Feeds:
Posts
Comments

Posts Tagged ‘NINA’

South Texas nuke expansion project cuts staff

Posted in Nuclear, tagged , , , , on July 2, 2010 |

About 20 of the roughly 100 contractor personnel working on the proposed addition of two new 1,350-MW nuclear units at the South Texas nuclear station have been let go.

Nuclear Innovation North America (NINA), an 88/12 joint venture of NRG Energy and Toshiba, currently owns 92.35% of the planned expansion, and CPS Energy, the municipal utility in San Antonio owns the remaining 7.65%.   In May, NINA announced Tokyo Electric Power Co. plans to eventually take up to a 20% stake in NINA’s share, beginning with a 10% stake in that share–or a 9.235% stake in the  project itself–if a $7 billion federal loan guarantee is secured.

NINA has recently said it expects the project to cost about $13 billion, including $10 billion in “overnight” costs and $3 billion in financing costs. Although earlier cost projections have put the project coming in at $18 billion.

At this time, there is spectulation that the remaining loan guarantees will go to Calvert Cliffs in Maryland.  NINA has said they would not go forward with the expansion without the loan guarantees.  Could this be the beginning of the end for the STP expansion?  Stay tuned.

###

By promoting cleaner energy, cleaner government, and cleaner air for all Texans, we hope to provide for a healthy place to live and prosper. We are Public Citizen Texas

Read Full Post »

Nuclear Renaissance Dealt Blow by South Texas Project Troubles

Posted in Energy, Good Government, Nuclear, tagged , , , , , , , , , , , , , , , , on January 29, 2010 |

A critical court ruling today rang the first chime in what could be the death knell of the so-called “nuclear renaissance,” starting with the failed expansion of the South Texas Project (STP).

This afternoon’s ruling by 408th District Court Judge Larry Noll that CPS Energy can safely withdraw from the proposed STP expansion project without losing all its investment offers the utility and the city of San Antonio the cue they’ve been waiting for to exit the national nuclear stage. Combined with the NRG Energy CEO’s announcement during a shareholder and press conference call this morning that NRG would “wind down the project as quickly and economically as possible” if CPS withdraws or STP does not receive federal loan guarantees, this news marks a major blow to those who claim nuclear power is a viable alternative to fossil fuel energy. The expansion project calls for two new nuclear reactors at a site with two existing reactors.

slide 8 of NRG's "STP 3&4 Nuclear Project and CPS Litigation" presentation given at shareholder and media conference call Friday, January 29, 2010 8:00 a.m. ET

These events give credence to the contention made over the past five years by opponents of nuclear power that it is a needlessly expensive and risky way to meet future energy needs.. In less than a year, the price of the STP nuclear expansion ballooned from around $5 billion to more than $18 billion. Given this case study of nuclear power’s failure, we must call into question the federal government’s decision to increase federal loan guarantees to support oversized, untenable projects that are already proving too risky for private investors.

Public Citizen calls on both CPS Energy and NRG Energy to stop throwing good money after bad with their nuclear expansion plans and halt the project. Thankfully, San Antonio Mayor Julian Castro intervened by putting the project on hold before costs jumped too far out of San Antonio’s reach. Given the court’s announcement that the city’s interests are protected, we hope San Antonio will take the next responsible step and bow out entirely.

Statement of Tom “Smitty” Smith, Director of Public Citizen’s Texas Office

###

By promoting cleaner energy, cleaner government, and cleaner air for all Texans, we hope to provide for a healthy place to live and prosper. We are Public Citizen Texas.

Read Full Post »