People no longer think of Homer Simpson when nuclear power is mentioned. Instead, Blue Ribbon Commission on America's Nuclear Future to Hold First Meeting signals that a nuclear renaissance is beginning. In the 1967 film, The Graduate, Mr. Maguire has one word, "Plastics". Today it would be "Nuclear".
Ironically some of the industry believers who weathered the chill of public opinion and interest for over two decades, may not benefit from the renaissance. Areva's High-End Bet on Nuclear Power explains that the French company made strategic acquisitions during the downturn for a moment like this. But Areva is experiencing headwinds from: a) Korea is producing inexpensive nuclear power solutions, b) China and India want to develop their own nuclear industry, and c) the Evolutionary Pressurized Reactor (EPR) is a black hole for profits.
The prototype EPR being built in Finland is three years behind schedule, $3B overrun, and a fixed price contract. This new design offers some flexibility in fueling, but its primary emphasis is protection from an attack. The pressure dome is designed to withstand a direct hit from a commercial airline.
UAE Deal, Outlook Boost South Korea Nuclear Power Stocks tells that the Korea Electric Power Corporation consortium outbid French, German, and U.S. nuclear suppliers in a $40B project to construct four reactors. South Korea executives boasted they would win another five to six projects in the U.S. and China during 2010. Nuclear Power in Korea explains bigger ambitions - by 2030, South Korea plans on exporting 80 nuclear power plants a year.
China National Nuclear Mulls IPO to Finance Expansion explains China wants a piece of the 200GW of nuclear power projects on the books. Human resources critical to Indian nuclear plans tells that India plans to increase nuclear power production five-fold by 2020. It isn't just human resources that are going to be in short supply - expect a shortage of uranium.
Curiously, Canada has some of the world's largest and richest uranium deposits, but Kazkhstan will produce more uranium this year. Canada uranium move could draw big players explains that a limitation on foreign mine ownership has discouraged investment in Canadian uranium mines. Echoing a recent policy move by Australia, which also had a foreign ownership limitation, Canada is proposing reducing ownership rules. Australia has the world's largest uranium reserves, but not as rich deposits - some of Canada's are 20 percent.
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