NRC’s 90 Day Report from the Fukushima Task Force

Today, the Nuclear Regulatory Commission published its Fukushima task force’s Recommendations for Enhancing Reactor Safety in the 21st Century (pdf). This is a significant report because it sets the stage for what’s to come over the next few years to enhance nuclear safety. Here are a few nuggets from our press release on the report:

The task force report confirms the safety of U.S. nuclear energy facilities and recommends actions to enhance U.S. nuclear plant readiness to safely manage severe events.

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The task force report does not cite significant data from the Fukushima accident to support many of its recommendations. Given the mammoth challenge it faced in gathering and evaluating the still-incomplete information from Japan, the agency should seek broader engagement with stakeholders on the task force report to ensure that its decisions are informed by the best information possible.

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The industry reiterates our commitment to make nuclear plant safety our top priority. Even as the NRC and industry separately have taken steps to identify additional layers of protection to enhance nuclear plant safety, the NRC and many of our nation’s leaders have recognized that U.S. reactors are safe.

Besides what NEI has to say, here are a few nuggets from the NRC report to mention:

The current regulatory approach, and more importantly, the resultant plant capabilities allow the Task Force to conclude that a sequence of events like the Fukushima accident is unlikely to occur in the United States and some appropriate mitigation measures have been implemented, reducing the likelihood of core damage and radiological releases. Therefore, continued operation and continued licensing activities do not pose an imminent risk to public health and safety. p. vii

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The primary responsibility for safety rests with the licensees, and the NRC holds licensees accountable for meeting regulatory requirements. p. 19

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This [proposed] framework, by itself, would not create requirements nor eliminate any current requirements. It would provide a more coherent structure within the regulations to facilitate Commission decisions relating to what issues should be subject to NRC requirements and what those requirements ought to be. p. 21

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As discussed earlier, the Task Force believes the voluntary industry initiatives could play a useful and valuable role in the suggested framework. p. 21

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In a new regulatory framework, risk assessment and defense-in-depth would be combined more formally. p. 21

And here’s a valuable nugget on new plant designs:

By nature of their passive designs and inherent 72-hour coping capability for core, containment, and spent fuel pool cooling with no operator action required, the ESBWR and AP1000 designs have many of the design features and attributes necessary to address the Task Force recommendations. The Task Force supports completing those design certification rulemaking activities without delay. p. 71

Good to hear. For more on the industry’s perspective, see our Chief Nuclear Officer, Tony Pietrangelo, in an interview with Reuters Insider.

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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