Life’s Little Ironies

A British wind utility, Ecotricity, and French nuclear company EDF are fighting for the rights to a “green” union jack to use at the 2012 London Olympics – EDF is the “sustainability partner” for the Olympics, so that’s pretty green all the way around. (EDF is the majority stakeholder in British Energy, hence their interest in this.) On the Wind Energy Planning Web site, the news story about the squabble concludes:

EDF have submitted a trademark application for their green union jack - however Ecotricity is retaliating by taking the company to the high court. EDF energy are 85% owned by the French State. They are the worlds third largest producer of nuclear waste.

It’s all a matter of perspective, we guess. We reckon we would support EDF if we had much feeling for the set-to, but let’s be generous – and disinterested – and wish it and Ecotricity equal luck. Either way, we’ll see a lot of green Union Jacks.

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We, of course, have no beef with anyone who believes the Earth began on this day or that – it began for each of us on the day we were born, after all – but there’s still so much irony to unpack in this story, it’s a little daunting:

During the hearing, [Arizona] State Senator Sylvia Allen (R), the vice chairman of the committee, argued in favor of mining by saying that the earth “has been here 6,000 years, long before anybody had environmental laws, and somehow it hasn’t been done away with.” “We need to get the uranium here in Arizona, so this state can get the money from it,” argued Allen.

We’re on Senator Allen’s side as far as uranium mining is concerned – she also mentions, correctly, that it isn’t very environmentally impactful – but we find the juxtaposition of uranium and a young Earth very strange.

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Well, okay:

The U.S. would cancel a nuclear energy agreement with the United Arab Emirates if the Middle East nation were to violate any terms of the deal, an Obama administration official said Wednesday.

Ellen Tauscher, undersecretary of state for arms control and international security, sought to convince lawmakers that the pact is designed to keep sensitive technology from flowing to Iran or allowing the UAE to develop atomic weapons.

File it under a promise to do what you promise to do and that about gets it. (The U.S.-UAE agreement allows nuclear technologies to flow between the two countries, though in practice, toward the UAE. The Obama administration has signed the treaty and passed it overt to Congress, which can ignore it – meaning the terms will take effect after some days – or reject it. Congress does not need to affirm it.) UAE’s ports have been used as weigh-stations for nefarious Iranian shipments, though that ended some time ago. That’s why this confirmation of the affirmation.

The green Union Jack (Ecotricity’s version). We’re not sure it’s even legal to attempt a green stars-and-stripes for a commercial purpose.

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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