French Nuclear Industry In Turmoil As Manufacturer Buckles

mdsolar writes with bad news for France and its nuclear industry. "France's nuclear industry is in turmoil after the country's main reactor manufacturer, Areva, reported a loss for 2014 of 4.8 billion euros ($5.3 billion) — more than its entire market value. The government of France, the world's most nuclear dependent country, has a 29% stake in Areva, which is among the biggest global nuclear technology companies. The loss puts its future — and that of France as a leader in nuclear technology — at risk. Energy and Environment Minister Segolene Royal said Wednesday she asked Areva and utility giant Electricite de France to work together on finding solutions, amid reports of a possible merger or other link-up. The government said in a statement that it's working closely with Areva to restructure and secure financing, and would 'take its responsibility as a shareholder' in future decisions about its direction. Areva reported Wednesday 1 billion euros in losses on three major nuclear projects in Finland and France, among other hits. Areva has lost money for years, in part linked to delays on those projects and to a global pullback from nuclear energy since the 2011 Fukushima accident."

Comments

Re:cutting corners

[tehcyder]

They were caught red-handed cutting corners at the Olkiluoto site in Finland. Finns take security very seriously and hence the plant is already years late..

Yet another example of how interfering in the free market just ruins it for everyone.

If the communist Finns had just let the French build a quick and dirty version, they could have sorted out any resulting accidental deaths through the courts, thereby reducing the upfront costs and allowing the shareholders time to extract the profits before they could be wasted on compensation and paying government "safety" inspectors' exorbitant salaries.