Skip to main content

U.K. Nuclear Update

We're continuing to see signs that U.K. Prime Minister Tony Blair is preparing to help jump-start a revival of that nation's nuclear energy industry. In a television interview on Saturday, one former government minister opposed to the idea said that he thought Blair had already made up his mind.

And you know something has really changed when the Guardian starts running op-eds in favor of nuclear energy that read like this:
Yet it seems wrong to dismiss nuclear energy merely because of our revulsion for nuclear weapons. Atomic power has worked. Today it provides 23% of Britain's energy, which is scheduled to fall to 7% by 2020 as old stations reach their expiry date.

Nobody can propose a credible alternative energy source that is anything like as environmentally acceptable. Anyone who supposes that wind turbines can meet demand is a mathematical duffer. A wind farm the size of Dartmoor would be required to provide the energy of one nuclear plant. In the past, atomic power has been very costly, but in the future it is reckoned that it will be cheaper than fossil fuels if oil prices exceed $28 a barrel (the current price is $50).
Meanwhile, the Council for Science and Technology, the U.K. government's top-level advisory body on science and technology issues, published a paper entitled, "An Electricity Supply Strategy for the U.K." that made the following recommendations:
* immediate investment in large scale, low-carbon, energy generation facilities to meet the Government's carbon dioxide reduction targets;

* keeping the nuclear option open and placing more emphasis on carbon sequestration and tidal power;

* government investment in R&D should be aimed at new and renewable fuel sources, energy management, storage and improving the supply and training of skilled workers in the UK; and

* development of the transmission network, its protection mechanisms and metering systems to facilitate distributed and diverse generators, ranging from commercial to domestic units; and to address the regulatory issues arising from this form of generation.
For our last post on the situation in the U.K., click here.

Technorati tags: , , , , ,

Comments

Popular posts from this blog

Fluor Invests in NuScale

You know, it’s kind of sad that no one is willing to invest in nuclear energy anymore. Wait, what? NuScale Power celebrated the news of its company-saving $30 million investment from Fluor Corp. Thursday morning with a press conference in Washington, D.C. Fluor is a design, engineering and construction company involved with some 20 plants in the 70s and 80s, but it has not held interest in a nuclear energy company until now. Fluor, which has deep roots in the nuclear industry, is betting big on small-scale nuclear energy with its NuScale investment. "It's become a serious contender in the last decade or so," John Hopkins, [Fluor’s group president in charge of new ventures], said. And that brings us to NuScale, which had run into some dark days – maybe not as dark as, say, Solyndra, but dire enough : Earlier this year, the Securities Exchange Commission filed an action against NuScale's lead investor, The Michael Kenwood Group. The firm "misap...

Wednesday Update

From NEI’s Japan micro-site: NRC, Industry Concur on Many Post-Fukushima Actions Industry/Regulatory/Political Issues • There is a “great deal of alignment” between the U.S. Nuclear Regulatory Commission and the industry on initial steps to take at America’s nuclear energy facilities in response to the nuclear accident in Japan, Charles Pardee, the chief operating officer of Exelon Generation Co., said at an agency briefing today. The briefing gave stakeholders an opportunity to discuss staff recommendations for near-term actions the agency may take at U.S. facilities. PowerPoint slides from the meeting are on the NRC website. • The International Atomic Energy Agency board has approved a plan that calls for inspectors to evaluate reactor safety at nuclear energy facilities every three years. Governments may opt out of having their country’s facilities inspected. Also approved were plans to maintain a rapid response team of experts ready to assist facility operators recoverin...

Nuclear Utility Moves Up in Credit Ratings, Bank is "Comfortable with Nuclear Strategy"

Some positive signs that nuclear utilities can continue to receive positive ratings even while they finance new nuclear plants for the first time in decades: Wells Fargo upgrades SCANA to Outperform from Market Perform Wells analyst says, "YTD, SCG shares have underperformed the Regulated Electrics (total return +2% vs. +9%). Shares trade at 11.3X our 10E EPS, a modest discount to the peer group median of 11.8X. We view the valuation as attractive given a comparatively constructive regulatory environment and potential for above-average long-term EPS growth prospects ... Comfortable with Nuclear Strategy. SCG plans to participate in the development of two regulated nuclear units at a cost of $6.3B, raising legitimate concerns regarding financing and construction. We have carefully considered the risks and are comfortable with SCG’s strategy based on a highly constructive political & regulatory environment, manageable financing needs stretched out over 10 years, strong partners...