Quick Hits: At Indian Point, Three Plants, The German Psyche

CNN’s Alan Chernoff goes into a nuclear plant – New York’s Indian Point, in this case – and nothing falls over on him and he doesn’t topple into the used fuel pool (which he takes a look at). In fact, he finds a spotless, well run industrial structure. Oh, and extremely secure.

Useful type of story for reporters to be doing – folks are probably pretty curious about the inside of a plant right about now.

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At a House hearing, NRC Commissioner Gragory Jaczko loosely identified three nuclear plants the commission believes need further oversight:

Three U.S. nuclear power plants need increased oversight from federal regulators because of safety problems or unplanned shutdowns, the Nuclear Regulatory Commission said Thursday, although officials said all are operating safely.

NRC Chairman Gregory Jaczko said the three plants — in South Carolina (H.B Robinson), Kansas (Wolf Creek) and Nebraska (Fort Calhoun)— "are the plants we are most concerned about" among the 65 U.S. nuclear power plants in 31 states.

Jaczko did not say what issues require the extra oversight:

"The NRC felt the three required significant additional oversight but continue to operate safely," said Scott Burnell, an agency spokesman.

The story quite correctly notes that there are four levels of oversight and these plants fall into the second. The third and fourth levels would be far more serious for the plants. Tellingly, Jaczko initially told the House committee that six reactors were on the list, but three of them, at the Oconee plant, had resolved all issues and were taken off the list.

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Sarah Sloat has a go at German kookiness about nuclear energy:

So then, what’s the source of this “special sensitivity?” It’s hard for the Germans themselves to pin down. Some see its root in German romanticism of the 19^th century, the idealization of nature seen, for example, in the landscapes of Casper David Friedrich.

Others attribute it to the national character. “It’s all psychological; it’s typical German nervousness,” said one. Characteristics like “cautiousness” and “risk-aversion” also come up.

Sloat decides its all about Chernobyl, but I liked these better. Risk-aversion! It’s a wonder Germans drive cars or get on a plane – far riskier than having a nuclear energy plant in the neighborhood.

Indian Point.

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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