British Energy
Anyone who went off to the beach a month ago in the expectation that the future of Britain’s nuclear industry had been settled will be returning to a serious disappointment. The structure of the industry is still undecided, while the government maintains the fiction that it is a question that can be resolved by the private sector alone. With the security of Britain’s energy supplies at stake, this muddle and confusion is dismaying. British Energy is the UK’s principal nuclear generator and owns the great majority of its reactors and most of the best sites for building new ones. At the end of July it seemed that it would fall into the hands of Electricit de France. The deal would have had problematic consequences for competition in Britain’s electricity market, but would have secured EDF’s expertise and financial strength for the UK nuclear industry.
FT 28th Aug 2008 more >>
The Government wants a deal between British Energy and EdF hammered out within the next two weeks, John Hutton said yesterday, as it emerged that the French utility was talking to the nuclear power generator over how to overcome shareholder opposition to its offer. The Business Secretary said the deal, which was rejected by major shareholders last month for being too low, was still “a good one” and remained the key towards developing a new generation of nuclear power stations in the UK.
Telegraph 28th Aug 2008 more >>
Energy Costs
John Hutton, the Business Secretary, admits households will struggle to pay their heating bills this winter due to rising costs. But he effectively rules out imposing a windfall tax on energy firms because it would only lead to higher charges for customers. And he warns that Russian aggression in Georgia has cast doubt over Britain’s future energy supplies. He says: “The era of cheap energy is over. The question is how are we going to adjust to that and what sort of help can we provide to those who are going to struggle the most.
Telegraph 28th Aug 2008 more >>
Nuclear Finance
Energy-focused private equity firm First Reserve Corporation has partnered with nuclear industry veterans Charles Scorer and David Sloan to form integrated nuclear fuel supply company Accord Nuclear Resources. Accord will acquire and integrate businesses that operate in the commercial nuclear power generation sector, with a focus on uranium mining and production and related infrastructure operations and services.
Alt Assets 27th Aug 2008 more >>
Finland
The expected building costs of a new nuclear reactor in Finland by France’s Areva have increased to 4 billion euros ($5.92 billion) from 3.5 billion and the group has to make new provisions.
Money AM 28th Aug 2008 more >>
Interactive Investor 28th Aug 2008 more >>
France
Just nine months into construction, Areva’s new flagship nuclear reactor is already nine months behind schedule. This delay echoes the problems at Areva’s previous site in Olkiluoto, Finland, where construction is more than two years behind schedule, more than 2 billion Euro over budget and beset with safety problems.
Greenpeace International 27th Aug 2008 more >>
Pakistan
The recent turmoil in Pakistan has only heightened western anxiety over the country’s nuclear weapons programme. Yet, thanks to security measures put in place during the nine-year rule of President Pervez Musharraf, who was recently forced to resign, controls over the country’s nuclear activity have never been firmer, according to both Pakistani and western officials.
FT 28th Aug 2008 more >>
India
The Nuclear Suppliers Group (NSG) will soon decide whether India can trade nuclear fuel and equipment with the group’s members. The collaboration met in Vienna last week, and is due to meet again in September.
Nature 27th Aug 2008 more >>
South Africa
South Africa is seeking commercial contracts with foreign companies to reprocess spent nuclear fuel, a senior official said on Wednesday. The country plans to expand its nuclear industry and diversify its energy mix as it battles a crippling power shortage which has hit key mining, smelting and manufacturing sectors, trimming growth in Africa’s strongest economy.
Reuters 27th Aug 2008 more >>
