Nuclear Power Companies Adopt 'Landmark' Code of Conduct

---

Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--In an effort to reassure the public about the safety of nuclear power post-Fukushima, the world's leading manufacturers of nuclear reactors have adopted a landmark series of principles of conduct.

For the first time, 10 reactor manufacturers - including Areva SA (EPA:CEI) (Paris, France), Westinghouse Electric Company LLC (Monroeville, Pennsylvania), Atomstroyexport (Moscow) and Korea Electric Power Corporation (NYSE:KEP) (KEPCO) (Seoul, South Korea) - have announced a common set of principles that reflects "global best practices in connection with the export of nuclear power plants." The news arrives in the same week that the International Atomic Energy Agency (IAEA) published an action plan to make nuclear power plants safer, although it faced criticism for having been forced to water down its original goals in order to get it passed by the 35-nation board. For additional information, see September 15, 2011, article - Atomic Agency Agrees to 'Watered-down' Nuclear Safety Tests.

The principles outline the nuclear power plant industry's shared standards in the areas of safety, security, environmental protection and spent fuel management, as well as compensation in the event of nuclear-related damage, non-proliferation and ethics. The principles have been crafted over the last three years under the guidance of the Carnegie Endowment for International Peace. However, despite the commitment of the nuclear plant companies, the principles are neither legally binding nor mandatory, something they share with the action plan recommendations just passed by the IAEA.

"Nuclear power plant technology is important to meeting global energy requirements in a sustainable manner," said Sir Richard Giordano, Chairman of the Board of Trustees of the Carnegie Endowment. "Whatever lessons particular countries draw from Fukushima over time, new nuclear plants will continue to be built, some in countries that have only recently begun to utilise nuclear power. It is therefore imperative that nuclear energy is implemented safely and responsibly in both emerging and developed markets. The Principles are designed to promote free and fair competition for nuclear power plant exports while helping to ensure that the highest standards of safety are maintained."

Luc Oursel, CEO of AREVA, added. "Our entire industry supports these values as a token of our commitment to a sustainable future for nuclear energy. To guarantee the long-term success of our activities, we must continuously strive to meet the highest environmental and social expectations of our society."

Industrial Info Resources (IIR) is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. IIR'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.