Edward Markey to Energy and Environment

Here’s some news from The Boston Globe that might cause, well, mixed feelings:

Representative Edward Markey today will be awarded a key energy and environment leadership post in the House, a move that will make the Malden Democrat one of the most powerful players on Capitol Hill on an issue central to president-elect Obama's first-term agenda.

Markey, a 17-term congressman with a strong record against nuclear power and for more fuel-efficient cars, will be named chairman of the House Energy and Commerce Committee's subcommittee on Energy and the Environment, lawmakers and Democratic leadership staff confirmed to the Globe. Markey already chairs the separate House Select Committee on Energy Independence and Global Warming, a new panel that House Speaker Nancy Pelosi created in early 2007.

Well, you can’t have your best friends everywhere you want them. We rather preferred Markey (D-Mass.) over at telecommunications where his stance on net neutrality – he’s for it - suited us fine. (He swapped chairs with Rick Boucher (D-Va.), who’s also for it.)

As for nuclear energy, we think the atomic genie’s out of the bottle, but we’ll keep an eye on Markey and any corks he may have in his pockets. He may well surprise us.

Rep. Markey himself. We have to admit, we can’t resist politician pointing pictures, but heck, there’s so many of them.

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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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