Tom Perriello Adds Nuclear to the Mix

We’ve been accused of not noting nuclear-favoring Democrats lately and that’s fair enough. We take them as they come, and it’s certainly true that Republicans find nuclear a good fit with their virtually all-inclusive energy approach. Thus, they say more about it.

Many Democrats, by contrast, seem a bit stuck between old guard environmentalists – although a fair few of them are coming around -and a desire to see renewable energy sources take off, giving viable mature industries short shrift. But we think more Democrats than not support nuclear energy and if they would work it into their messaging more, we’d be more than happy to spotlight them.

So meet Rep. Tom Perriello (D-Va.). Coming from the same area as Mecklenburg, which we spotlighted last week, Perriello has an editorial in the Appomattox News is which he aims to clarify his energy policies. He mentions some of the companies from last week’s story:

We are already seeing companies like Mod-u-Kraf homes become a national leader in energy efficient homes. Windy Oaks and Red Birch Energy are leading the way on bio-refineries. Several companies are leading the way on advanced battery manufacturing so that all those new hybrid batteries can be made right here in the USA.

Ah, Red Birch, our old friend. Here’s where Perriello mentions nuclear:

The clean energy economy can be the next growth industry, creating millions of new jobs. Some of the biggest winners should be agricultural areas that can produce biofuels, and areas like Region 2000 that are connected to the nuclear industry, as well as former manufacturing hubs that can support the new advanced manufacturing of efficiency technology.

Well, all right, coming from a farming district, Perriello is going to be most excited about bio-fuels. We get that. Region 2000 is an economic development initiative that covers the counties ringing Lynchburg; AREVA is part of its Technology Council. So the reference to nuclear is a trifle mediated. But it’s there and Perriello adopts a general attitude that shows a willingness to change with the times. For example, whither king tobacco?

To really meet the nation’s need for energy independence, we need to tap all of the energy sources that exist in the region. Bio-refineries and bio-power plants can be strategically located throughout the region using feedstocks grown by local farmers, many of whom are looking for a crop to replace tobacco as a sustainable source of income.

Whither? Wither – in favor of bio-fuel.

We liked Perriello’s article for the way it directly answers to his constituents. That can be underestimated, but it’s important, and adding nuclear into the mix is even better. Perriello has gotten hit by the Republicans for supporting the climate change bill – see here for more – but his energy outlook should, if anything, be appealing to them.

You wouldn’t know it from this picture, but Perriello has an exceptionally winning smile – the utility of which for a politician should not be underestimated – but here looks as though he’s on the way to his dentist.

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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