IAEA Update on Trip to Japan

IAEA’s team of nuclear experts has a preliminary assessment available on Fukushima-Daiichi and Japan’s overall response to the accident. There are some good nuggets and takeaways from their experience. Below are a few of the team’s preliminary findings and lessons learned:

- Japan's response to the nuclear accident has been exemplary, particularly illustrated by the dedicated, determined and expert staff working under exceptional circumstances;

- Japan's long-term response, including the evacuation of the area around stricken reactors, has been impressive and well organized. A suitable and timely follow-up programme on public and worker exposures and health monitoring would be beneficial;

- The tsunami hazard for several sites was underestimated. Nuclear plant designers and operators should appropriately evaluate and protect against the risks of all natural hazards, and should periodically update those assessments and assessment methodologies;

- Nuclear regulatory systems should address extreme events adequately, including their periodic review, and should ensure that regulatory independence and clarity of roles are preserved; and

- The Japanese accident demonstrates the value of hardened on-site Emergency Response Centres with adequate provisions for handling all necessary emergency roles, including communications.

Worth noting, here’s what the more-detailed report (pdf) said in a sentence by itself on page 3:

To date no health effects have been reported in any person as a result of radiation exposure from the nuclear accident.

There are definitely some good observations from this first cut, look for their final report later this month.

Picture of the IAEA folks at Daiichi from their Flickr page.

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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