Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Nuclear Fights Loss of Credibility in Europe, Westinghouse Says: "the Olkiluoto effect"
http://www.bloomberg.com/news/2013-03-06/nuclear-fights-loss-of-credibility-in-europe-westinghouse-says.html
Nuclear Fights Loss of Credibility in Europe, Westinghouse Says
By Ladka Bauerova - Mar 6, 2013 3:00 PM PT
Europe’s nuclear industry must fight to regain the trust of investors after delays and cost overruns at projects in Finland and France dealt a blow to its reputation, said Westinghouse Electric Co.’s European chief.
“Banks, investors, the whole financial community finds it difficult to trust the credibility of nuclear projects,” Yves Brachet, the chief executive officer for Europe, Middle East and Africa, said yesterday in an interview at Bloomberg’s Prague office. “The entire industry is suffering from the Olkiluoto effect,” he said, referring to construction problems at the world’s biggest nuclear reactor in Finland, which is about seven years behind original schedule.
<snip>
In continental Europe, Westinghouse, which is owned by Toshiba Corp. (6502), is pinning its hopes on the Czech Republic, where it’s competing against Russia’s Rosatom Corp. to supply two AP 1000 reactors at CEZ AS’s Temelin plant, which has two Soviet- designed reactors that were upgraded with Westinghouse control mechanisms.
<snip>
That process also may be delayed, Brachet said. Areva, which CEZ excluded from the bidding process last October for failing to fulfil commercial and legal requirements of the tender, has said it will seek all possible legal avenues at Czech and EU levels to stop the process.
“We are concerned that Areva can delay the ability of CEZ to sign the contract this year,” Brachet said. “It can certainly happen.”
<snip>
Nuclear Fights Loss of Credibility in Europe, Westinghouse Says
By Ladka Bauerova - Mar 6, 2013 3:00 PM PT
Europe’s nuclear industry must fight to regain the trust of investors after delays and cost overruns at projects in Finland and France dealt a blow to its reputation, said Westinghouse Electric Co.’s European chief.
“Banks, investors, the whole financial community finds it difficult to trust the credibility of nuclear projects,” Yves Brachet, the chief executive officer for Europe, Middle East and Africa, said yesterday in an interview at Bloomberg’s Prague office. “The entire industry is suffering from the Olkiluoto effect,” he said, referring to construction problems at the world’s biggest nuclear reactor in Finland, which is about seven years behind original schedule.
<snip>
In continental Europe, Westinghouse, which is owned by Toshiba Corp. (6502), is pinning its hopes on the Czech Republic, where it’s competing against Russia’s Rosatom Corp. to supply two AP 1000 reactors at CEZ AS’s Temelin plant, which has two Soviet- designed reactors that were upgraded with Westinghouse control mechanisms.
<snip>
That process also may be delayed, Brachet said. Areva, which CEZ excluded from the bidding process last October for failing to fulfil commercial and legal requirements of the tender, has said it will seek all possible legal avenues at Czech and EU levels to stop the process.
“We are concerned that Areva can delay the ability of CEZ to sign the contract this year,” Brachet said. “It can certainly happen.”
<snip>
Wow - I didn't expect this: infighting by nuclear power companies will be a new cause of delays.
The nuclear industry is now turning on itself.
In a way, it's kind of sad to watch.