FacebookTwitterRedditEmail

The UK Nuclear Industry is in Financial Meltdown

The UK political situation on nuclear power is pretty uninspiring, apart from the Greens. Few political supporters of nuclear power appear to be aware that nuclear power is in free-fall around the world – especially in Western Europe and in the US, where many reactors are being closed without replacement.

Few seem aware of the legal, technical, regulatory, and economic difficulties faced by utilities in building the handful of new reactors and of the crippling costs of shutting down the many old ones. None appears aware of nuclear’s financial meltdown across the globe.

In a perceptive new article published by a prestigious US Ivy League University, Is Nuclear Power Coming To An End? Fred Pearce, a distinguished UK science writer, wrote: “Now come the bankruptcies. In an astonishing hammer blow to a global industry in late March 2017, Westinghouse – the original developer of the workhorse of the global nuclear industry, the pressurized-water reactor (PWR), and for many decades the world’s largest provider of nuclear technology -filed for bankruptcy after hitting big problems with its latest reactor design, the AP1000.

“Largely as a result, its parent company, the Japanese nuclear engineering giant Toshiba, is also in dire financial straits and admits there is ‘substantial doubt’ about its ability to continue as a going concern.

“Meanwhile, France’s state-owned Électricité de France (EDF), Europe’s biggest builder and operator of nuclear power plants, is deep in debt thanks to its own technical missteps and could become a victim of the economic and energy policies of incoming President Emmanuel Macron.

“This is no short-term trend. While gas and renewables get cheaper, the price of nuclear power only rises. This is in large part to meet safety concerns linked to past reactor disasters like Chernobyl and Fukushima and to post-9/11 security worries, and also a result of utilities factoring in the costs of decommissioning their aging reactors.”

Pearce concludes by stating “…the industry is in crisis. It looks ever more like a 20th-Century industrial dinosaur, unloved by investors, the public, and policymakers alike. The crisis could prove terminal.”

Most British politicians sail along blissfully innocent of nuclear’s impending denouement, not only in the rest of the world but in the UK too. The Government’s nuclear plans at Hinkley, Wylfa and Moorside are doubtful at best and moribund at worst.

More articles by:

Dr Ian Fairlie is an independent consultant on radioactivity in the environment. He has a degree in radiation biology from Bart’s Hospital in London and his doctoral studies at Imperial College in London and Princeton University in the US concerned the radiological hazards of nuclear fuel reprocessing. Ian was formerly a DEFRA civil servant on radiation risks from nuclear power stations. From 2000 to 2004, he was head of the Secretariat to the UK Government’s CERRIE Committee on internal radiation risks. Since retiring from Government service, he has acted as consultant to the European Parliament, local and regional governments, environmental NGOs, and private individuals.

bernie-the-sandernistas-cover-344x550
January 23, 2020
Richard Moser
Ten Best Messages for Waging Peace
Thomas S. Harrington
The Catalan Crisis Threatens to Reopen a Debate That the EU’s Power Brokers Thought They Had Long Ago Quashed
Martha Rosenberg
SARS-Like Disease Could Become a Pandemic
Ron Jacobs
A Cesspool of Constitutional Nonsense-Impeachment in the Senate
Gaither Stewart
One Hundred Years: the Proletariat in Search of a Class
Nick Pemberton
Final Phallus
Russell Mokhiber
PBS Public Editor and the Disease of Contempt
Thomas M. Magstadt
The Myth of the Free Market
Mandy Smithberger
How the Military-Industrial Complex Gets Away With Murder in Contract After Contract
Russell Rickford
The Paradox of Populism
Howard Lisnoff
Action Research: Acquiescing to the Awful
George Ochenski
Comes Now the Winter of Our Discontent
Binoy Kampmark
Diminishing Returns: Calculated Misery in Air Travel
Nick Licata
Do Republicans Have More to Lose Than Democrats in the Impeachment Trial?
Dean Baker
The Myth of China’s Population Crisis
John Kendall Hawkins
Steal This Whistle
January 22, 2020
Melvin Goodman
The Media and the Military Mindset
John Davis
The Real Megxit Deal
John O'Kane
The Obama Legacy: Reform Versus Revolution
Kenneth Surin
The “Evolving” Scotty Morrison From Marketing
Martin Billheimer
“The Cops & the Klan Go Hand in Hand!”
Thomas Knapp
Executive Power: Alan Dershowitz’s Imagination Versus the Constitution
Jacob G. Hornberger
Egypt and the Destruction of Civil Liberties in America
Justin Podur
The People of Colombia are Cracking the Walls of War and Authoritarianism
Kelsey Hawkins-Johnson
Our Final Decade to Get Climate Policy Right
Jonah Raskin
Terence Hallinan: Fighter for the People and for the Legalization of Marijuana 
Colin Todhunter
Challenging the Flawed Premise Behind Pushing GMOs into Indian Agriculture
January 21, 2020
Sheldon Richman
Warmonger Cotton Accuses Antiwar Think Tank of Anti-Semitism
John Feffer
Trump Makes Space Great Again
Patrick Cockburn
The US and Iran’s Perpetual Almost-War is Unsustainable – and Will End Badly
James C. Nelson
Another Date That Will Live in Infamy: 10 Years After Citizens United
Robert Fisk
Iran Will be Changed Forever by Admitting Its Great Mistake, Unlike the West Which Ignores Its Own Misdeeds
Dean Baker
Did Shareholders’ Benefit by Paying Boeing’s Fired CEO $62 Million?
Susan Roberts
The Demise of the Labour Party and the Future For UK Socialism
Binoy Kampmark
Janus-Faced on Climate Change: Microsoft’s Carbon Vision
David Levin
The Teamster Revolt Against the Hoffa Era
Victor Grossman
Defender and Spearheads
Russell Mokhiber
BS Public Editor and the Disease of Contempt
Tiffany Muller
Get the Money Out of Politics: 10 Years After Citizens United
Laura Flanders
Iowa is Not the Twitterverse
Graham Peebles
Education: Expanding Purpose
Elliot Sperber
Handball in Brooklyn 
January 20, 2020
Paul Street
Trump Showed Us Who He Was Before He Became President
Eric Mann
Martin Luther King and the Black Revolutionary Tradition
Ipek S. Burnett
MLK and the Ghost of an Untrue Dream
FacebookTwitterRedditEmail