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Nuclear Power

Nuclear power cannot address climate change effectively or in time. Reactors have long, unpredictable construction times are expensive - at least $12 billion or higher per reactor. Furthermore, reactors are sitting-duck targets vulnerable to attack and routinely release - as well as leak - radioactivity. There is so solution to the problem of radioactive waste.

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Friday
Feb082013

Entergy admits its faulty equipment caused 35 minute Super Bowl "lights out"

The darkened Superdome evoked memories of Hurricane Katrina, when the stadium served as the emergency shelter of last resort for thousands of displaced New Orleans residentsFirst, Entergy denied any responsibility, instead pointing fingers at the Superdome. Then, Entergy agreed to the need for an investigation. And now, five days later, Entergy admits that its faulty equipment was the culprit that plunged the Super Bowl -- and 75,000 in-stadium fans -- into darkness for 35 long minutes. 108.4 million others watched the darkness on television.

It's not unlike that time in Vermont, when Entergy officials testified, under oath, to state officials, that no underground piping existed at Vermont Yankee which could possibly be conducting radioactive materials. Only to have to admit a short time later, that those very pipes which it had denied even existed, were leaking tritium and other radioactive contaminants into soil, groundwater, and the Connecticut River.

Or that time, when it took over at the Palisades atomic reactor in Michigan, when it promised it would replace the corroded reactor lid and degraded steam generators, as well as deal with the worst embrittled reactor pressure vessel in the U.S. -- but never did.

The Chicago Tribune has reported on Entergy's mea culpa for causing the Super Bowl lights out. USA Today reports that Entergy stocks took a hit upon the admission. CBS Sports has reported that documents revealed concerns about electrical failures in the months leading up to the game. More.

Thursday
Feb072013

"Exelon cuts dividend by 41%," as NRC investigates "deliberate" deception regarding decommissioning funds

As reported by the Chicago Tribune, "Exelon's stock has dropped by nearly two-thirds since its high in 2008." The company partly blames "higher nuclear fuel costs" for its "diminished earnings."

Ironically, the biggest nuclear utility in the U.S. is looking to expanding its renewables portfolio to expand its earnings:

'...It would also seek customers interested in contracting with Exelon for wind and solar power. Such power purchase agreements would guarantee steady and predictable returns.

..."When the balance sheet is tight like it is right now, you would want to make investments that have a short investment period," [Exelon CEO] Crane said. "Wind and other smaller assets really do fit that profile. Within a year, you're getting a return."'

Gouging its ratepayers at the earliest opportunity also seems to be in the Exelon business plan:

'...At Exelon, all eyes are looking forward to 2015 when approximately 19,000 megawatts of coal-fired electricity plants will have retired. Coal plant retirements are expected to increase electricity prices Exelon's nuclear power plants take and help to counteract stubbornly low natural gas prices have been driving down the company's earnings.' (emphasis added)

The article also lists "significant headwinds" ahead, and "several legal and regulatory matters that could add to its woes," including "an investigation by the U.S. Nuclear Regulatory Commission," and "still unknown costs associated with NRC-mandated upgrades that came out of the 2011 Fukushima Daiichi nuclear disaster in Japan."

NRC appears to have just busted Exelon for "deliberate" deception -- the company appears to have intentionally low-balled the price tag for eventual nuclear power plant decommissioning, in order to mask the woeful inadequacy -- amounting to around a billion dollars -- of its dedicated decommissioning funds. Bloomberg reported that "[t]he shortfall totaled $1 billion in 2009." (emphasis added) Crain's Chicago Business has reported on this story.

U.S. Representative Ed Markey (D-MA), currently serving as Ranking Member on the House Natural Resources Committee, has long shined a spotlight on the inadequacy of nuclear power plant decommissioning funds, as by requesting Government Accountability Office (GAO) investigations of NRC's oversight, or lack thereof.

The long term "deliberate" deception is reminiscent of Exelon's decade long cover up of massive tritium leaks into ground and surface waters at the Braidwood nuclear power plant. These were brought to light thanks to freedom of information act requests made by Cynthia Sauer, whose daughter Sarah contracted a rare form of childhood brain cancer at age 7. The family lived close to Exelon's Dresden nuclear power plant, not far from Braidwood.

The decommissioning of the twin reactor Zion nuclear power plant, 30 miles north of Chicago, is the biggest decommissioning project in U.S. history, with a projected price tag of around a billion dollars. EnergySolutions of Salt Lake City is in charge, itself embroiled in serious financial troubles.

British Nuclear Fuels, Ltd. (BNFL), absorbed into the EnergySolutions empire several years ago, carried out the decommissioning of the Big Rock Point atomic reactor in Charlevoix, Michigan, on the Lake Michigan shore, from 1997 to 2006. Despite being paid $366 million for the "clean-up," BNFL left radioactive contamination -- including plutonium -- in the soil and groundwater. It didn't even bother to check the contamination level in the sediments of Lake Michigan, not even in the canal into which Big Rock Point had "routinely" discharged radioactivity (with federal and state permission) for 35 years (1962-1997). Remarkably, NRC blessed the Big Rock Point decommissioning with a permit for "unrestricted re-use," meaning the contaminated land can be used for any purpose, ignoring the lingering radiation hazard.

Thursday
Feb072013

Markey letter to the Nuclear Regulatory Commission on hydrogen explosions/vents

U.S. Rep. Ed Markey (D-MA), Ranking Member of the House Natural Resources CommitteeThe Office of U.S. Representative Ed Markey (D-MA, pictured left), Ranking Member of the House Natural Resources Committee, has circulated the following statement:

"Today, Rep. Markey sent a letter to NRC Chairman Allison Macfarlane urging NRC to follow the recommendations of its technical staff and require filtered vents on some nuclear reactors in order to facilitate the prevention of the sort of hydrogen explosions that occurred during the Fukushima meltdowns. The letter also conveyed Rep. Markey’s concerns about ongoing potentially misleading statements made by some NRC personnel concerning the ability of U.S. nuclear reactors to prevent a dangerous buildup of hydrogen gas in nuclear containment structures in the event of a nuclear accident."

Thursday
Feb072013

"Retired Duke reactor may signal more U.S. nuclear shutdowns"

As Reuters reports, yesterday's announcement by Duke that it has decided to permanently shutdown its crippled Crystal River atomic reactor with a severely cracked containment in Florida, and Dominion's decision last October to permanently shutdown its Kewaunee reactor on the shore of Lake Michigan in Wisconsin (despite a 20-year license extension rubberstamp by the U.S. Nuclear Regulatory Commission), may be but the first dominoes to fall.

The article quotes UBS energy analyst Julien Dumoulin-Smith, who concluded "It's getting tougher for nuclear to compete." The UBS short list for reactors on the brink of permanent shutdown includes "Entergy Corp's Vermont Yankee in Vermont and FitzPatrick in New York, Exelon Corp's Clinton in Illinois and Constellation Energy Nuclear Group LLC's Ginna in New York," according to the article.

The article ends by questioning if Southern California Edison's San Onofre 2 & 3 in San Clemente will ever restart, given their severe steam generator tube damage. Both units have now been shut down for over a year for safety reasons.

Thursday
Feb072013

Entergy Watch: UBS predicts "real retirement risk for units such as Vermont Yankee and FitzPatrick in '13"

Entergy Nuclear has had a rough week.

First, while 108.5 million people looked on, including 75,000 in the Superdome, the lights went out on the 47th Super Bowl in Entergy's hometown, New Orleans. The power outage lasted more than half an hour. Investigations continue as to the root cause.

Then, in a report for shareholders, dated Feb. 4th by UBS Securities LLC, UBS "reiterate[s] expectations for nuclear retirements" in the Entergy Nuclear merchant fleet, due to low to negative free cash flow. UBS highlights that "We see Vermont Yankee as the most tenuously positioned," but adds "Fitzpatrick (sic) in upstate NY increasingly appears at risk as well," and "Pilgrim could be at risk too, depending on market development in New England." The report is based on a Feb. 2nd meeting between UBS analysts and Entergy Nuclear's new CEO, Leo Denault, and the rest of the Entergy management team.

But UBS's analysis is not Entergy's only headache at Vermont Yankee. Vermont's Department of Public Service has urged the Public Service Board to deny the "rogue corporation" Entergy a renewed Certificate of Public Good (CPG), needed to operate the reactor under state law, because of its broken promises. Vermont Yankee Decommissioning Alliance (VYDA) and Citizens Awareness Network (CAN) urge allies to contact the PSB with messages urging denial of the renewed CPG.

And the Shut It Down! Affinity Group -- its past fines paid -- has resumed its non-violent civil resistance actions, seeking Vermont Yankee's permanent shutdown.