US vetoes UN Security Council action on Israel, Gaza
By Michelle Nichols, October 19, 2023
UNITED NATIONS, Oct 18 (Reuters) – The United States vetoed a United Nations Security Council resolution on Wednesday that would have called for humanitarian pauses in the conflict between Israel and Palestinian Hamas militants to allow humanitarian aid access to the Gaza Strip.
The vote on the Brazilian-drafted text was twice delayed in the last couple of days as the United States tries to broker aid access to Gaza. Twelve members voted in favor of the draft text on Wednesday, while Russia and Britain abstained……………………………………………………………………
U.N. Secretary-General Antonio Guterres on Wednesday called for an immediate humanitarian ceasefire to allow for the release of hostages and humanitarian aid access to Gaza. https://www.reuters.com/world/us-vetoes-un-security-council-action-israel-gaza-2023-10-18/–*Israel #Palestine #nuclear #antinuclear #nuclearfree #NoNukes
White House Seeks $105 Billion To Arm Israel, Ukraine, and Taiwan
The Biden administration released details about its massive proposal to provide arms to Israel and Ukraine, as well as funds to build up military assets in the region surrounding China.
SCHEERPOST By Kyle Anzalone / Antiwar.com, October 21, 2023
On Friday, the White House rolled out its proposed $105 billion bill to arm Ukraine, Israel, and Taiwan. The legislation also includes funding for the border and humanitarian assistance. US officials say over $50 billion will go to American weapons manufacturers.
The Biden administration is proposing a massive aid package as it has struggled to get Congress to appropriate more funds for the proxy war in Ukraine. The largest portion of money is for Ukraine at $61.4 billion. The White House wants enough money for Ukraine to fund Kiev through the 2024 election.
National Security Adviser Jake Sullivan described the aid as critical to American national security and demanded Congress pass the bill. “This budget request is critical to advancing America’s national security and ensuring the safety of the American people,” Sullivan said. “The world is closely watching what Congress does next.”
Israel will receive $14.3 billion in assistance, with $10.6 billion for air and missile defense support.The aid would be in addition to the $3.8 billion Tel Aviv from Washington in security assistance annually……………………………………………
The bill includes $7.4 billion for several initiatives to increase Washington’s military posture in the Indo-Pacific. That includes $2 billion in grants for foreign governments to buy American weapons. Taiwan will receive a portion of that money, although US officials did not provide a detailed breakdown.
Director of the Office of Management and Budget, Shalanda Young, explained that nearly half of the money will go to American arms makers. “This supplemental request invests over $50 billion in the American defense industrial base, ensuring our military continues to be the most ready, capable, and best-equipped fighting force the world has ever seen,” she said.
Young claimed that the spending would bolster the American economy and create jobs. However, a study indicated that military spending costs more jobsthan it creates……………..
A small number of Republican represenatives have hindered Congress from passing additional funds for Ukraine. The Biden administration hopes to push several GOP members of Congress to vote for the bill by combining funding for Taiwan, Israel, and the border with Ukraine. https://scheerpost.com/2023/10/21/white-house-seeks-105-billion-to-arm-israel-ukraine-and-taiwan/ #nuclear #antinuclear #nuclearfree #NoNukes
Ralph Nader: Biden Returns Empty-handed, Except for a Huge Bill for the American Taxpayers
Biden wants Congress to approve $14 billion for Israel to address the colossal failure of Netanyahu’s extremist coalition to protect its own citizens on the border.
By Ralph Nader / Nader.org https://scheerpost.com/2023/10/22/ralph-nader-biden-returns-empty-handed-except-for-a-huge-bill-for-the-american-taxpayers/
If President Joe Biden were a pony, instead of a perennial warhorse (e.g., gung-ho for Bush/Cheney’s criminal destruction of Iraq), he would have his tail between his legs on his return from a one-day trip to Israel. He failed to achieve any immediate, critical objectives while the ongoing destruction of Gaza and the defenseless Palestinians continues.
Did Biden get Israel and Egypt to allow the exit of hundreds of American citizens fleeing the Gazan firestorm? No!
Did Biden open up corridors for humanitarian aid to the babies, children, women, elderly and other civilians in Gaza who had nothing to do with the October 7th Hamas homicide/suicide attack on Israelis? No!
To the contrary, earlier in the week he cruelly ordered his UN Ambassador to veto a widely supported resolution calling for a humanitarian ceasefire.
Did he forcefully double down on his earlier counsel to the Israeli government to obey the laws of war, then and now, being openly violated? No! He continued his silence after the Israeli Defense Minister ordered his soldiers with the genocidal command, “No electricity, no food, no fuel, no water…” That death sentence includes patients in hospitals who must endure the carpet bombing of this long-time blockaded tiny strip of desert land holding 2.3 million people. (See, Convention on the Prevention and Punishment of the Crime of Genocide).
Did Biden press for the exchange of Hamas’ hostages for the release of Palestinian prisoners, including young Palestinians, who have been in Israeli jails for years without due process or charges? No! Worse, Biden failed to object to the Israeli military stating that the release of over 200 Israeli hostages is a “secondary priority” to smashing Hamas and Gaza “into the Stone Age.” This policy flouts the moral codes of many venerable Judaic sages described in an October 19, 2023, New York Timescolumn by Mikahel Manekin titled “The Safety of the Hostages Must Come First.” Israel conducted two prisoners for hostages’ exchanges, one in 2004 and one in 2011.
Did Biden, in strong terms, tell the Israeli politicians that they have already exacted revenge many times over on the stateless people of Gaza – in civilian lives lost, injuries, related spread of disease, destitution and destruction? Did he say it is inhumane and counterproductive to bomb hospitals, clinics, schools, mosques, churches, apartment buildings, water mains, electric networks and ambulances, all of which is in violation of civilized norms and rules of war? Of course not. He greenlighted Israel’s genocidal warfare from the beginning of the Israeli assault and sent U.S. weaponry. He is enabling other actions of “co-belligerency” against the defenseless Palestinians in the West Bank and Gaza.
Did he even get the 20 trucks of humanitarian aid waiting at the Rafah crossing – also bombed by the Israelis – from Egypt into Gaza before he left? No!
Biden did come back with a bill for the American taxpayers – who for decades have been forced to pay for these Israeli wars. Now Biden wants Congress to approve $14 billion for Israel to address the colossal failure of Netanyahu’s extremist coalition to protect its own citizens on the border. (Adding only $100 million for Palestinian relief).
That sum of money, to be authorized without any Congressional hearings or Congressional oversight, is greater than the combined annual budgets of the FDA, OSHA, NHTSA and the section of HHS, whose missions are to reduce the loss of hundreds of thousands of preventable American fatalities in the workplace, on the highways, and in the marketplace and the hospitals. (See, the 2016 peer-reviewed study from the John Hopkins University of Medicine).
Lastly, still not calling a ceasefire, Biden is disregarding his own military’s private advice against an Israeli ground invasion of Gaza as raising the risk of a larger war in the Middle East that would clearly be against the national interests of the American people and U.S. security.
He could have done what President Eisenhower did in 1956, when he demanded that the Israeli, British and French attack on Egypt stop immediately.
And stop, they did!
After all, the U.S. has some influence over Israel, to put it mildly. The U.S. endorses all Israeli aggressions (including Israel’s admission to bombing hundreds of sites in Syria, mired in its civil war and no threat, in addition to striking Damascus International Airport). All with U.S. advanced weapons, and billions of dollars in annual aid to Israel, a prosperous military, technological and economic superpower. In fact, Israel’s social safety net is better than that of the U.S.!
Biden provides total diplomatic cover in the U.S. with Washington’s automatic UN vetoes, and pressures allies to follow the party line.
Moreover, Biden seems unwilling to recognize the historical origins of this conflict that now has mighty Israel occupying, colonizing, brutalizing and stealing land and water from the twenty-two percent of the original Palestine left for millions of Palestinians under Israeli daily control.
Biden should take a moment in the Oval Office to read page 121 of the book “The Jewish Paradox” by Nahum Goldman (January 1, 1978), the head of the World Zionist Organization. He quotes the leading Founder of the Israeli state, David Ben-Gurion as candidly saying to him: “If I were an Arab leader, I would never sign an agreement with Israel. It is normal; we have taken their country. It is true God promised it to us, but how could that interest them? Our God is not theirs. There has been Anti-Semitism, the Nazis, Hitler, Auschwitz, but was that their fault? They see but one thing: we have come and stolen their country. Why would they accept that?”
Today’s Israeli leaders refuse to demonstrate this degree of empathy. Instead, they provoke and deny the creation of a Palestinian state, envisioned by the Oslo Accords they signed in 1993, hurl the most racist epithets (“animals,” “vermin,” “snakes,”), and make sure the politicians in the U.S. Congress never utter the words “Palestinians also have a right to defend themselves” as violently subjugated victims of Israel the superpower.
Many members of Congress who demand giving Israel whatever money and weaponry it wants for whatever it does, violating human rights under international law in its illegal occupations and blockade, turn around and vote against the child tax credit, worker health and safety, universal healthcare, paid family leave and daycare for Americans. Their viciousness – as with the homicidal outburst of Gen. Lindsey Graham (R-SC) against all Palestinians, and Senator Tom Cotton (R-AR) a Harvard Law graduate, saying “As far as I’m concerned, Israel can bounce the rubble in Gaza…” set new levels of depravity.
A few Senators see it differently, especially Senator Bernie Sanders (D-VT) who noted “…it is no secret that Gaza has been an open-air prison” with “horrendous living conditions,” and that “children and innocent people do not deserve to be punished for the acts of Hamas.”
Little known is that Israel and the U.S. fostered and funded the rise of Hamas as a religious counterpoint to the secular Palestinian Liberation Organization (PLO). It was established in 1987 following the first intifada uprising. A 2009 The Wall Street Journal article titled: “How Israel Helped to Spawn Hamas” noted:
“Instead of trying to curb Gaza’s Islamists from the outset, says Mr. Cohen, Israel for years tolerated and, in some cases, encouraged them as a counterweight to the secular nationalists of the Palestine Liberation Organization and its dominant faction…”
To Biden and the Congressional “howlers” for the death of civilian innocents, historical facts matter little. Hamas’ lethal attack on October 7th was preceded by far greater numbers of Israeli violent attacks over the past decades taking four hundred times the number of innocent Palestinian lives, injuries and other casualties than inflicted on innocent Israelis.
Israel’s carpet bombing of Gaza will take twenty times or more lives of innocent Palestinians than those killed by Hamas on October 7th with the casualty toll of direct fatalities and the loss of life from the devastation of life-sustaining water, food, medicine, shelter and other hospital/clinic emergency infrastructure.
Also conveniently forgotten is the detailed peace offer to Israel in 2002, by 22 member states of the Arab League to establish diplomatic and trade relations with a recognized Israel in return for its retreating to the 1967 borders and creation of a Palestinian two-state solution. The Israel extremists in Congress and President G.W. Bush declined even to respond to this proposal. (See, the March 29, 2002 New York Times article: Mideast Turmoil; Text of the Peace Proposals Backed by the Arab League).
It is incumbent on the supreme military superpower in the region to take the initiative for peace over the powerless victims under its thralldom. That country is, of course, high-tech Israel, bristling with the latest weapons and nuclear atomic bombs.
Both the brave Israeli human rights groups and those courageous human rights Israelis standing shoulder to shoulder over the years striving to conduct non-violent civil disobedience at the besieged Palestinian village level, only to be dispersed by Israeli soldiers, know the real obstacle to peace. It is the plan by the right-wing Israeli parties to annex the entire Palestinian West Bank (nearly attempted under Donald Trump) and forcefully drive Palestinians into Jordan and Egypt.
Joe Biden is skilled at shedding tears at memorials of grief in this country. But he runs dry when the recurring catastrophes befalling Palestinians beg for his presidential compassion and actual deeds.
He will not escape history’s judgment. #Israel #Palestine
Congress calls for third US nuclear submarine yard to meet American and AUKUS obligations
Defense Connecg, 20 OCTOBER 2023, By: Stephen Kuper
“………………………………….. the US Navy and its supporting industrial architecture, once the unassailable leader and security guarantor for much of the world and the global economy, is now a shadow of its former might.
This has left the US Navy and its global partners, including the Royal Australian Navy, to face an increasingly uphill battle to field a range of next-generation capabilities ranging from hypersonic weapons, through to advanced surface and submarine capabilities.
…………………..In response to these mounting concerns, the Congressional Commission on the Strategic Posture of the United States released an updated final report, titled, America’s Strategic Posture: The Final Report of the Congressional Commission on the Strategic Posture of the United States, detailing the make-up of America’s critical strategic capabilities, namely the nuclear submarine fleet.
A third yard is critical to meet American and AUKUS obligations
Of particular importance for Australia is what is by now the well-documented lack of capacity in the existing US submarine construction yards to meet the stated minimum requirements identified by the US Navy.
The dual demands of replacing the remaining Los Angeles Class attack submarines and the Ohio Class ballistic missile submarines has already stretched the US defence industrial base to capacity, prior to the added layer of complexity required to support the trilateral AUKUS agreement.
……..The commission report suggests that the Pentagon, “increase shipbuilding capacity, by working with industry to establish or renovate a third shipyard dedicated to production of nuclear-powered vessels, with particular emphasis on nuclear-powered submarines”.
However, given the immense cost required to bring a third yard from either a green field or brown field site, government spending would be required the Pentagon has been told, this is particularly important when you account for the maintenance and sustainment requirements of nuclear-powered submarines on top of the construction phase.
Highlighting just how monumental this task is, the report states, “In the sea leg, the Navy is scheduled to construct one Columbia Class submarine per year and sustain the Ohio Class in parallel relying on the same infrastructure for both (manufacturing facilities, dry docks, etc). Additionally, this same workforce and industrial base also support Virginia Class submarine production.”
Such a balance isn’t without trade offs, with the Pentagon warning that, “As a result, the Navy must consider schedule trade offs between the two classes of submarines. The [Office of Management and Budget] as well as the Commission are skeptical that the current infrastructure can simultaneously support conventional and nuclear sustainment, modernisation, and construction as scheduled. The AUKUS agreement may place further stress on this capacity.”
……………………………………………………… the US Navy and its allies, including Australia, are facing stagnating or declining defence budgets (in real terms) as a result of increasingly costly technology-heavy platforms, coupled with continuing societal atomisation and disconnection from the principles of liberal democracy,…………………………………………………………..
Final thoughts
Importantly, in this era of renewed competition between autarchy and democracy, this is an uncomfortable conversation that needs to be had in the open with the Australian people, as ultimately, they will be called upon to help implement it, to consent to the direction, and to defend it should diplomacy fail………. https://www.defenceconnect.com.au/industry/12977-congress-calls-for-third-us-nuclear-submarine-yard
St. Louis businessman charged with kickback scheme involving nuclear weapons parts
St Louis Post Dispatch, Katie Kull, Oct 19, 2023
ST. LOUIS — A local businessman is facing federal charges in Kansas after authorities say he sent kickbacks and bribes to an engineer at a nuclear weapons parts manufacturer in exchange for subcontracts.
Richard W. Mueller, 63, was indicted Wednesday on six federal charges, including wire fraud and lying to federal agents, after authorities said he paid Kansas engineer Michael Clinesmith more than $1 million in exchange for steering contracts to Mueller’s businesses over the course of a decade………………………………………………………………….. more https://www.stltoday.com/news/local/crime-courts/st-louis-businessman-charged-with-kickback-scheme-involving-nuclear-weapons-parts/article_7a7fff2c-6eb7-11ee-a26a-3f5922548456.html #nuclear #antinuclear #nuclearfree #NoNukes
NUSCALE POWER ($SMR): A FAKE CUSTOMER AND A MAJOR CONTRACT IN PERIL CAST DOUBT ON NUSCALE’S VIABILITY
As of now, there are only two operational SMR plants in the world — located in Russia and China — and both have experienced cost blowouts and delays. NuScale claims approximately 680 issued and pending global patents. But the company does not have an operational SMR and the only revenue it generates comes from the reimbursement of specific R&D activities.
Considering Fluor’s plan to divest its NuScale stake and the apparent lack of substantial activity at Entra1, one could speculate that Standard Power and Entra1 were brought in primarily to pump NuScale’s stock, just like many other SPACs.
October 19, 2023 · by Iceberg Research
Main Findings
- NuScale, a developer of small modular nuclear reactors (SMR), recently disclosed a huge contract with blockchain datacenter service provider Standard Power. The deal aims for a projected capacity of 1,848 MWe that we estimate is worth ~$37bn. This contract has zero chance of being executed as Standard Power clearly does not have the means to support contracts of this size. Its managing director Adam Swickle was found guilty of securities fraud in the past. Entra1 — NuScale’s commercial partner — is expected to help with the funding. The company was created in 2021 and it is very unlikely to be able to finance even a portion of this contract.
- NuScale has a more credible contract with the Carbon Free Power Project (“CFPP”) for the Utah Associated Municipal Power Systems (“UAMPS”). CFPP participants have been supportive of the project despite contracted energy prices that never seem to stop rising, from $55/MWh in 2016, to $89/MWh at the start of this year. What many have missed is that NuScale has been given till around January 2024 to raise project commitments to 80% or 370 MWe, from the existing 26% or 120 MWe, or risk termination. Crucially, when the participants agreed to this timeline, they were assured refunds for project costs if it were terminated, which creates an incentive for them to drop out. We are three months to the deadline and subscriptions have not moved an inch.
- NuScale has around 15 months before its cash runs out. We fully expect further shareholder dilution, as completion of the CFPP remains an iffy prospect with its constant cost overruns. On 13 October 2023, former CFO Chris Colbert sold the last of his NuScale stake.
- We believe these commercial and financial struggles present hurdles NuScale won’t cross without continued support from the Department of Energy (“DOE”). This presents a double-edged sword. Even if that support continues, the DOE’s usual policy is that costs have to be shared with the private sector, meaning that existing shareholders will be diluted.
Presentation of NuScale
NuScale Power Corporation, based in Portland, Oregon, has been developing small modular nuclear reactors (“SMRs”) since 2007. In May 2022, the company went public through a merger with SPAC Spring Valley Acquisition Corp. NuScale’s market cap stands at ~$1.2bn. This valuation combines both Class A and Class B shares, which can’t be traded unless converted to Class A. Fluor Enterprises Inc, NuScale’s parent company, holds 126 million Class B shares that represent 55.8% of NuScale’s voting power.
SMRs have power capacities of up to 300 MWe per unit while conventional nuclear reactors generate around 1,000 MWe. For example, NuScale’s design is 77 MWe. These SMRs come with lower upfront costs because of their smaller size. But this benefit is offset by lower economies of scale compared to conventional reactors.
Over the last 16 years, NuScale has spent ~$1.6bn to develop its SMR tech, funded by a mix of SPAC money, government grants, and private investments. The Department of Energy (“DOE”) has contributed over $650m of grants to NuScale’s endeavors.
The company is going toe-to-toe with industry goliaths like Westinghouse, Rolls-Royce, EDF, etc. But it managed to snag the first-ever Standard Design Approval from the Nuclear Regulatory Commission in 2020 – a 12-module plant at 50 MWe each. However, in August 2023, the company decided to switch the blueprint – a six-plant design featuring an uprated 77 MWe. NuScale is now waiting for the new design’s approval, which would take ~24 months according to the company.
As of now, there are only two operational SMR plants in the world — located in Russia and China — and both have experienced cost blowouts and delays. NuScale claims approximately 680 issued and pending global patents. But the company does not have an operational SMR and the only revenue it generates comes from the reimbursement of specific R&D activities.
As for customers, NuScale has two significant contracts. The first is a 462 MWe agreement with the Utah Associated Municipal Power Systems (“UAMPS”), a consortium that supplies wholesale electricity to around 50 municipalities, priced at $9.3bn. The second is a 1,848 MWe deal that was recently signed with blockchain datacenter service provider Standard Power, with an estimated value of ~$37bn.
New client Standard Power: Crypto mixed with nuclear energy – What could possibly go wrong?
On 6 October 2023, NuScale’s stock popped over 20%, after the company announced its largest-ever contract, to deliver 24 units of 77 MWe modules in 2029. As part of this agreement, NuScale’s commercial partner Entra1 would develop, manage, own, and operate these SMRs, while blockchain datacenter service provider Standard Power would be the end-user.
The deal’s total projected output is 1,848 MWe, four times the size of NuScale’s existing agreement with its other major client UAMPS, and translates to a staggering $37bn financial commitment. Considering there are only two operational SMR plants globally, one in China and the other in Russia, this agreement not only marks a significant achievement for NuScale but also holds the distinction of being the largest SMR contract ever.
Unsurprisingly, the sell-side cheerleaders have applauded this deal…………………………….
Both Standard Power and Entra1 present obvious credit and performance risks.
1) Standard Power
Standard Power was formed in 2018 to provide data centre services for blockchain mining and high performance computing applications.
According to its LinkedIn page, the company operates with just 30 employees.
Searching the internet suggests that Standard Power’s most significant partnership to date was with Cipher Mining. In 2021, the company signed a hosting agreement with Cipher ‘to provide a total mining capacity of at least 200 MW’. This deal ultimately fell apart as the contract was terminated in February this year (see below on original).
In addition, Standard Power’s management team raises some serious red flags, especially when it comes to their managing director, Adam Swickle.
Swickle has a track record that screams “investor beware”. He cut his teeth at notorious Wall Street firms like Stratton Oakmont and Meyers Pollock & Robbins — both infamous for pump-and-dump schemes and ultimately shuttered due to regulatory crackdowns.
In 2003, the SEC went after Swickle for setting up a fake foreign exchange trading house and making off with investors’ cash. As the CEO of United Currency Group, from May 2001 to December 2002, he conducted a fraudulent offering of securities based on misleading info. This included the company’s plans for an IPO, Swickle’s own background, and how corporate funds would be used. …………………………………………………………………………..
Taking these factors into consideration, it appears that Standard Power does not have the balance sheet to support this contract, both in the present and in the future.
2) ENTRA1
NuScale portrays Entra1 as having a “strong global pipeline of energy production projects” and a ““one-stop-shop” for the financing, investment, development, execution, and management of NuScale-powered projects and opportunities”, suggesting that Entra1 will finance the Standard Power contract.
Entra1 was incorporated in Delaware in December 2021. But the firm has only one employee referenced on LinkedIn, its online presence is almost non-existent, its Twitter account is essentially a NuScale bulletin board, and its only announced deal is unsurprisingly, with NuScale.
At a recent Analyst/Investor Day event, it was disclosed that Wadie Habboush, the founder of Entra1, has a longstanding personal relationship with NuScale’s CEO, John Hopkins. Around 10 years ago, Habboush formed a joint venture with Fluor — NuScale’s controlling shareholder — for projects in the Middle East e.g., Iraq. We can’t see how experience working on Middle Eastern projects would be directly transferable to managing a $37bn mega-SMR project in the US.
Fluor, NuScale’s controlling shareholder, has been open about its intention to reduce its stake (55.8%) in the company. Its long-term plan is to own only 20%-25% of NuScale as per EVP Joseph Brennan on Fluor’s 3Q22 call. He further elaborated in 4Q22 that Fluor had “kicked off the strategic exercise” and the company would be in a better position to discuss that at the end of 1Q23. There were no updates on Fluor’s 2Q23 call.
Considering Fluor’s plan to divest its NuScale stake and the apparent lack of substantial activity at Entra1, one could speculate that Standard Power and Entra1 were brought in primarily to pump NuScale’s stock, just like many other SPACs.
We believe that the contract with Standard Power has zero chance of being executed. Announcing a deal with such counterparties damages the credibility of a company in an industry where public trust is paramount. We doubt established players like Westinghouse would deal with a questionable client like Standard Power.
The situation at the Carbon Free Power Project is much worse than what NuScale lets on
Unlike Standard Power, the Carbon Free Power Project (“CFPP”) started off as a sound counterparty. The project was launched in 2015 by the Utah Associated Municipal Power Systems (UAMPS), as part of its long-term strategy to reduce carbon emissions and replace outdated coal-fired plants. If completed, the Idaho Falls plant will begin generating power in 2029, and will deploy six, 77-MWe modules to generate 462 MW of electricity by 2030. Its development and construction is funded under a cost-share agreement between the DOE and UAMPS.
Originally, between 2016 and 2020, NuScale priced the power at $55/MWh. Then, the price was raised to $58/MWh when the project was downsized from 12 reactor modules to just six (924 MWe to 462 MWe). By December 2019, 35 UAMPS members had signed on for 200 MW of power. But escalating costs have caused these numbers to shrink. As of March this year, there were 26 participants, and subscriptions dropped to ~120 MW (see appendix for table), representing 26% of the project’s total capacity.
The shocker came in January this year when new cost estimates pushed that figure up by 53%, setting it at $89/MWh. NuScale attributed the significant increase to a 75% rise in estimated construction costs, from $5.3bn to $9.3bn, caused by factors such as commodity price inflation and higher interest rates. The actual cost would be much higher, if not for more than $4bn in subsidies the project expects to get from US taxpayers, according to the Institute for Energy Economics and Financial Analysis.
The good news for NuScale is that the participants extended their commitment and accepted the revised cost. On NuScale’s 1Q23 earnings call, CEO Hopkins stated, “Right now, we feel very comfortable with that $89 megawatt hour.”
What was generally overlooked in the press is that the agreement includes conditions that essentially kick the can down the road, and endanger the project. The extension (Pg 4) states that NuScale must raise subscription levels from its current 120 MWe (26% of total capacity) to 370 MWe (80% of total capacity), on the earlier of the combined license application (“COLA”) submission, or 1 February 2024. ……………………………………………..
UAMPS member Idaho Falls laid out the stakes at its council meeting (Pg 4) in February. If NuScale fails to meet the subscription target, and costs continue to go up, so does the risk of project termination………………………………….
Key to the extension is this condition: participants will be refunded their costs if the 80% threshold is not reached. Now, with this new clause, they have a strong financial incentive to withdraw if NuScale fails to meet the subscription target.
NuScale has around three months to the deadline but is nowhere near the 80%. In August 2023, the company told news outlet Power that “no changes have occurred since March”. At a September meeting of the Washington City power board, when asked about subscription progress, director Rick Hansen said (1:01:10-1:04:00) that “Not anybody that’s able to or willing to sign at this point.” He added. “We have lots of cheerleaders but not a lot of people that want to jump in the game at this point.” Interested parties want additional mechanisms to de-risk it, according to him. This suggests no one has signed on since March.
The contract that has lent NuScale credibility is hitting a wall. The company seems to echo this sentiment, based on recent language in its 10-Q, which now adds: “While it is reasonably possible we will be required to pay these amounts, no accrual has been recorded in our financial statements.”…………………
Specifically, NuScale had a capped financial obligation’ of $83.5m to UAMPS. As of the end of June, this looming liability was around $37m.
Even if the project continues, NuScale’s $89/MWh commitment adds further financial risk. The nuclear reactor industry has a notorious history of cost overruns and delays during the construction stage. NuScale has not built a SMR yet so there’s no reason to believe the company will defy industry norms. For equity holders, this is uncomfortable, as they will bear the brunt of these performance shortfalls and costs.
NuScale’s heavy cash burn will lead to shareholder dilution
NuScale’s financial position appears increasingly shaky under the uncertainty hanging over the CFPP. The company has around 15 months of cash, based on its end-June cash balance of ~$215m, and LTM operating cash flow of negative $167m. That runway could stretch to ~26 months if the company maxes out its $150m at-the-market equity line, announced on 9 August 2023. But this does not account for potential CFPP cost repayments………………
We fully expect further shareholder dilution. Completion of the CFPP remains an iffy prospect, and given NuScale’s track record with cost overruns, that seems almost inevitable.
Against this backdrop, we noted that former CFO Chris Colbert has been selling his shares since May 2023, fully unloading his stake on 13 October 2023 – reaping total gross proceeds of ~$1.7m over this period. This could be a leading indicator of NuScale’s unspoken issues. …………
Conclusion
NuScale’s delusional contract with Standard Power seems more like an act of desperation to shore up investor confidence, rather than a strategic move. The company is struggling and we believe its equity has little to no value without government support. Even if that support continues, the DOE’s usual policy is that costs have to be shared with the private sector, meaning that existing shareholders will be diluted.
Importantly, the DOE holds a non-exclusive worldwide license to NuScale’s intellectual property, according to financing agreements. This creates the possibility that the DOE could simply transfer this intellectual property to a more established player, if NuScale is unable to meet performance obligations. ……………………..
We are short NuScale……………………………
Appendix………….. https://iceberg-research.com/2023/10/19/nuscale-power-smr-a-fake-customer-and-a-major-contract-in-peril-cast-doubt-on-nuscales-viability/ #nuclear #antinuclear #nuclearfree #NoNukes
Nuclear Reactors Restarting: Holtec’s Secret Plans Again Reveal Why New Mexicans Cannot Believe What the Corporation Says
https://nuclearactive.org/ 20 Oct 23
Holtec International, a corporation with a license for a consolidated interim storage facility in southeastern New Mexico for 173,600 metric tons of irradiated nuclear fuel from atomic power plants, submitted a secret application to the Department of Energy seeking at least $2 billion dollars to restart Palisades, a closed nuclear reactor in Michigan. Holtec’s request also includes plans to build small nuclear modular reactors, or SMRs, with electric generation capacity of 160 Megawatts, on site.
In response to a Freedom of Information Act request (FOIA) made by Beyond Nuclear the public learned that Holtec also plans to restart the reactors not only at Palisades, but other shutdown nuclear power plants at Oyster Creek in New Jersey; Pilgrim in Massachusetts; Indian Point in New York, and another shutdown reactor in Michigan at Big Rock Point. Holtec acquired the shutdown reactors under the false pretense to decommission them using ratepayer money, while at the same time submitting applications to DOE’s Office of Nuclear Energy for taxpayer funding. https://beyondnuclear.org/5775-2/
Kevin Kamps, radioactive waste specialist at Beyond Nuclear based in Takoma Park, Maryland, and a member of the Don’t Waste Michigan board of directors, filed the FOIA with the State of Michigan Department of Licensing and Regulatory Affairs. The 967-page response included Holtec’s application to DOE. #nuclear #antinuclear #nuclearfree #NoNukes
Biden to America: “Give me $100 billion for perpetual wars in Ukraine and Gaza”
Walt Zlotow, West Suburban Peace Coalition, Glen Ellyn IL 20 Oct 23
Last night President Biden doubled, tripled, quadrupled down on squandering US treasure on US provoked, enabled and perpetuated warfare. A piece of that cool hundred billion goes to Taiwan in furtherance of America’s potential nuclear confrontation with China in an area having not the slightest connection to American security interests. Combined with potential nuclear war with Russia that could erupt any day, Biden reminds me of a Samsonite strongman struggling to pull down the pillars of human existence.
But that hundred billion is D.O.A. as long as House Republicans continue their circular firing squad preventing any significant action in Congress on funding those perpetual wars Biden relishes with every second of his dwindling time in power. Keep fighting amongst yourselves Republicans, you’re gumming up the perpetual war works.
In his 51st year promoting US exceptionalism worldwide which is collapsing before our eyes, Biden remains blind to the horrific death toll his policies have promoted and enabled. Apparently, there will be no Biden epiphany inspiring him to pivot toward peace. Instead of going out in a blaze of glory, Biden risks us all going out in a blaze of mushroom clouds.
Only thing more frightening? There is no one remotely in contention for president likely to change Biden’s self-destructive war policies. #nuclear #antinuclear #nuclearfree #NoNukes
Jewish Voice for Peace Holds Massive Rally at Capitol for Israel-Gaza Ceasefire
Israel’s government “is on the brink of genocide against Palestinians,” a member of the group organizing the event said.
By Chris Walker , TRUTHOUT, October 18, 2023, https://truthout.org/articles/jewish-voice-for-peace-holds-massive-rally-at-capitol-for-israel-gaza-ceasefire/?utm_source=Truthout&utm_campaign=431d0bc2ba-EMAIL_CAMPAIGN_3_20_2023_13_41_COPY_05&utm_medium=email&utm_term=0_bbb541a1db-431d0bc2ba-650192793&mc_cid=431d0bc2ba&mc_eid=73e1cd43d0
A massive protest is being held on Wednesday at noon in front of the Capitol building in Washington D.C., organized jointly by Jewish-led anti-occupation groups Jewish Voice for Peace (JVP) and IfNotNow, in which participants are demanding that lawmakers pass a resolution calling for the U.S. to facilitate a ceasefire in the Israel-Hamas conflict.
According to a press release from JVP, the event is part of a broader effort to have “ten thousand American Jews…lead a week of massive protests” in the nation’s capital in reaction to the violence that has been perpetrated by the Israeli military in Gaza.
Earlier this week on Monday, a similar event took place in front of the White House, with hundreds of demonstrators engaged in acts of civil disobedience (including blocking entrances to the White House grounds), carrying signs and chanting demands to end war, apartheid and genocide against Palestinians in Gaza. Around 30 individuals were arrested during the protest.
The Wednesday demonstration demands that lawmakers in Congress adopt an already-drafted resolution, authored by Rep. Cori Bush (D-Missouri) and endorsed by other progressive members of Congress, to compel President Joe Biden to “facilitate deescalation and a cease-fire” agreement between Israel and Hamas. It also calls on the Biden administration to “promptly send and facilitate the entry of humanitarian assistance into Gaza,” which has been blocked by the Israeli government since the start of hostilities.
Biden is currently in Israel to demonstrate the United States’s official support for the country, including its aims to completely destroy Hamas. While he has advised the country not to occupy Gaza when the fighting ends, Biden’s comments have largely been supportive of Israel throughout its military campaign and blockade of food, water and electricity to the strip. Other American diplomats have also expressed support for Israel while its leaders have said the conflict “will be a long war.”
In addition to demanding the U.S. change course and facilitate a ceasefire, JVP is specifically calling out Israel for its retributive and indiscriminate violence against innocent Palestinians, which began after an attack by Hamas earlier this month resulted in hundreds of Israeli residents being killed or kidnapped by the organization. While they have shown support for Israel after that attack, several international organizations have accused Israel of a number of war crimes in Gaza, including collective punishment, use of the chemical weapon white phosphorus, , and possibly illegal evacuation demands that have led to the displacement of thousands of residents in the territory.
On its website, JVP has also decried Israeli and American leaders for “dehumanizing Palestinians with vitriolic rhetoric that calls to mind the most hysterical days of Bush’s War on Terror.”
“We know where this will lead: genocide,” the website’s description of the planned Wednesday rally says. “President Biden and every American political leader must demand a ceasefire now.”
“The Israeli government is on the brink of genocide against Palestinians,” Jay Saper, a JVP member, said in a press release from the organization promoting the planned protest. “It has never been more important for Jews and all people in the U.S. to rise up with literally everything we have — the way that we would have wanted others to rise up for our ancestors.”
“What we know from past Israeli state atrocities against Palestinians is that the bombs only stop once there is a sufficient mass outcry from the international community,” said JVP member Eliza Klein. “It’s on us to build that outcry — as fast as we possibly can.”
In a video message she posted on Monday after the event at the White House, JVP board member Naomi Klein urged her followers on X to attend the rally at the Capitol on Wednesday.
We’re calling for a ceasefire, we’re calling for an end to the war crimes in Gaza,” the writer and activist said, adding:
We cannot simply watch the collective punishment, forced displacement and ethnic cleansing that is happening now in Gaza. Gazans are not human shields, they are human beings, deserving of as much care, dignity and protection as the Israeli civilians in whose name this vengeance-fueled onslaught is being unleashed. #Israel #Palestine
Yellen Says the US Can Afford to Fund Wars in Gaza and Ukraine
The administration may also request funds to spend on arming Taiwan.
SCHEERPOST, By Dave DeCamp / Antiwar.com October 17, 2023
Treasury Secretary Janet Yellen insisted on Monday that the US could “certainly” afford to fund the war in Ukraine and Israel’s onslaught on Gaza as the White House is looking for more military aid for both conflicts.
Yellen’s comments came a day after President Biden said the US could fund both wars. “We’re the United States of America for God’s sake, the most powerful nation in the history — not in the world, in the history of the world. The history of the world. We can take care of both of these and still maintain our overall international defense,” he said on 60 Minutes.
Yellen said the House needs to elect a new speaker so the new funding could be authorized. “We do need to come up with funds, both for Israel and for Ukraine. This is a priority,” she said. “It’s really up to the House to find, seat a speaker and to put us in a position where legislation can be passed.”
The White House has also discussed the possibility of rolling funding to arm Taiwan into the potential spending package. But Yellen did not mention Taiwan, and other Biden administration officials have made clear this week that Ukraine and Israel are the priority……………………………………..more https://scheerpost.com/2023/10/17/yellen-says-the-us-can-afford-to-fund-wars-in-gaza-and-ukraine/ #Israel #Ukraine
Two Men Plead Guilty to Falsifying Documents Related to Testing of Equipment at Nuclear Power Plants
Office of Public Affairs. Us Department of Justice 18 Oct 23
Two men pleaded guilty today for their roles in creating false calibration certificates in a matter within the jurisdiction of the Nuclear Regulatory Commission (NRC).
According to court documents, Miguel Marcial Amaro, 56, of Newark, Delaware, and Martin Ramos, 52, of Levittown, Pennsylvania, worked for a company that provided acoustic emissions (AE) testing to nuclear power plants to detect structural defects in the plant’s equipment. Following the testing, Marcial and Ramos helped create and transmit final testing reports to the owners of the plants which, among other things, contained calibration certificates for the equipment used.
Between 2010 and 2021, Marcial was responsible for ensuring that the company’s AE testing equipment was calibrated annually; Ramos worked under Marcial as an engineer. The two men created numerous false calibration certificates for AE testing equipment, and 15 of these false certificates were sent a total of 29 times to nuclear plant owners as part of final testing reports required by the NRC. The falsified calibration certificates were discovered in 2021 during an external audit.
Today, we hold defendants accountable for deliberately attempting to bypass testing protocols that are essential to keeping nuclear power plants safe,” said Assistant Attorney General Todd Kim of the Justice Department’s Environment and Natural Resources Division (ENRD). ………………………………………………………………. https://www.justice.gov/opa/pr/two-men-plead-guilty-falsifying-documents-related-testing-equipment-nuclear-power-plants #nuclear #antinuclear #nuclearfree #NoNukes
Small modular nuclear reactors: Unlikely, unaffordable, dirty and dangerous
So local jobs may only amount to security, cutting the grass, and periodic reactor maintenance with possible radiation exposure.
The Appalachia Peace Education Center in Abingdon considers the small reactors a bad idea. Here’s why.
by Rees Shearer, October 16, 2023 https://cardinalnews.org/2023/10/16/small-modular-nuclear-reactors-unlikely-unaffordable-dirty-and-dangerous/
A year ago, Gov. Glenn Youngkin came to Bristol to announce proposals from his new Virginia Energy Plan. He declared, “A growing Virginia must have reliable, affordable and clean energy for Virginia’s families and businesses.”
As a requisite to achieving those goals, the Governor proposed four small modular nuclear reactors for the Southwest Virginia Coalfields. But SM[n]Rs fail to meet the governor’s three laudable goals.
SM[n]Rs cannot be reliably licensed and constructed for a decade or more. No commercial SM[n]R has been successfully licensed. There are competing designs and even the Governor said the project would take 10 years. Nuclear power has a notorious history of construction and licensing delays. That means no new nuclear energy generation for at least a decade. There can be no reliable generation when the plant is not up and running. Solar energy and energy storage on restored mine lands can be brought online in a fraction of that time.
SM[n]Rs are unaffordable. At utility scale, the electricity energy standard, Lazards Levelized Cost of Energy, rates nuclear as the most expensive means to generate electric power. It’s not clear whether nuclear waste management, insurance, and decommissioning are included among the costs. The Nu-Scale reactor, under construction in Idaho, is the only SM[n]R even close to licensing. Between 2016 and 2023, NuScale’s estimated power cost increased 60%. That’s in addition to $4 billion in subsidies from U.S. taxpayers. The latest nuclear project to come online (seven years late), Georgia Power’s Vogtle Units 3 and 4, exceeded cost projections by 120%. It’s unclear how much of the cost overruns customers will be forced to shell out. Nuclear power construction history shows an unfailing correlation between new designs and cost increases and project delays. Youngkin is opting for new technology designs. SM[n]Rs will not be affordable and Apco and Dominion Energy try to make sure customers bear the costs, even if the SM[n]R project is canceled before generating one Watt. The LCOE shows solar and on-shore wind, even adding battery storage, are the lowest cost sources of new power generation.
SM[n]Rs are dirty and dangerous. SM[n]Rs produce plutonium 239, the most lethal element in high-level nuclear waste. A Stanford University study concluded that “small modular reactors may produce a disproportionately larger amount of nuclear waste than bigger nuclear plants.” That element is deadly for a quarter million years, a horrifying legacy. There is no permanent storage solution. Just to maintain this waste is already costing taxpayers and utility customers tens of billions of dollars. Additionally, plutonium 239 is the key element in proliferation of nuclear weapons and nuclear terrorism. There is risk of radiation leaks or a catastrophic accident. This becomes all the more concerning, given the proximity of sites already evaluated as potential SM[n]R locations to Southwest Virginia schools, neighborhoods, and downtowns. The governor proposes reprocessing the waste, which adds transportation and terrorism risks.
But what about jobs, you may ask? Modular design means that the reactors would be manufactured in one central location. Modules would be transported by truck to reactor sites. Then a specialized crew, moving from site to site, would assemble the reactor. At most, ground preparation will be the work for local contractors. What about high skill nuclear technology jobs the Governor is touting? A spokesperson at NuScale Power, eagerly anticipated, “NuScale developed the information needed to obtain NRC approval that allows up to 12 NuScale Power Modules to be operated remotely from a single control room.” So local jobs may only amount to security, cutting the grass, and periodic reactor maintenance with possible radiation exposure.
The Clinch Coalition is a leading regional voice for transparency and opposition to SM[n]Rs. The Coalition developed satellite videos (available at their website), demonstrating the risky proximity of homes, a school and businesses of three of seven SM[n]R sites proposed in a study by LENOWISCO Planning District Commission.
Gov. Youngkin could have proposed solar farms on restored mine lands. When combined with current technology battery storage, solar generates reliable, affordable and clean power — 24/7, installed and maintained by a local workforce — today. Just what the governor said he wanted.
Rees Shearer is a 40-year member of the Appalachian Peace Education Center in Abingdon. He writes this on the center’s behalf in response to the Sept. 9 opinion piece: “Virginia’s clean energy revolution begins in Southwest.” #nuclear #antinuclear #nuclearfree #NoNukes
Israel Hamas conflict: US President Joe Biden heading to Israel as Iran threatens ‘action within hours’
US President Joe Biden will visit Israel on Wednesday and has warned other nations to stay out of the conflict, after Iran threatened to launch “action within hours”.
news.com.au Shannon Molloy, October 17, 2023
Joe Biden will visit Israel on Wednesday for high-level talks about the worsening conflict in Palestine, as Iran threatened to involve itself in the war.
The US President has reaffirmed America’s “iron-clad commitment to [Israel’s] security” and warned other state and non-state actors to stay away.
Some 2000 troops have been ordered to “prepare to deploy” as American warships head to the region.
Meanwhile, aid organisations say time is running out to avoid a devastating humanitarian crisis in Gaza as food, water and fuel runs out, aid organisations warn.
Biden heading to Israel
United States President Joe Biden will visit Israel for high-level talks about the escalating conflict with Hamas in Palestine, after Iran threatened to become involved “within hours”.
Speaking just now to reporters in Tel Aviv, US Secretary of State Antony Blinken confirmed the visit, during which Mr Biden will “reaffirm the United States’ solidarity … and iron-clad commitment to its security”.
“The president will hear from Israel what it needs to defend its people as we continue to work with Congress to meet those needs,” Mr Blinken said.
Mr Biden will also “underscore our crystal-clear message” to others to not seek to take advantage of the crisis “to attack Israel”.
“To that end, he has deployed aircraft carrier groups and other military assets to the region.”
That warning to “state or non-state” forces and the president’s confirmed visit to Israel on Wednesday came just moments after Iran issued a stern threat that is prepared to involve itself in the conflict……………………………………………………….. more https://www.news.com.au/world/middle-east/israel-hamas-conflict-israeli-family-of-five-found-dead-in-an-embrace/news-story/6d79f51f5bcc759020697fa44e63e33b #Israel
Ukraine, Taiwan, Israel: Biden’s treasure squandering trifecta
https://heartlandprogressive.blogspot.com/ 13 Oct 23
President Biden has a weapons supply problem. In 20 months of the Russo Ukraine war, also US proxy war on Russia, he’s blown $113 billion in US treasure desperately needed by the Homeland. , National health care, infrastructure, clean energy, border security, migrant aid relief, education, crime reduction among other issues, go wanting.
The repetitive requests for more, more, more are weighing on Americans who increasingly see it as the boondoggle for the weapons makers it is. While congressional Democrats completely support is Biden’s spending spree, a small Republican House contingent is pushing back, sensing public disgust with Biden’s giveaways as a means of defeating him next year. They’re holding up current spending requests with both their opposition and current legislative paralysis due to the vacant Speaker’s chair.
But no fool Biden senses this Republican opposition can be neutered by combining his weapons aid for Ukraine with that for Taiwan and now Israel, both countries of which are favored by the anti-Ukraine Republican claque.
All three countries earmarked for endless weapons deserve US attention.
We should be negotiating an end to the Russo Ukraine war instead of sabotaging every diplomatic effort that could have ended it in the first 2 months. We blew an easy opportunity to save 400,000 Ukrainian lives simply to weaken Russia. Nuclear confrontation with Russia looms.
We need to go back to a One China policy that kept Chinese reunification with Taiwan on the back burner for 50 years till first Trump, then Biden, blew it to smithereens. Some military leaders fear we’ll be at war with China by 2025.
We need to be a broker for peace between Israel and Gaza Palestinians, not a weapons supplier and cheerleader for massive bombing and destruction of Gaza to avenge Hamas’ recent attack. Israel, the dominant military power in the Middle East, needs not a single US weapon to prevent further Hamas attacks. They just need better intelligence. Conversely, US support for the current bombing and impending invasion puts every remaining hostage, including Americans, at risk of imminent death.
Too early to determine if Biden’s proposed Ukraine, Taiwan, Israel weapons trifecta will overcome taxpayer and Republican opposition. If it does, it’s the weapons makers and perpetual war promoters that will hit the Trifecta. Everyone else will lose….and thousands will die.
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