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<!--Generated by Squarespace V5 Site Server v5.13.156 (http://www.squarespace.com) on Sun, 19 May 2013 11:08:34 GMT--><feed xmlns="http://www.w3.org/2005/Atom" xmlns:dc="http://purl.org/dc/elements/1.1/"><title>Wall Street</title><subtitle>Wall Street</subtitle><id>http://www.beyondnuclear.org/wall-street/</id><link rel="alternate" type="application/xhtml+xml" href="http://www.beyondnuclear.org/wall-street/"/><link rel="self" type="application/atom+xml" href="http://www.beyondnuclear.org/wall-street/atom.xml"/><updated>2013-05-09T21:49:27Z</updated><generator uri="http://five.squarespace.com/" version="Squarespace V5 Site Server v5.13.156 (http://www.squarespace.com)">Squarespace</generator><entry><title>"Worst Week Since Fukushima: 4 Setbacks in 3 Days are Latest Stumbles for Nuclear Power Industry"</title><id>http://www.beyondnuclear.org/wall-street/2013/5/9/worst-week-since-fukushima-4-setbacks-in-3-days-are-latest-s.html</id><link rel="alternate" type="text/html" href="http://www.beyondnuclear.org/wall-street/2013/5/9/worst-week-since-fukushima-4-setbacks-in-3-days-are-latest-s.html"/><author><name>admin</name></author><published>2013-05-09T21:48:00Z</published><updated>2013-05-09T21:48:00Z</updated><content type="html" xml:lang="en-US"><![CDATA[<p>Wall Street still won't touch nuclear power investment risks. And, since nuclear power loan guarantees have been largely blocked at the federal level, the nuclear power industry's long-trumpeted "Renaissance" is now a headlong retreat.</p>
<p>Former NRC Commissioner Peter Bradford, and energy economist Mark Cooper, both of the Vermont Law School, as well as Dan Hirsch of the Committee to Bridge the Gap, held a telephone press conference yesterday on the subject of&nbsp;<a href="http://216.30.191.148/worstweek.html" target="_blank">"WORST WEEK SINCE FUKUSHIMA: 4 MAJOR SETBACKS IN 3 DAYS ARE LATEST STUMBLES FOR U.S. NUCLEAR POWER INDUSTRY."</a>&nbsp;An&nbsp;<a href="http://www.hastingsgroupmedia.com/050813/NuclearWorstWeektelenewsevent.mp3" target="_blank">audio recording of the news conference has been posted online.</a></p>
<p>The four setbacks in three days include: 1) the cancellation of two proposed new reactors at South Texas Project, because they violate U.S. law against foreign ownership of nuclear power plants; 2) Southern California Edison's threat that if NRC does not allow it to restart operations at its crippled San Onofre nuclear power plant, it will permanently shutdown both reactors there; 3) Duke Energy's cancellation of two proposed new atomic reactors at its Shearon Harris nuclear power plant in North Carolina; and 4) Florida's amendment to its previously highly permissive "advance cost recovery" or "Construction Work in Progress" law, via which ratepayers have been gouged to pay for proposed new reactors, when there is no guarantee the proposed new reactors will ever actually get built or generate electricity.</p>
<p>Peter Bradford also added the May 7th shutdown of Dominion's Kewaunee atomic reactor in WI -- despite the 20 years of operating license still left to it -- as another example of the "worst week since Fukushima" for the U.S. nuclear power industry.</p>]]></content></entry><entry><title>Nuclear Relapse? Canceled! Nuclear power? Game over!</title><id>http://www.beyondnuclear.org/wall-street/2013/3/3/nuclear-relapse-canceled-nuclear-power-game-over.html</id><link rel="alternate" type="text/html" href="http://www.beyondnuclear.org/wall-street/2013/3/3/nuclear-relapse-canceled-nuclear-power-game-over.html"/><author><name>admin</name></author><published>2013-03-04T04:42:11Z</published><updated>2013-03-04T04:42:11Z</updated><content type="html" xml:lang="en-US"><![CDATA[<p><span class="full-image-float-left ssNonEditable"><span><img src="http://www.beyondnuclear.org/storage/bradford.jpg?__SQUARESPACE_CACHEVERSION=1362372333900" alt="" /></span><span class="thumbnail-caption" style="width: 144px;">Peter Bradford</span></span>Wall Street turned its back on investing in nuclear power <em>before</em> the 1979 Three Mile Island meltdown, and will not invest again -- <em>unless</em> all financial risks are shifted to taxpayers and/or ratepayers -- explains Peter Bradford in the <em>Bulletin of Atomic Scientists.</em></p>
<p><a href="http://www.sciencedaily.com/releases/2013/03/130301122927.htm" target="_blank">As reported by&nbsp;<em>ScienceDaily</em>&nbsp;in an article entitled "U.S. May Face Inevitable Nuclear Power Exit,"&nbsp;</a>&nbsp;the&nbsp;<em>Bulletin of Atomic Scientists (BAS)&nbsp;</em>has concluded its three part "Nuclear Exit" series with a look at the United States. The previous two installments examined the nuclear power phase-out in Germany, and the nuclear power status quo in France.</p>
<p>The<em>&nbsp;BAS</em>&nbsp;U.S. coverage features former U.S. Nuclear Regulatory Commission Commissioner, Union of Concerned Scientists board member, and Vermont Law School professor&nbsp;<a href="http://bos.sagepub.com/content/69/2/12.full.pdf+html" target="_blank">Peter Bradford's "How to close the U.S. nuclear industry: Do nothing,"</a>&nbsp;which concludes that, without massive taxpayer or ratepayer infusions, almost all proposed new reactors will not happen, and currently operating reactors will permanently shutdown by mid-century, unless the NRC rubber-stamps 80 years of operations (as opposed to the current, already risky 60).</p>
<p>In a section entitled "Picturing a U.S. phase-out," Bradford writes:</p>
<p>"The countries that have recently decided to phase out nuclear energy have done so by governmental fiat, complete with statutory deadlines both for individual reactors and for nuclear power in general. But no such sweeping action is really necessary in countries that have chosen to procure power generation through market mechanisms. The US experience demonstrates that absence of governmental intervention will create a glide path, determined in part by&nbsp;<em><strong>how long a country is prepared to allow its oldest reactors to operate</strong></em>, but in fact by the interplay between gas-driven electricity prices and&nbsp;<em><strong>the point in time at which older plants must make significant capital investments." (emphasis added)</strong></em></p>
<p>Bradford points out that "By this standard, units at Crystal River and San Onofre--currently closed by major equipment failures--appear to be serious shutdown candidates, though they may survive, because they are located in Florida and California, respectively, states in which regulators can override market verdicts and impose their repair costs on customers."</p>
<p>In fact, Duke/Progress has thrown in the towel on Crystal River, announcing that it is now permanently shutdown. And Friends of the Earth, along with a groundswell of grassroots anti-nuclear activism in southern California, is doing all it can to keep San Onofre Units 2 and 3 shutdown for good, as well.</p>
<p>A spokesman for Dominion Nuclear admitted that the "purely economic reasons" which led to the utility's decison to close its Kewaunee atomic reactor on the Lake Michigan shoreline in Wisconsin -- the first atomic reactor shutdown announcement in 15 years in the U.S. -- was the inability to make needed, major safety repairs&nbsp;<em>and</em>turn a profit, given the competitive electricity market.</p>
<p><a href="http://www.beyondnuclear.org/home/2013/2/8/entergy-watch-new-ceo-admits-times-are-tough-at-entergys-mer.html" target="_blank">And Entergy Nuclear's brand new CEO, Leo Denault, admitted to&nbsp;</a><em><a href="http://www.beyondnuclear.org/home/2013/2/8/entergy-watch-new-ceo-admits-times-are-tough-at-entergys-mer.html" target="_blank">Reuters</a>&nbsp;</em>that numerous of his "dirty dozen" atomic reactors -- especially the merchant plants (those in deregulated, competitive electricity markets) -- face tough economic challenges, due to costly upkeep (a.k.a., essential safety-significant repairs and component replacements).</p>
<p><em>Reuters&nbsp;</em>reported:&nbsp;"[Denault] said some plants are in the more challenging economic situations for a variety of reasons, including 'the market for both energy and capacity, their size, their contracting positions and&nbsp;<strong><em>the investment required to maintain the safety and integrity of the plants.'"</em>&nbsp;</strong>(emphasis added)</p>
<p>At its Palisades atomic reactor on the Lake Michigan shore in southwest Michigan, Entergy has chosen to forego<a href="http://www.nirs.org/reactorwatch/licensing/pg2.jpg" target="_blank">numerous major, needed repairs</a>&nbsp;(such as replacing the badly corroded reactor lid; replacing the deteriorated steam generators, for the second time in the plant's history; dealing with the worst embrittled reactor pressure vessel in the U.S.; making needed fire protection upgrades, etc.) for six long years now, apparently in order to "balance the books" -- that is, to prioritize profits (and executive salaries, and shareholder returns) over public safety.</p>]]></content></entry><entry><title>UBS Investment Bank equity analyst: 'Unlikely' Entergy will continue Vermont Yankee</title><id>http://www.beyondnuclear.org/wall-street/2013/1/17/ubs-investment-bank-equity-analyst-unlikely-entergy-will-con.html</id><link rel="alternate" type="text/html" href="http://www.beyondnuclear.org/wall-street/2013/1/17/ubs-investment-bank-equity-analyst-unlikely-entergy-will-con.html"/><author><name>admin</name></author><published>2013-01-17T22:35:39Z</published><updated>2013-01-17T22:35:39Z</updated><content type="html" xml:lang="en-US"><![CDATA[<p><span class="full-image-float-left ssNonEditable"><span><img style="width: 350px;" src="http://www.beyondnuclear.org/storage/bath%20tub%20curve%202.jpg?__SQUARESPACE_CACHEVERSION=1358462305678" alt="" /></span><span class="thumbnail-caption" style="width: 350px;">A Bathtub Curve for Nuclear Accidents (compliments of David Lochbaum, Union of Concerned Scientists), so-called because of its shape. While the 1979 TMI meltdown and 1986 Chernobyl explosion were examples of "break-in phase" disasters, the 2000 Indian Point steam generator tube rupture, and the 2002 Davis-Besse reactor lid corrosion hole scandal, are examples of "break-down phase" near-misses.</span></span><a href="http://www.reformer.com/localnews/ci_22308437/analyst-lsquo-unlikely-rsquo-entergy-will-continue-vy" target="_blank"><em>The Brattleboro Reformer</em>&nbsp;has reported</a>&nbsp;that UBS Investment Bank equity analyst&nbsp;Julien Dumoulin-Smith has issued a white paper concluding that it&nbsp;may not be in Entergy's best financial interests to continue to operate its Vermont Yankee (VY) nuclear power plant. The article reports that Entergy stock has been given a "neutral rating" by UBS; that a number of Entergy's smaller, "merchant" atomic reactors, especially VY and FitzPatrick in Upstate NY, are not likely to generate much profit in the next two years, and by 2015-2016 run projected deficits. At VY, this is due to the expiration of purchase price agreements, as well as new taxes levied by the State of Vermont&nbsp;<a href="http://www.atg.state.vt.us/news/federal-court-dismisses-entergys-challenge-to-energy-tax.php" target="_blank">(recently upheld by a federal court against a legal challenge by Entergy)</a>, which since Feb. 2010 has officially called for VY's permanent shutdown.</p>
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<p>"How profitable is the nuclear segment? It's not very. Entergy's nuclear portfolio doesn't generate a lot of cash," said Dumoulin-Smith.</p>
<p>"Notably, we believe both its NY Fitzpatrick and Vermont Yankee plants are at risk of retirement given their small size," stated the report.</p>
<p>Other relatively small sized, single unit, "merchant" reactors owned/operated by Entergy include the problem-plagued Palisades in Michigan, and Pilgrim in Massachusetts.</p>
<p>Dominion Nuclear's recently announced plan to close its small, old, single unit Kewaunee atomic reactor in Wisconsin, due to "economic reasons," has led to widespread speculation about the next domino to fall. A Dominion spokesman let slip that the utility was no longer able to afford needed major safety repairs at the four decade old reactor, deep into its "break-down phase" (see "Bathtub Curve of Nuclear Accidents," referring to the graph's shape, above left, compliments of David Lochbaum, Nuclear Safety Project Director, Union of Concerned Scientists).</p>
<p>Kewaunee's announced closure, and the rumors at VY and FitzPatrick, comes despite the fact that&nbsp;<a href="http://www.nrc.gov/reactors/operating/licensing/renewal/applications.html" target="_blank">the U.S. Nuclear Regulatory Commission (NRC) has rubberstamped 20-year license extensions at the four decade old reactors.</a></p>
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</div>]]></content></entry><entry><title>Rating agencies: cracked Crystal River 3 may be down for the count</title><id>http://www.beyondnuclear.org/wall-street/2013/1/17/rating-agencies-cracked-crystal-river-3-may-be-down-for-the.html</id><link rel="alternate" type="text/html" href="http://www.beyondnuclear.org/wall-street/2013/1/17/rating-agencies-cracked-crystal-river-3-may-be-down-for-the.html"/><author><name>admin</name></author><published>2013-01-17T22:32:57Z</published><updated>2013-01-17T22:32:57Z</updated><content type="html" xml:lang="en-US"><![CDATA[<p><span class="full-image-float-left ssNonEditable"><span><img style="width: 300px;" src="http://www.beyondnuclear.org/storage/crystal%20river%20cracks.jpg?__SQUARESPACE_CACHEVERSION=1358462025593" alt="" /></span><span class="thumbnail-caption" style="width: 300px;">The magnitude of concrete containment cracks at Crystal River</span></span><a href="http://www.snl.com/InteractiveX/article.aspx?CDID=A-16786609-12579&amp;KPLT=4" target="_blank">As reported by SNL</a>, Fitch and UBS have indepenently cast doubt on the likelihood, given the cost (into the billions of dollars), that Duke/Progress Energy's Crystal River Unit 3 in Citrus County, Florida will ever be repaired and returned to operations. Crystal River has been shutdown ever since severe cracking (see photo, left) was discovered in its concrete containment shell, nearly three and a half years ago. The utility accidentally cracked the containment itself, while attempting an in-house steam generator replacement.</p>
<p>The article reports that ratepayers will not be charged $388 million for replacement power, but "a settlement agreement with the Florida Office of Public Counsel and several interest groups...stipulates the parties will not oppose Duke's full recovery of all plant investment should it decide to retire the plant," meaning that the public could still get stuck with the bill for a disastrous engineering mistake the nuclear utility itself made.</p>
<p>Duke/Progress Energy has variously attempted to foist repair or cost recovery bills on its insurance provider, its ratepayers via the Florida Public Service Commission, and even the rest of the nuclear power industry.</p>
<p><a href="http://www.beyondnuclear.org/home/2012/8/9/what-humpty-dumpty-doesnt-want-you-to-know-davis-besses-crac.html" target="_blank">Beyond Nuclear has helped lead environmental coalition efforts to block Davis-Besse's 20-year license extension, due to severe cracking in its concrete Shield Building.</a></p>]]></content></entry><entry><title>"Stop the Nuclear Industry Welfare Program"</title><id>http://www.beyondnuclear.org/wall-street/2012/4/16/stop-the-nuclear-industry-welfare-program.html</id><link rel="alternate" type="text/html" href="http://www.beyondnuclear.org/wall-street/2012/4/16/stop-the-nuclear-industry-welfare-program.html"/><author><name>admin</name></author><published>2012-04-16T18:27:53Z</published><updated>2012-04-16T18:27:53Z</updated><content type="html" xml:lang="en-US"><![CDATA[<p><span class="full-image-float-left ssNonEditable"><span><img src="http://www.beyondnuclear.org/storage/BurningMoneyFLAT.jpg?__SQUARESPACE_CACHEVERSION=1334600912026" alt="" /></span><span class="thumbnail-caption" style="width: 250px;">"Burning money" image by Gene Case, Avenging Angels</span></span>Just a couple days after rocking an anti-nuke rally in Brattleboro, Vermont, calling for the immediate shutdown of Entergy Nuclear's Vermont Yankee atomic reactor, Independent U.S. Senator Bernie Sanders has joined forces with Taxpayers for Common Sense Executive Director Ryan Alexander to pen an article on the&nbsp;<a href="http://www.huffingtonpost.com/rep-bernie-sanders/stop-the-nuclear-industry_b_1427922.html?utm_source=Alert-blogger&amp;utm_medium=email&amp;utm_campaign=Email%2BNotifications" target="_blank"><em>Huffington Post</em>&nbsp;entitled "Stop the Nuclear Industry Welfare Program."</a>&nbsp;Sanders and Alexander list the many, large-scale taxpayer subsidies the nuclear power industry has enjoyed for over half a century. They point out the irony of filthy rich nuclear utility companies, like Exelon and Entergy, receiving such public support in the first place: they take in annual revenues of $33 billion and $11 billion, respectively.</p>
<p>On March 11, 2011, the Union of Concerned Scientists unveiled two major studies, one by David Lochbaum about the near misses at U.S. reactors in 2010, the second by&nbsp;<a href="http://www.ucsusa.org/news/press_release/nuclear-power-subsidies-report-0504.html" target="_blank">Doug Koplow, a comprehensive analysis of half a century of taxpayer and ratepayer subsidies to the nuclear industry</a>. The long scheduled press conference was eclipsed by the Fukushima Daiichi nuclear catastrophe which began just hours earlier.&nbsp;<a href="http://www.ucsusa.org/news/press_release/nrc-and-nuclear-power-safety-1373.html" target="_blank">In this year's annual review report, "Living on Borrowed Time," Lochbaum documented that 5 of 15 near misses at U.S. reactors in 2011 took place at Entergy owned (Palisades, MI X 2; Pilgrim, MA X 2) or operated (Cooper, NE) plants.</a>&nbsp;Sanders and Alexander point out that, for any catastrophic radioactivity release at a U.S. reactor causing more than $12 billion, U.S. taxpayers would be looked to for picking up the tab, under the Price-Anderson Act.</p>]]></content></entry><entry><title>Wall Street Journal poll finds 57% of Americans want nuclear power subsidies cut</title><id>http://www.beyondnuclear.org/wall-street/2011/3/10/wall-street-journal-poll-finds-57-of-americans-want-nuclear.html</id><link rel="alternate" type="text/html" href="http://www.beyondnuclear.org/wall-street/2011/3/10/wall-street-journal-poll-finds-57-of-americans-want-nuclear.html"/><author><name>admin</name></author><published>2011-03-10T21:53:23Z</published><updated>2011-03-10T21:53:23Z</updated><content type="html" xml:lang="en-US"><![CDATA[<p><a href="http://blogs.wsj.com/washwire/2011/03/02/wsjnbc-poll-hands-off-medicare-social-security/" target="_blank"><span class="full-image-float-left ssNonEditable"><span><img style="width: 250px;" src="http://www.beyondnuclear.org/storage/taxpayer_burden_image.jpg?__SQUARESPACE_CACHEVERSION=1299794245562" alt="" /></span><span class="thumbnail-caption" style="width: 250px;">U.S. taxpayers--call your U.S. Senators and urge them to eliminate the crushing burden of new atomic reactor subsidies, such as nuclear loan guarantees!</span></span>A poll by the <em>Wall Street Journal</em> and NBC</a>&nbsp;has found that 57% of Americans polled supported the elimination of subsidies for the construction of new atomic reactors as a budget trimming measure in these hard financial times for the U.S. Treasury. The <em>Wall Street Journal</em> reported that "When it comes to reducing spending, the most popular targets were subsidies to build nuclear power plants..."</p>]]></content></entry><entry><title>Beyond Nuclear White Paper on "Nuclear Power's Toxic Assets" and why Wall Street won't touch them</title><id>http://www.beyondnuclear.org/wall-street/2009/7/11/beyond-nuclear-white-paper-on-nuclear-powers-toxic-assets-an.html</id><link rel="alternate" type="text/html" href="http://www.beyondnuclear.org/wall-street/2009/7/11/beyond-nuclear-white-paper-on-nuclear-powers-toxic-assets-an.html"/><author><name>admin</name></author><published>2009-07-11T23:18:48Z</published><updated>2009-07-11T23:18:48Z</updated><content type="html" xml:lang="en-US"><![CDATA[<p><span style="font-family: arial,helvetica,sans-serif; color: #000000;">The financial meltdown has amplified the already profound risks of investment in new nuclear reactors. The nuclear industry - recognizing this - is chasing potentially hundreds of billions of dollars in federal loan guarantees and taxpayer subsidies. Read the <a href="http://www.beyondnuclear.org/storage/toxic_nuclear-assets_white_paper_2009.pdf">White Paper</a> and the <a href="http://www.beyondnuclear.org/storage/toxic_nuclear_assets_factsheet_2009.pdf">Fact Sheet </a>synopsis.<a href="images/documents/toxic_nuclear_assets_factsheet_2009.pdf"><span style="color: #ff6600;"></span></a></span></p>]]></content></entry></feed>