When it Comes to Indian Point, Think Before You Leap

As we're all aware, a bevy of local and state politicians in New York have jumped on the anti-Indian Point bandwagon. But for Westchester County resident Peter Applebome, the answers to questions about energy and the environment aren't so obvious:

[C]losing Indian Point raises its share of vexing questions.

For starters: Is New York prepared to increase carbon emissions and perhaps flunk its goals under the Regional Greenhouse Gas Initiative to close Indian Point? In whose neighborhoods in Westchester or Rockland Counties is it prepared to build the power plants that would replace it? Is the possibility of more expensive and less reliable electricity an acceptable trade-off for not having to worry about Indian Point? If Indian Point poses an unacceptable risk, shouldn’t the dozens of nuclear plants in metropolitan areas around the country and the world close as well? And we’re comfortable with those carbon trade-offs too?

In the end, they come down to this: Do the forever-green, antinuke politics of the 1970s hold up in the global warming era of 2007? Think before you answer.

Can it actually be that somebody is thinking about this question like an adult for a change?

As it is, we don’t want windmills off Long Island, and we don’t want the proposed Broadwater floating natural gas plant in Long Island Sound. We almost certainly don’t want a tunnel under the Sound. We don’t want Indian Point, and we sure as heck wouldn’t want a substantial plant to replace it. We want our bloated S.U.V.s and Hummers and the energy-hogging McMansions that the banks haven’t taken back. yet.

Maybe Santa is out there 365 days a year, and maybe we can turn all of Wyoming into a windmill farm that will solve everyone’s problems. Or maybe getting to a sane energy future is a lot more complicated than scaring people to death about Indian Point.

Wow. Read the rest right now.

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...

NEI Nuclear Notes

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