British Energy
The long-running bid process for British Energy has suffered a fresh blow after it emerged that the group was forced to shut down one of its largest power-producing units. Unit 1 of British Energy’s Torness reactor was taken out on Saturday for an unspecified length of time, highlighting the company’s ageing, problematic infrastructure. The shutdown is a setback because it raises questions over the valuation of British Energy’s assets and the cost of keeping them in operation until they are retired. The problems at the reactor, near East Lothian, Scotland, come after a six-week outage in December and January and another week-long outage at Unit 2 in February.
Times 15th April 2008 more >>
The sale of a stake in British Energy is one of the few big gigs in town for M&A bankers. Fielding the offers for British Energy and advising the UK nuclear group’s chairman Sir Adrian Montague is a team led by Rothschild’s Richard Murley . Helping the government with its majority stake in the negotiations is Robin Budenberg at UBS.
FT 15th April 2008 more >>
New nukes
The Nexia Solutions British Technology Centre at Sellafield will have as much to do with new reactors as it will with dealing with the legacy of the past.
North West Evening Mail 14th March 2008 more >>
NDA
Britain’s Nuclear Decommissioning Authority (NDA) said on Monday it had received proposals from over 30 parties interested in land surrounding 18 nuclear sites — all potential locations for new power stations. The organisation would not reveal the identity of the bidders, although a spokesman for German utility RWE said it had made a pitch for some of the land. An industry source added that many of Europe’s nuclear or power operators such as France’s EDF and Germany’s E.ON would have made a pitch. Britain’s Centrica and Scottish & Southern Energy are also likely to be involved.
Reuters 14th April 2008 more >>
French and German energy giants EDF and RWE will this week open talks with the Nuclear Decommissioning Authority over plans to buy land adjoining three nuclear power stations. Both firms also expressed interest in a potential £11bn takeover bid for British Energy, which operates eight nuclear generators.
This is Croydon 14th April 2008 more >>
Nuclear Fuel
French nuclear power group Areva and Japanese engineering major Mitsubishi Heavy Industries have signed a memorandum of understanding to extend their co-operation in the nuclear fuel business. The MoU calls for the establishment of a joint business organization for the supply of nuclear fuel for pressurized water, boiling water, mixed oxide and gas reactors. The implementation of this formation is expected by the end of 2008.
Datamonitor 14th April 2008 more >>
North Korea
South Korea and Japan are backing the latest attempt by the US to negotiate an end to North Korea’s nuclear ambitions, although they insist any deal must take their concerns into account. Han Seung-soo, prime minister of South Korea, is wary that North Korea believes it could achieve better terms by talking to Washington and keeping Seoul out of the negotiations.
FT 15th April 2008 more >>
Vietnam
Vietnam’s parliament is expected to approve a plan to build two nuclear power stations.
Mathaba 15th April 2008 more >>
Iran
The head of Iran’s nuclear programme has cancelled a meeting scheduled for today with the chief of the International Atomic Energy Agency (IAEA).
Guardian 14th April 2008 more >>
Japan
Japan is stepping up efforts to meet its Kyoto Protocol targets by buying more greenhouse gas emissions offsets from abroad than previously planned as its own emissions rise and nuclear power production dwindles.
Reuters 14th April 2008 more >>
