Nuclear power in Europe

The decision of France’s AREVA to take a EUR400mn charge on its Finnish nuclear reactor project, combined with a planned French nuclear plant shutdown is hurting AREVA’s bottom line.

After state-owned AREVA, the world’s largest uranium miner, announced last week it would take a 400 million euros (US$491mn) charge due to cost overruns at its Finnish nuclear plant project, Standard & Poor’s Monday downgraded the company to a `BBB+’ rating, citing continued weakened profitability. (more…)

Constant hold-ups, skyrocketing costs, faulty construction…Finland’s new Olkiluoto reactor, touted as the great white hope for Europe’s nuclear sector, is looking more and more like a great white elephant – and casting a fat black shadow over the whole industry. (more…)

BERLIN, Feb 12, 2010 (IPS) – The enormous technical and financial risks involved in the construction and operation of new nuclear power plants make them prohibitive for private investors, rebutting the thesis of a renaissance in nuclear energy, say several independent European studies.

The risks include high construction costs, likely long delays in building, extended periods of depreciation of equipment inherent to the construction and operation of new power plants and the lack of guarantees for prices of electricity. (more…)

The executives of electric utilities worldwide are dreaming of a renaissance in nuclear power. But problems with a new, state-of-the-art reactor in Finland suggest that this is unlikely to happen. The industry’s alternative strategy is to modernize older plants to drastically extend reactor lifetimes.

The managers at Finnish electric utility TVO expressed one last wish before ordering what would be the world’s largest nuclear power plant from Siemens and the French nuclear power conglomerate Areva. They wanted the reactor to be painted oxblood red and white, the traditional colors of the picturesque summer homes on Finland’s western coast. (more…)

OLKILUOTO, Finland — As the Obama administration tries to steer America toward cleaner sources of energy, it would do well to consider the cautionary tale of this new-generation nuclear reactor site.

The massive power plant under construction on muddy terrain on this Finnish island was supposed to be the showpiece of a nuclear renaissance. The most powerful reactor ever built, its modular design was supposed to make it faster and cheaper to build. And it was supposed to be safer, too. (more…)

Power company TVO denies that Finland’s Nuclear and Radiation Safety Authority (STUK) has threatened to stop construction of a nuclear reactor at its plant in Olkiluoto. Nonetheless both TVO and French contractor Areva say they take the criticism seriously.

TVO and Areva admit that plans for an automation safety system have been delayed, but say that STUK has not suggested it would order a stop to construction for this or any other reason. (more…)

PARIS, Nov 12 (Reuters) – France’s EDF plans to start the new-generation EPR reactor under construction at the Flamanville nuclear site in northwest France in 2012, and not in 2013 as stated by Areva earlier, EDF said on Wednesday.

“EDF confirms the European Pressurized Reactor (EPR) will start in 2012,” EDF said in a statement. (more…)

Finland’s Olkiluoto power station was meant to symbolise the resurrection of nuclear power after the 1986 Chernobyl disaster and to act as a showcase for Areva of France’s new EPR reactor technology.

The first nuclear power station to be built in western Europe since Chernobyl, Olkiluoto 3 would demonstrate that nuclear energy was the obvious solution to growing concerns about CO2 emissions, high fossil fuel prices and dependence on imported energy sources. (more…)

Mikael Lilius, the chief executive of Finnish utility Fortum, was quoted as saying by Energia, an industry publication, on Monday that the Finland should grant a permit to build a nuclear power station to all three hopefuls.

“I cannot understand why one should start regulating who can build and who cannot when we have three willing builders,” Mr Lilius told Energia, referring to Fennovoima, Fortum and Teollisuuden Voima. (more…)

The Finnish Construction Trade Union on Monday postponed the start of a strike affecting Teollisuuden Voima’s Olkiluoto nuclear power station site by a week to 17 September.

The union added that Rimec, a Cyprus-registered subcontractor at the site, had until 16 September to come up with an explanation of suspected wage and occupational healthcare irregularities. (more…)