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Researched by Industrial Info Resources (Sugar Land, Texas)--President Donald Trump has announced plans for a comprehensive study of the U.S. nuclear energy industry, with the goal of reinvigorating the sector as part of his call to establish U.S. "energy dominance." The industry has experienced some hard knocks, as nuclear power plant operators find it harder to compete in an age of cheap natural gas, which has contributed to a number of planned plant closures and project cancellations. Nonetheless, Industrial Info is tracking more than $113 billion in active U.S. nuclear plant capital projects that are in various stages of development.
The nuclear study announcement was part of the administration's "Energy Week" events. Trump said last week a review of U.S. nuclear policy would "help us find new ways to revitalize this crucial energy resource."
Energy Secretary Rick Perry also voiced support for the industry last week, saying: "This administration believes in an all-of-the-above approach, allowing nuclear energy to come and play an important role in a very diverse portfolio. It's about America, maintaining, or regaining our leadership role in nuclear energy...one of the things we want to do at [the Department of Energy] is make nuclear energy cool again."
Perry continued: "This industry has been strangled, all too often by government regulations, but we need as a country to again bring us to that place where nuclear energy is a part of the [energy] portfolio, and to be able to sell it in great truthfulness and honesty about what it can add to America, both from an environmental standpoint, and from a security standpoint."
Maria Korsnick, president and chief executive officer of the Nuclear Energy Institute (NEI), a lobbying group for the industry, said: "If the president wishes for our nation to achieve nuclear energy dominance both at home and abroad, he'll do it by preserving the existing nuclear fleet, paving the way for the deployment of advanced nuclear designs and stimulating exports abroad."
Efforts at the state level by the industry to preserve the existing fleet have had mixed success. New York and Illinois have enacted financial aid packages for nuclear generators, but efforts by FirstEnergy Corporation (NYSE:FE) (Akron, Ohio) to gain similar aid for nuclear plants in Ohio have met more resistance. For more information, see June 9, 2017, article - Moody's: Marcellus Gas 'Wreaks Havoc' on PJM Merchant Generators and May 31, 2017, article - U.S. Nuclear Power Market Woes Continue: Three Mile Island to Close in 2019.
The filing for Chapter 11 bankruptcy protection earlier this year by nuclear project engineering, procurement and construction provider Westinghouse Electric Corporation LLC (Cranberry Township, Pennsylvania) has also roiled the industry, raising questions about the future of nuclear plant projects in Georgia and South Carolina. For more information, see April 25, 2017, article - Westinghouse Chapter 11 Filing Roils Labor Markets in Georgia and Beyond and May 4, 2017, article - Southern Company Plugs Away at Vogtle Pending Decision on Project's Fate.
Last week, Georgia Power and Southern Nuclear, units of Southern Company (NYSE:SO) (Atlanta, Georgia), said they are prepared to assume project management of the Alan W. Vogtle nuclear expansion project in Waynesboro, Georgia, from Westinghouse by late July under a new service agreement. The scope of the agreement includes engineering, procurement and licensing support from Westinghouse, as well as access to Westinghouse intellectual property needed for the project.
Westinghouse's parent company, Toshiba Corporation (Tokyo, Japan), has made a $3.68 billion payment guarantee for the Vogtle project, which has already seen considerable delays and cost overruns. The first payment from Toshiba under the agreement is expected in the amount of $300 million in October 2017, according to Southern Company. Georgia Power said in a press statement that it was working with the project co-owners "to complete a full-scale schedule and cost-to-complete analysis and will work with the Georgia Public Service Commission to determine the best path forward for customers."
Industrial Info is tracking 37 active U.S. nuclear energy projects that range in value from $3 million to $20 billion.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
The nuclear study announcement was part of the administration's "Energy Week" events. Trump said last week a review of U.S. nuclear policy would "help us find new ways to revitalize this crucial energy resource."
Energy Secretary Rick Perry also voiced support for the industry last week, saying: "This administration believes in an all-of-the-above approach, allowing nuclear energy to come and play an important role in a very diverse portfolio. It's about America, maintaining, or regaining our leadership role in nuclear energy...one of the things we want to do at [the Department of Energy] is make nuclear energy cool again."
Perry continued: "This industry has been strangled, all too often by government regulations, but we need as a country to again bring us to that place where nuclear energy is a part of the [energy] portfolio, and to be able to sell it in great truthfulness and honesty about what it can add to America, both from an environmental standpoint, and from a security standpoint."
Maria Korsnick, president and chief executive officer of the Nuclear Energy Institute (NEI), a lobbying group for the industry, said: "If the president wishes for our nation to achieve nuclear energy dominance both at home and abroad, he'll do it by preserving the existing nuclear fleet, paving the way for the deployment of advanced nuclear designs and stimulating exports abroad."
Efforts at the state level by the industry to preserve the existing fleet have had mixed success. New York and Illinois have enacted financial aid packages for nuclear generators, but efforts by FirstEnergy Corporation (NYSE:FE) (Akron, Ohio) to gain similar aid for nuclear plants in Ohio have met more resistance. For more information, see June 9, 2017, article - Moody's: Marcellus Gas 'Wreaks Havoc' on PJM Merchant Generators and May 31, 2017, article - U.S. Nuclear Power Market Woes Continue: Three Mile Island to Close in 2019.
The filing for Chapter 11 bankruptcy protection earlier this year by nuclear project engineering, procurement and construction provider Westinghouse Electric Corporation LLC (Cranberry Township, Pennsylvania) has also roiled the industry, raising questions about the future of nuclear plant projects in Georgia and South Carolina. For more information, see April 25, 2017, article - Westinghouse Chapter 11 Filing Roils Labor Markets in Georgia and Beyond and May 4, 2017, article - Southern Company Plugs Away at Vogtle Pending Decision on Project's Fate.
Last week, Georgia Power and Southern Nuclear, units of Southern Company (NYSE:SO) (Atlanta, Georgia), said they are prepared to assume project management of the Alan W. Vogtle nuclear expansion project in Waynesboro, Georgia, from Westinghouse by late July under a new service agreement. The scope of the agreement includes engineering, procurement and licensing support from Westinghouse, as well as access to Westinghouse intellectual property needed for the project.
Westinghouse's parent company, Toshiba Corporation (Tokyo, Japan), has made a $3.68 billion payment guarantee for the Vogtle project, which has already seen considerable delays and cost overruns. The first payment from Toshiba under the agreement is expected in the amount of $300 million in October 2017, according to Southern Company. Georgia Power said in a press statement that it was working with the project co-owners "to complete a full-scale schedule and cost-to-complete analysis and will work with the Georgia Public Service Commission to determine the best path forward for customers."
Industrial Info is tracking 37 active U.S. nuclear energy projects that range in value from $3 million to $20 billion.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
