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Toshiba Will Pay $2.2 Billion to Exit Summer Nuclear Project

July 29, 2017

SCANA Corp. and state-owned utility Santee Cooper on July 27 said Toshiba has agreed to pay nearly $ 2.2 billion to cap its liabilities from the unfinished V.C. Summer nuclear project in South Carolina. Toshiba subsidiary Westinghouse, which was building two nuclear units at the Summer site along with the troubled Vogtle nuclear project in Georgia, filed for bankruptcy in March.

Toshiba reached a similar $ 3.7 billion agreement with Southern Co. in June as it seeks to limit its liabilities from the Vogtle project. Both AP1000 nuclear projects are years behind schedule and billions of dollars over budget.

Decision on Summer’s Future Expected Soon

SCANA, represented by principal subsidiary South Carolina Electric & Gas Co. (SCE&G), and Santee Cooper in a statement on July 27 said they expect the cost to complete the Summer plant will “materially exceed” both Westinghouse’s estimates for completion and the payments from Toshiba, outlined as $ 2.168 billion over a five-year period. SCANA and Santee Cooper said they expect to decide soon whether they will continue with Summer’s construction, modify the project, or abandon it.…

Analysis Shows U.S. Nuclear Plants Losing $2.9 Billion Annually

June 17, 2017

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Increased use of less-expensive natural gas and renewable sources of energy for power generation is putting financial pressure on U.S. nuclear power plants, according to an analysis of electricity costs from Bloomberg New Energy Finance (BNEF).

Nicholas Steckler, an analyst for BNEF, in a June 14 report said nuclear operators are losing about $ 2.9 billion a year. Steckler said nuclear plants are being paid $ 20/MWh to $ 30/MWh for their electricity, while their generation costs an average of $ 35/MWh.

The report says 34 of 61 U.S. nuclear plants are in the red. Steckler specifically cited merchant nuclear plants owned by FirstEnergy Corp., Entergy Corp., and Exelon.

In a statement, Entergy said it would not comment on individual plants but said “financial challenges due to sustained wholesale power price declines and unfavorable market conditions” are affecting the profitability of its nuclear operations. The company said it is now concentrating on its regulated utility business. Entergy, along with its wholesale commodities division, owns seven U.S.…

Chinese Reactor Is Ahead of Schedule as U.S. Nuclear Projects Flounder

May 28, 2017

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China National Nuclear Corp. (CNNC) completed the dome lift at Fuqing Unit 5—the world’s first power plant being constructed utilizing the HPR 1000 (also known as the Hualong One) reactor design—15 days ahead of schedule on May 25.

The feat was no small accomplishment. The dome weighs about 340 metric tons and has a diameter of 46.8 meters (more than half the length of a U.S. football field). It was said to be the world’s largest and highest dome lift ever undertaken at a nuclear construction site (Figure 1). The dome—composed of 153 prefabricated components divided into five layers—ensures the integrity of the unit’s reactor building.

1. Up, up, and away. The hemispheroid dome was lifted into place on Fuqing Unit 5’s reactor building on May 25. Courtesy: CNNC

“That the dome was lifted 15 days in advance proves that CNNC can construct the HPR 1000 which is a national key project in the field of nuclear power,” Wang Shoujun, chairman of CNNC, said in a press release.…

Ohio Committee Suspends FirstEnergy’s Nuclear Power Rescue Plan

May 20, 2017

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Ohio-based FirstEnergy’s plan for a rescue of its two uncompetitive Ohio nuclear plants took a nosedive May 17, as the Ohio House Public Utilities Committee suspended action on the company’s proposal to charge its customers a fee to subsidize the plants.

FirstEnergy’s plan mimics programs adopted in Illinois and New York to create “zero energy credits,” or ZECs, allowing the company to make competitive bids into the PJM regional wholesale market.

The chairman of the House committee, William Seitz, a Cincinnati Republican, suspended further hearings on the measure (House Bill 178). “We have heard over 10 hours of testimony on this bill. I have given proponents and opponents a chance to make their case. I am not sensing a keen desire on the part of the House members to vote on this and doubt that we will have more hearings in the near future unless something cataclysmic happens,” Seitz said.

Cleveland newspaper The Plain Dealer suggested “cataclysmic events might include a decision by FirstEnergy Solutions to seek bankruptcy protection from its creditors or a decision by the company to immediately close its four nuclear power plants.”…

Vogtle, V.C. Summer Project Owners Buy More Time to Mull Fate of Nuclear Units

May 1, 2017

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The owners of the Vogtle and V.C. Summer nuclear expansions separately secured a few more weeks to allow work to continue onsite at each project while they decide how to proceed with the half-built AP1000 reactors after Westinghouse’s financial debacle.

In Georgia, owners of the project to expand Plant Vogtle extended an interim assessment agreement with Westinghouse until May 12. But Georgia Power’s parent company Southern Co. also revealed it is negotiating a new service agreement that could engage Westinghouse to provide design, engineering, and procurement services in the event Southern Nuclear Operating Co.—Southern Co.’s nuclear unit operations arm—takes over management of construction at Units 3 and 4.

And in South Carolina, owners of the project to expand V.C. Summer extended a similar agreement through June 26. The project owners detailed their concerns and options in a recent ex parte briefing at the South Carolina Public Service Commission (PSC)

Vogtle Agreement Extended Until May 12

Georgia Power and Vogtle’s other owners on April 28 extended an interim assessment agreement with Westinghouse before it was set to expire, giving them until May 12 to assess the project.…

Sale of FitzPatrick Nuclear Plant Final

April 5, 2017

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The James A. FitzPatrick nuclear power plant officially belongs to Exelon Generation. The sale of the Scriba, NY plant, finalized on March 31, has been long-expected.

“We look forward to bringing FitzPatrick’s highly skilled team of professionals into the Exelon Generation nuclear program, and to continue delivering to New York the environmental, economic and grid reliability benefits of this important energy asset,” Chris Crane, president and CEO of Exelon, said in a release.

The FitzPatrick plant, an 838-MW boiling water reactor commissioned in July 1975, was put on the chopping block in late 2015 by then-owner Entergy Corp. The company cited economics in its decision to power down the plant, saying it was no longer feasible to run the plant in the current climate.

Exelon and Entergy announced in July 2016 that they were working to strike a deal for the sale of the plant. The announcement came shortly after the New York Department of Public Services released a proposal to subsidize zero-emissions nuclear plants upstate.…