significant construction delays. This situation calls for urgent decisions now, aimed at securing the needs of an increasing energy supply. In this perspective, the Court of Auditors considers it necessary to hold a debate on the choice of electricity production, which constitutes a technological, technical and industrial challenge, and the consequences of which in terms of employment and development of the territory will reverberate over several decades. Cour des Comptes 18th Nov 2021 https://www.ccomptes.fr/fr/publications/les-choix-de-production-electrique-anticiper-et-maitriser-les-risques-technologiques
UK’s small nuclear reactor consortium indicates that it will be relying on tax-payer funding if it is to go ahead

State support a fallback option for UK’s mini-nuclear plants rollout.
The head of the consortium, which is developing a £ 30 billion fleet of
mini-nuclear power stations, has indicated that it will have to rely on UK
taxpayers to help fund the construction of the first of the new designs if
there is not enough investor interest.
FT 10th Nov 2021
https://www.ft.com/content/869279aa-f771-4025-8719-c3b8bdf1f375
U.S. govt brings early Christmas to Bill Gates and the nuclear industry – tax-payer funding!

The U.S. Government and Bill Gates Get Behind Nuclear Power, Barrons, By Avi Salzman, Nov. 17, 2021 Nuclear power got a boost from the infrastructure bill signed into law this week by President Biden that could at the very least forestall the industry’s decline. With government support and the endorsement of major investors like Bill Gates, nuclear power looks as if it has a place in a carbon-free future. [ed. only nuclear is not carbon-free]
The legislation sets aside $6 billion to help fund nuclear plants in danger of closing. Several plants have needed help from the states where they are located in recent years because running nuclear plants has not always been profitable as other sources of electricity have become cheaper. A 2018 report from the Union of Concerned Scientists found that “more than one-third of U.S. nuclear plants are unprofitable or scheduled to close.” Having a federal financing program would ease the pressure on states and make it more likely plants could stay open……..
The new law has other goodies for the industry too, including funding for the Energy Department’s Advanced Reactor Demonstration Program.
One project that will receive funding from the bill is a new advanced reactor in Wyoming being built by TerraPower, which was founded by Bill Gates. The TerraPower reactor is expected to be smaller than most traditional nuclear plants, but to have more highly enriched uranium. Theoretically, these kinds of projects could bring power to more remote areas. The TerraPower plant is expected to open by 2028 and replace a coal plant.
Several utility companies could benefit from support for nuclear plants, including Exelon (ticker: EXC) and NextEra Energy (NEE).
Nuclear power could get an even bigger boost from the Build Back Better bill now being debated, including from special tax credits.
Those credits could be worth as much as $15 billion to the industry. Additional credits for low-carbon hydrogen production could also benefit the nuclear industry. https://www.barrons.com/articles/the-u-s-government-and-bill-gates-get-behind-nuclear-power-51637177613
The consumerism that destroys life is also the cause of the environmental emergency — Hawkins Bay Dispatch — Barbara Crane Navarro

The consumerism that destroys life is also the cause of the environmental emergency, https://hawkinsbay.wordpress.com/2021/11/13/the-consumerism-that-destroys-life-is-also-the-cause-of-the-environmental-emergency/
Decades ago, corporations and governments invented the traits we now call ‘human nature.’ COP26 has shown ‘consumers’ that buying something ‘different’ is not working. 13 November 2021 | Graham Peebles | Euroasia Review The natural environment has been poisoned, vandalized and trashed in accordance with the demands and values of the all-pervasive socio-economic system, and as long as it persists it is impossible to imagine the steps required to save the natural world being taken.
The consumerism that destroys life is also the cause of the environmental emergency — Hawkins Bay Dispatch — Barbara Crane Navarro
greed, ownership of things (homes, cars, clothes etc.), and the general accumulation of stuff is insisted upon, for the simple reason that it is consumerism that feeds the monster. This very same consumerism, which is perpetuating unhappiness and fuelling ill health, is also the underlying cause of the environmental emergency.
As COP26 draws to an unimpressive close, governments haggle over emission targets, funding of fossil fuels and money for the global south, and a new poll reports that most people (in the 10 countries polled, including UK, US, Germany, France) say they are unwilling to alter their way of life to save our planet. We must once again ask, what will it take for humanity to wake up and change?
Economic considerations and short term self-interest will continue to be applied and the devastation will continue.
Continue readingUK’s planned Sizewell nuclear reactor at risk – same design as Taishan reactor which has been shut down since July for safety reasons
Chinese nuclear reactor shutdown hangs over future of Sizewell C. Developers behind Taishan plant, where radiation was found in cooling waters, are also building UK’s Hinkley Point C and planning Sizewell C.
Reports of cracked fuel rods from a Chinese nuclear power station will be examined for any implications for new plants in Britain. Mark Foy, chief nuclear inspector at the Office for Nuclear Regulation, told civil society groups he was in touch with Chinese and other regulators over the plant in Taishan, southeastern China, where a reactor has been shut since July after radiation was found in its cooling waters. The plant is owned by Chinese state nuclear developer CGN along with its French equivalent EDF.
The two companies are also building the Hinkley Point C plant in Somerset and areplanning a second plant, Sizewell C in Suffolk, using the same reactor design as at Taishan. he problems at Taishan emerged in June after CNN reported that Framatome, the part-EDF owned company which helps run the plant, had written to US officials on June 8 asking for permission to share American technical assistance. Experts have said cracked fuel rods are “not uncommon”, albeit undesirable. An Office for Nuclear Regulation spokesman said: “We held one of our regular meetings with the NGO community last week where we reiterated that we remain in contact with the Chinese, French and Finnish regulators on this matter and are likely to be in dialogue again with them before the end of this year. “We will take the opportunity to gain any knowledge from this issue in China to help inform our regulation of nuclear plants in the UK, like Hinkley Point C, where the EPR reactor will be installed.”
Telegraph 14th Nov 2021
Targeting Trident: how divestment is impacting the nuclear weapons industry

investors are adhering to the international norm against nuclear weapons that was established by the Treaty on the Prohibition of Nuclear Weapons, despite that the fact that the UK is not party to the treaty.
More than 100 financial institutions have divested from the nuclear weapon industry since the treaty entered into force in January this year.
Targeting Trident: how divestment is impacting the nuclear weapons industry, https://bellacaledonia.org.uk/2021/11/15/targeting-trident-how-divestment-is-impacting-the-nuclear-weapons-industry/ Every year, the Don’t Bank on the Bomb report profiles the world’s largest nuclear weapons producers and reveals the financial institutions that invest in them. The latest report, published on Thursday, shows that investors around the world made a total of £510 billion available to nuclear weapons companies between January 2019 and July 2021.
UK-headquartered financial institutions account for £23 billion of this total. Scotland’s largest bank, NatWest Group (RBS), provided financing worth £2.2 billion to eight major nuclear arms manufacturers during the period, including BAE Systems, General Dynamics and Raytheon.
The DBOTB report is published by PAX, a Netherlands-based organisation that works to persuade financial institutions to divest from the nuclear weapons industry. Here, the campaign is led by Don’t Bank on the Bomb Scotland. The group focus on Scottish local authority pension funds and universities, as well as financial institutions.
Every year, the Don’t Bank on the Bomb report profiles the world’s largest nuclear weapons producers and reveals the financial institutions that invest in them. The latest report, published on Thursday, shows that investors around the world made a total of £510 billion available to nuclear weapons companies between January 2019 and July 2021.
UK-headquartered financial institutions account for £23 billion of this total. Scotland’s largest bank, NatWest Group (RBS), provided financing worth £2.2 billion to eight major nuclear arms manufacturers during the period, including BAE Systems, General Dynamics and Raytheon.
The DBOTB report is published by PAX, a Netherlands-based organisation that works to persuade financial institutions to divest from the nuclear weapons industry. Here, the campaign is led by Don’t Bank on the Bomb Scotland. The group focus on Scottish local authority pension funds and universities, as well as financial institutions.
Fund managers warned Serco that “working with nuclear weapons might force them to dump Serco shares as a result of non-compliance with Environmental, Social and Governance (ESG) Standards”, the Telegraph says. The fund managers are not named, but Serco has increasingly appeared on investor blacklists in recent years due to its role in the consortium.
Impact of the nuclear ban treaty
The article reports that fund managers rejected Serco’s argument that investing in a Trident contractor is “ethically no different to owning UK sovereign debt, as both are functions of a democratically elected government”. This detail is significant, as it suggests that investors are adhering to the international norm against nuclear weapons that was established by the Treaty on the Prohibition of Nuclear Weapons, despite that the fact that the UK is not party to the treaty.
The ban treaty has made investors increasingly wary of nuclear weapons producers, as the new Don’t Bank on the Bomb Report explains: “[nuclear weapons] are now comprehensively outlawed, as is any assistance with producing, manufacturing or developing them. Financial institutions that continue investing in companies building nuclear weapons face regulatory risks as more countries join the treaty. They also face an increased reputational risk as clients learn of their support for weapons of mass destruction and terminate their relationships.”
More than 100 financial institutions have divested from the nuclear weapon industry since the treaty entered into force in January this year. This includes Bank of Ireland and AIB (Ireland), and South African firm, Investec. The total amount of financing made available to nuclear weapons producing companies has dropped by £47 billion since 2019.
More trouble for Trident
It appears that the prospect of losing investors was enough to persuade Serco – which previously held long-term nuclear weapons contracts as part of AWE Management Ltd – to pull out of the competition for future nuclear-weapons related work. This provides a clear example of how divestment, or the threat of divestment, can change company behaviour.
Furthermore, the story shows how investor action has the potential to undermine the viability of Britain’s nuclear weapons programme. The Telegraph notes that Serco’s decision “leaves defences chiefs with fewer options as they seek to restructure the management of Britain’s nuclear stockpile”. This could hinder the MoD’s ability to complete the Trident renewal project, which is already in serious trouble.
Join the movement
As the Serco story illustrates, divestment is a powerful tool that we can use to advance the goal of a nuclear-weapons-free world. Don’t Bank on the Bomb Scotland is encouraging individuals to contact NatWest Group about its investment policy, as well as their own bank and pension fund. The group has also created a model resolution targeting local authority pension funds that can be sent to local councillors.
The more financial institutions that divest, the more companies will be forced to withdraw from nuclear weapons work like Serco. This will make it harder for nuclear-armed nations to maintain their nuclear arsenals in the long-run.
N. Korea replaces, punishes 14 cadres and technicians working on nuclear-powered submarine programThe Central Committee criticized the technicians for failing to follow party policy to “localize” production
N. Korea replaces, punishes 14 cadres and technicians working on nuclear-powered submarine program
The Central Committee criticized the technicians for failing to follow party policy to “localize” production https://www.dailynk.com/english/north-korea-replaces-punishes-14-cadres-and-technicians-working-on-nuclear-powered-submarine-program/ By Jeong Tae Joo – 2021.11.15
North Korea recently replaced or punished 14 cadres and technicians tasked with designing small nuclear reactors for nuclear-powered submarines, apparently for failing to meet party criterion. The authorities will likely now face difficulties in their plan to acquire the capability of stealthily striking enemies.
According to multiple Daily NK sources in North Korea on Thursday, the Central Committee’s Military Industries Department began screening designs for nuclear-powered submarines on Nov. 5.
Work on the designs has been ongoing since October of last year.
North Korean leader Kim Jong Un said during the Eighth Party Congress in January that “new planning research for a nuclear-powered submarine has been completed and is to enter the final examination process.”
Nuclear-powered submarines are highly stealthy as they need not surface for long periods of time, making them the most likely weapon to survive an enemy’s preemptive strike.
Focusing on advancing the country’s arsenal of asymmetrical strategic weapons, North Korea has assigned its top researchers to the project.
In particular, the authorities reportedly put experts on the task of producing small nuclear reactors, the key to building the submarines, imploring them to “exercise their top abilities, given their rich experience built up over six nuclear tests.”
However, the Central Committee apparently criticized the screening report, which included analysis of design flaws.
Firstly, the Central Committee reportedly said it would “take 10 more years” to build nuclear-powered submarines according to current designs, even though the goal is to complete them by 2025.
The Central Committee also criticized the designs for failing to meet three criteria put forth by the party to achieve its goals.
Though party leadership had stressed 1) improving the capabilities of conventionally powered mini-submarines that are currently deployed, 2) building a new class of submarines capable of carrying North Korea’s existing SLBMs and 3) building nuclear-powered submarines capable of carrying several nuclear launch systems, the Central Committee reportedly judged that these criteria had not been met on the ground.
The Central Committee also criticized technicians for failing to follow party policy to “localize” production. That is to say, the committee took serious issue with designers handing over for final screening a complete comprehensive blueprint that called for large-scale imports of foreign technology and parts during the entire shipbuilding process.
Several basic errors were discovered as well, including a failure by designers to make the technical descriptions in the partial plans and assembly plans match when they drew the blueprints for the small nuclear reactors.
The Central Committee responded by excluding from the research team 14 cadres, researchers and technicians who took part in drawing up the plan. Six of them were kicked out of the party or disciplined.
One of the sources said the six who took responsibility for the failure were exiled with their families to remote areas. He added that the authorities now face snags in their plans, including the need to completely revise the designs for nuclear-powered submarines.
Industrial action from Tuesday could ‘cripple’ Clyde nuclear base.
Industrial action from Tuesday could ‘cripple’ Clyde nuclear base, The Herald, By Martin Williams @Martin1Williams, Senior News Reporter, 15 Nov 21, SPECIALIST staff are to down tools on Tuesday in an industrial dispute a union says is expected to “cripple” the effective running of UK’s nuclear submarine base on the Clyde.
The Unite Scotland union has confirmed that around 70 of its members who provide specialist services for the UK’s nuclear deterrent submarines will start an overtime at the Royal Naval Armaments Depot (RNAD) Coulport.
The union has severely criticised the “delay tactics” employed by the ABL Alliance after the workers voted to take industrial action in September in what was then described as a “final warning shot” to ABL Alliance, a joint venture which won a 15-year contract from the Ministry of Defence in 2013 to maintain the weapons systems at Coulport.
Unite Scotland said the specialist staff who provide care and maintenance services for the weapons systems on the Royal Navy nuclear armed submarine fleet took the “historic” decision in a dispute over pay that it says will leave the base severely debilitated.
Since then, the union say the ABL Alliance refused to meet over what it called an RPI inflation annual pay claim of 3.8%.
Some 90.5% of Unite members at RNAD Coulport voted in support of strike action, and 95.3% supporting action short of a strike.
The ABL Alliance, made up of AWE plc, Babcock Marine (Clyde) Ltd, and Lockheed Martin UK Strategic Systems Ltd, previously state it was “disappointed” at the industrial action vote………………….
The union is concerned that all the companies could afford the pay rise as they were profitable. AWE Plc had an after tax profit of £17.7m in the year to December, 2020, Babcock Marine (Clyde) Ltd turned a £7.3m profit in 2019/20, while Lockheed Martin UK Strategic Systems Ltd was £41m in the black in 2019.
Babcock have been approached for comment. https://www.heraldscotland.com/news/homenews/19716968.industrial-action-tuesday-cripple-clyde-nuclear-base/
UK’s Regulated Asset Base (RAB) “a very bad deal for consumers” – like the USA’s disastrous system in South Carolina

Reaction to the Bill from stakeholders has been mixed. Some environmental bodies have questioned whether the RAB model set out in the Bill offers value for money for consumers and whether it transfers the risk of cost overruns to consumers. Tom Burke, the co-founder of E3G, a climate think-tank, told the Financial Times that the model risked being “a very bad deal for consumers” on the grounds that electricity generated from nuclear power would be more expensive than that from ‘homegrown’ renewables and would simultaneously “inhibit the market in wind, [an] area where we have the opportunity to create a global competitive industry in the UK”.145 The same article included comment from Steve Thomas, Professor of Energy Policy at the University of Greenwich, who questioned whether people would want their pension funds exposed to construction risk cost and whether that meant the consumer would take on all the risk. In an article in the i on the day the legislation was published, Doug Parr, Chief Scientist at Greenpeace, noted that the RAB model had already been used to finance nuclear power in the United States, adding that the “results were disastrous”: “It transfers huge financial risk from the builders to bill payers. In South Carolina, 18 per cent of residents’ energy bills went to pay for a half-built reactor which has been abandoned and will never produce electricity.” House of Commons Library 1st Nov 2021 https://researchbriefings.files.parliament.uk/documents/CBP-9356/CBP-9356.pdf |
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