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PostPosted: Dec 03, 2017 2:50 pm 
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Kirk Sorensen wrote:
http://www.thestate.com/news/politics-government/article187596398.html
The lineman's POV is sobering, and the V.C. Summer debacle is discouraging for nuclear power. Where is the analysis of the big picture?

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PostPosted: Dec 05, 2017 9:15 pm 
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Toshiba to Speed $1.5 Billion Payment to Southern on Nuke Plant

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Southern Co. said an accelerated timetable for receiving the remaining $3.2 billion in parental guarantees from Toshiba Corp. for two reactors under construction in Georgia will help its case to continue with the project. Southern’s Georgia Power unit, which owns a 46 percent stake in the Vogtle plant, will get about $1.47 billion of the total. The project owners, which include Oglethorpe Power Corp., Municipal Electric Authority of Georgia and Dalton Utilities, have received $455 million so far from Toshiba. Southern said Toshiba will provide the remaining payments by Dec. 15, according to a statement Tuesday by the Atlanta-based company. Under a earlier agreement, Toshiba would have spread out the payments through 2020 after its Westinghouse Electric Co. unit backed out of the project after filing for bankruptcy in March.


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PostPosted: Dec 06, 2017 12:06 pm 
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Thanks for the link, Kirk. I got the e-mail alert. I have a few minutes, if I may.

Kind of good news? "[T]otal costs have soared to more than $25 billion." So, out-the-door $12.5 billion per AP1000 NPP? But those will be running for decades proving the AP1000 safety features.

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Last edited by Tim Meyer on Dec 18, 2017 11:22 am, edited 1 time in total.

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PostPosted: Dec 12, 2017 11:06 am 
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Confidential Westinghouse report details early faults with nuclear projects

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A Westinghouse engineer drafted the report in 2011. He predicted massive budget overruns and significant problems with the nuclear projects' construction designs. But the analysis was reportedly ignored by Westinghouse's senior leadership, according to a former Westinghouse employee in Pittsburgh.


So basically....they knew.

Santee Cooper will slash $1 billion and won't fill some jobs after failed nuclear project

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Santee Cooper is slashing next year's operating budget by more than $1 billion, saying it needs to conserve cash, pay off debt and hold down electricity bills after its failed effort to expand the V.C. Summer Nuclear Station. The board of the state-owned utility approved the $2.1 billion spending plan at a meeting Monday in Pinopolis. The projected budget is down almost 35 percent compared to 2017, and Santee Cooper is not raising rates. Most of the spending cuts come from halting construction at the V.C. Summer project in Fairfield County. But the utility is also planning to slim its overhead to avoid raising rates while hundreds of millions in borrowing comes due.


Ramifications across the board...


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PostPosted: Dec 13, 2017 11:02 pm 
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U.S. court removes creditor hurdle to a Westinghouse bankruptcy plan


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PostPosted: Dec 15, 2017 9:23 am 
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jagdish wrote:
. . . the development of a safe and compact fast MSR.
Interesting. The Westinghouse bankruptcy and Toshiba backing away from sold-phase water-cooled low-enriched power technology speaks volumes for this way of doing fission.

Fast MSR evidently is the goal of TerraPower and "others"—larger more intense core operations because of the larger fission inventories required, as I understand it. The faster the neutrons, the smaller the barns, the more material needed for criticality, etc?

The Toshiba Allam Cycle 50 MWth scCO2 turbine was supposed to be spinning about now in La Porte, TX, for Exelon and NET Power. If it works, it'll be big news. It could be a winner for Toshiba.

If China accomplishes the RD&D for MSR tech, the nations can add another "Made in China" item.

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Last edited by Tim Meyer on Dec 18, 2017 11:24 am, edited 1 time in total.

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PostPosted: Dec 15, 2017 11:41 am 
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Toshiba Pays Up More Than $3B In Georgia Nuclear Expansion

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As of today, Toshiba has paid nearly $3.7 billion dollars to Georgia utilities. The Japanese company had promised the money to cover debt from its now-bankrupt subsidiary, Westinghouse. Westinghouse was the lead contractor building two nuclear reactors at Plant Vogtle, which is near Augusta. The company’s bankruptcy drove costs on the nuclear expansion higher and pushed the timeline for completion back. Now, Georgia Power says the reactors will be complete in 2022, five years behind schedule, and the expansion will cost at least $22 billion. Georgia Power owns 45.7 percent of the project.


What does that tell you about their internal cost modeling when they consider paying $3.7B *right now* to be a better outcome than the alternatives?


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PostPosted: Dec 16, 2017 10:43 am 
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High power bills due to bungled nuclear project spark showdown at PSC

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Saying state officials are misguided in seeking to cut power bills for a bungled atomic energy project, SCE&G spent hours Tuesday explaining why it thinks the rate cut would hurt customers more than it would help. “There are real limits to what we can do here without causing the company to become insolvent,’’ SCE&G attorney Belton Zeigler said, noting that the power bill reduction could cost the utility $450 million annually and bring it to the brink of bankruptcy. But the company’s pleas, made during a hearing before state utility regulators, drew almost no sympathy from interest groups and state agencies that said people shouldn’t keep paying for a nuclear expansion project that won’t be built. The average residential customer pays SCE&G about $27 each month for the failed V.C. Summer reactor project. Big industrial users pay even more. All told, the nuclear charge adds up to about 18 percent of a customer’s bill.


So...the company is basically saying "we screwed up but if you let us suffer the consequences of our failure we might go bankrupt..."

This really calls in question the entire nature of the "publicly-regulated utility". It requires that the Public Service Commission exercise much tighter control over the regulated utility lest the regulated utility make choices that threaten its viability.

Read the whole article...what a mess.


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PostPosted: Dec 16, 2017 1:46 pm 
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Thank you for posting this heads-up, Kirk. It is a mess. It makes it seem like MSR tech can never happen (in my life anyway). Who can vault such challenges for fission energy generation? Yeah, I bet one answer is China.

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PostPosted: Dec 21, 2017 3:48 pm 
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Nuclear Vote: PSC Chairman Says They Won’t Cancel Vogtle


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PostPosted: Jan 03, 2018 10:56 am 
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Dominion to Buy Scana for $7.9 Billion After Nuclear Flop

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Dominion Energy Inc. will buy Scana Corp. for $7.9 billion in a stock-for-stock deal, scooping up a utility battered by a failed nuclear project that’s drawn scrutiny from federal and state regulators. The acquisition would be the largest ever by Richmond, Virginia-based Dominion. Scana investors will receive 0.669 shares of Dominion for each share they own, valuing the stock at about $55.35. To win over regulators, Dominion is offering a $1,000 cash payment to the average residential customer and promising 5 percent rate cuts to reflect gains from recent U.S. tax legislation. South Carolina Governor Henry McMaster said the deal is a step “in the right direction.” Scana, based in South Carolina, made an attractive target as the company’s market value plummeted after the utility halted expansion of its V.C. Summer nuclear plant in late July. The shares were trading at $48 at 8:47 a.m. in New York, after sitting above $70 as recently as June.


Westinghouse's failures are now causing other companies to crash as well.


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PostPosted: Jan 04, 2018 4:41 pm 
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Canadian private equity firm Brookfield buys Westinghouse (or what remains of it):

Brookfield Business Partners to buy Westinghouse for $4.6 billion

Bad news IMO, private equity means stuffing a company with debt and milking a company's cash flow to the max.


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PostPosted: Jan 05, 2018 4:36 pm 
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Toshiba Exorcises Westinghouse Ghost With Sale to Brookfield

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Little more than a year after flagging multi-billion dollar writedowns that threatened its very survival, Toshiba Corp. has gained some closure with the sale of its former nuclear unit Westinghouse Electric Co. Westinghouse was put into bankruptcy by Toshiba in March after project delays crippled earnings from the nuclear plant business. On Thursday, Brookfield Business Partners LP agreed to buy what remains of its U.S. business out of bankruptcy, as well as its non-bankrupt European business, for $4.6 billion. Toshiba bought Westinghouse for $5.4 billion in 2006 as a way to diversify away from consumer electronics, but struggled to build new reactors and was wrong-footed by changes in the nuclear industry. That includes the impact of Japan’s 2011 Fukushima meltdown and a flood of cheap natural gas in the U.S. While it’s unclear what benefit the Tokyo-based company will see from a sale, it will help Toshiba move on in the eyes of investors.


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PostPosted: Jan 11, 2018 12:49 am 
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Tim Meyer wrote:
jagdish wrote:
. . . the development of a safe and compact fast MSR.
Interesting. The Westinghouse bankruptcy and Toshiba backing away from sold-phase water-cooled low-enriched power technology speaks volumes for this way of doing fission.

Fast MSR evidently is the goal of TerraPower and "others"—larger more intense core operations because of the larger fission inventories required, as I understand it. The faster the neutrons, the smaller the barns, the more material needed for criticality, etc?


The Toshiba Allam Cycle 50 MWth scCO2 turbine was supposed to be spinning about now in La Porte, TX, for Exelon and NET Power. If it works, it'll be big news. It could be a winner for Toshiba.

If China accomplishes the RD&D for MSR tech, the nations can add another "Made in China" item.

Faster neutrons do need more fissile material but it is a small part of the cost to those who have it. If the fissile material recovered by reprocessing is utilised in fast MSR, it will go a long way. UK, France, Japan and Russia hold a lot. Chinese will will have it shortly Fast reactors and MSR are more compact and will require lower building cost at same locations.


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PostPosted: Jan 18, 2018 7:32 pm 
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Exclusive: Westinghouse reaches deal to resolve bankruptcy - sources

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The deal will divvy up cash from the $4.6 billion proposed sale of Westinghouse to Brookfield Business Partners, an affiliate of Canada’s Brookfield Asset Management. It also increases the likelihood the bankruptcy will be resolved before Toshiba’s financial year ends on March 31, ensuring the Japanese company receives certain tax benefits. As part of the agreement, Toshiba will sell its claims to a group of hedge funds led by the Baupost Group, making the group the biggest creditor in the case, according to the sources. The claims sale helps avoid fights among creditors that threatened to slow down the case. The group led by Baupost already acquired claims worth more than $2.2 billion from Scana Corp, a South Carolina utility that contracted Westinghouse to build two nuclear reactors.


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