Westinghouse Files For Bankruptcy, In Blow To Nuclear Power (reuters.com)
An anonymous reader quotes a report from Reuters: Westinghouse Electric Co, a unit of Japanese conglomerate Toshiba Corp, filed for bankruptcy on Wednesday, hit by billions of dollars of cost overruns at four nuclear reactors under construction in the U.S. Southeast. The bankruptcy casts doubt on the future of the first new U.S. nuclear power plants in three decades, which were scheduled to begin producing power as soon as this week, but are now years behind schedule. The four reactors are part of two projects known as V.C. Summer in South Carolina, which is majority owned by SCANA Corp, and Vogtle in Georgia, which is owned by a group of utilities led by Southern Co. Costs for the projects have soared due to increased safety demands by U.S. regulators, and also due to significantly higher-than-anticipated costs for labor, equipment and components. Pittsburgh-based Westinghouse said it hopes to use bankruptcy to isolate and reorganize around its "very profitable" nuclear fuel and power plant servicing businesses from its money-losing construction operation. Westinghouse said in a court filing it has secured $800 million in financing from Apollo Investment Corp, an affiliate of Apollo Global Management, to fund its core businesses during its reorganization. Westinghouse's nuclear services business is expected to continue to perform profitably over the course of the bankruptcy and eventually be sold by Toshiba, people familiar with the matter said. When regulators in Georgia and South Carolina approved the construction of Westinghouse's AP1000 reactors in 2009, it was meant to be the start of renewed push to develop U.S. nuclear power. However, a flood of cheap natural gas from shale, the lack of U.S. legislation to curb carbon emissions and the 2011 Fukushima nuclear accident in Japan dampened enthusiasm for nuclear power. Toshiba had acquired Westinghouse in 2006 for $5.4 billion. It expected to build dozens of its new AP1000 reactors -- which were hailed as safer, quicker to construct and more compact -- creating a pipeline of work for its maintenance division.
Nt
The free market brought shale gas to reality so that efficient combined cycle power plants could win on cost, heat rate, and startup time.
The overweight foot of the government tried to skew the market to bring nuclear and renewables in as competitive, and failed.
Trump is doubling down on expensive coal proving he doesn't know anything about energy markets and neither do any Republicans or Democrats.
See my subject: George Westinghouse was a brilliant engineer (who believed in another great EE in Tesla himself) whose legacy is over - what a shame...
APK
P.S.=> At 1st, all I knew about was Nikola Tesla's fantastic accomplishments & then I looked into Westinghouse & was equally impressed... apk
Nuclear power has gone from "too cheap to meter" to "too expensive to matter"
Everything (coal, gas, wind, solar) is cheaper than nuclear.
I don't read your sig. Why are you reading mine?
The Japanese own our Nuclear Power Plant Construction Companies
The Russians own our Uranium.... such a great job Obama and Hillary did
Those sales should have been stopped
Toshiba acquired Westinghouse in 2006.
Bush was president and Republicans controlled Congress.
Nuclear power is needed because wind power, solar power, and hydro power alone are insufficient to meet the world's demand for electricity.
Even if lefties don't like to admit it, the reality is that nuclear power is one of the most effective and efficient ways of generating large amounts of electrical power.
And keep in mind that a well-designed power generation network draws from numerous sources of energy. Yes, coal is currently one of these sources. It's smart and responsible for President Trump to include it within America's energy generation infrastructure. It will provide at least some redundancy in case there are disruptions to the availability or economic viability of oil, natural gas and/or uranium in the future. Increasing America's energy independence is an extremely important goal, regardless of your political beliefs.
The Japanese own our Nuclear Power Plant Construction Companies
The Russians own our Uranium.... such a great job Obama and Hillary did
Those sales should have been stopped
Toshiba acquired Westinghouse in 2006.
Bush was president and Republicans controlled Congress.
Obama is responsible for every bad thing that's happened to an American from the day he engineered his own birth; Hillary shares responsibility starting from the day she first had sex with Bill Clinton
Pain is merely failure leaving the body
power from space now, like Solaren promised we'd have by 2016, right??
The Russians own our Uranium
Canada and Australia are major producers. And what do you mean by "our" uranium? It's not ours until we buy it.
Have gnu, will travel.
Toshiba's wonderful CIX and IP Edge systems are going critical along with the failing fission division... I'm assuming that makes a bigger blast to most of us! I know it does me, we are only halfway through a CIX phone system rollout! 15 year /. lurker, first time AC poster...
Costs for the projects have soared due to increased safety demands by U.S. regulators, and also due to significantly higher-than-anticipated costs for labor, equipment and components.
So, out of everything they could have gotten wrong: labor, equipment, and components, +schedule, they managed to get it all wrong. We're talking about a systemic failure across the board. WTF is wrong with these people? I shudder to think what would happen if these clowns ever brought a reactor online, probably a meltdown within six months. Maybe the orange clown will ease regulations to facilitate these wizards of business failure bringing their shitty plans to fruition, maybe we'll get lucky and have four meltdowns all at the same time. The bonus there would be a lot of orange animals, people, and shrubbery, making the cheeto messiah feel right at home.
Only I can judge you.
See my subject: My program's just a hobby of sorts (doing right by others in the creation of it giving users more speed, security, reliability & anonymity online for FAR less resource use vs. "so-called 'competitors'" (browser addons paid off NOT to do their job in blocking ads, which is only a FRACTION of what hosts do for you mind you) & minus their security issues too (DNS/antivirus)) - NOT my livelihood.
* I haven't HAD to work for ANYONE (if I don't wish) for a decade++ now - my monies work for me instead...
APK
P.S.=> Of course, I realize you're just being yet another UNIDENTIFIABLE anonymous "ne'er-do-well" WORM (snowflake milksop w/ no skills in computer sciences) who wishes he was me but can never be (due to your shit attitude & laziness) TRYING & failing being "funny" while you're @ it (you can't get ANYTHING right, can you? Nope - that's how "your kind" rolls)... apk
Im a first time lurker, 15 year AC troller myself.
Westinghouse took a huge risk when they bought the CB&I Stone and Webster construction company that was building the reactors in the USA. They didn't examine their accounts properly and the construction company was hiding huge debts. Since Toshiba bought Westinghouse, to get the AP1000 reactor design, they inherited that financial burden. Given the news from Toshiba last year you had to know the shakedown at Westinghouse would come eventually. Toshiba bet a lot on this deal and they lost tremendously. This will setback nuclear power R&D in the West for like a decade at least.
The nuclear reactors in the USA are being built under a fixed price contract. With all the changes that were required to the design, because of regulation changes, plus the fact that no one had built a lot of new reactors in the USA in decades, meant there was a high risk with a deal like that. Couple that with the oil price and natural gas price crashes and the deal is pretty bad. They probably thought they would recoup the losses with further reactor construction in the USA in the future once these initial reactors were built and their licensing was done and construction knowledge improved but there's little chance of it happening anymore.
Still there are going to be like four reactors of this same AP1000 design going online in China this year at two locations. Plus the Chinese already have a license to build an enlarged version of it they call the CAP1400 for which they intend to do serial production in relatively large amounts. So even if these are the last AP1000 reactors to be build in the USA, construction of the licensed designs will continue in China. The Chinese don't have a lot of natural gas, unlike the USA, and given the air pollution issues they have in their large coastal cities, they have few alternatives to nuclear if they want to reduce atmospheric pollution.
Im a first time lurker, 15 year AC troller myself.
everyone has a role... ; )
Pales in comparison with Billy Clitorn having sex and pussy grabbing of interns.
I made a birdhouse once
Now the climate will warm by an additional 0.00000000001 degrees by 2100
The seas will rise an additional 0.0000000000000000001 meters by 2100
The oceans will acidify and the coccoliths will cease to make shells
The coral will all die and the plankton as well.
The oceans will boil! (James Hansen)
Soylent green will cease being a fiction story as humans will resort to cannibalism
All because Trump wants children to die horrible deaths as he kills them dead so they are not living and then he doesn't have to pay for their medical care and he can golf and charge the tax payers for all the golf cart rides for the secret service guys following along and smelling his farts and he doesn't even have Cushman carts, they have those cheesy EZ go ones.
What a disgrace
I'm going to continue using the Host File Engine. Your software is well written, functional. The Host File Engine performs exactly as promised by mmell
his hosts program is actually pretty good by xenotransplant
I've never tried to belittle (APK's) work, I've flat out said it's good by BronsCon
take a look at the APK hosts file engine by SuperKendall
APK is kinda right. I've tried his hosts file generating software. It works by bmo
I like your host file system by Karmashock
I find your hosts file admirable by vel-ex-tech
his hosts tool is actually useful for those cases in which one does indeed want to locally block stuff outright while consuming minimum system resources by alexgieg
* Recommended & hosted by Malwarebytes' hpHosts!
APK
P.S.=> See my subject & when you manage that w/ praises like the above? THEN, talk to me (you're wasting your time inefficiently in this life otherwise - every human being has potential (for good) - you're wasting yours)... apk
Now at least we have a chance for clean variable output power sources. :-)
Have you seen the guy? I think he's bringing back whale oil.
You are welcome on my lawn.
See subject & this The Gunfighter https://www.youtube.com/watch?v=mYP-2UCS5nY/ it's hilarious!
APK
P.S.=> You must be a really miserable person to do what you do, so, perhaps some humor will help you stop being how you are... apk
natural gas power and renewable. The only justification for it is to prevent Climate Change.
Trump supporters are idiots for a reason...
Its difficult to imagine a fusion plant being less expensive to build or operate than a fission plant. Even if we can figure out how to get net energy gain from fusion it may never make economic sense.
Its too bad, I wanted a nuclear powered future, with fission gradually being replaced by fusion of the next century. Doesn't look likely.
Nuclear has great potential in long distance spacecraft propulsion, but it just doesn't look very economically practical for terrestrial use.
See subject (& again using film as an analogy most will get having seen it): Still @ THAT stage of the wageslave game doing others dirty/wetwork being paid less vs. those who don't raise a finger? One day, you'll be like me per my subject & the tail end of the film "Inception"...
APK
P.S.=> Enjoy your flight - You know, you don't KNOW when your last one is, until hindsight shows you (it did me & I am glad now, on MANY levels, that I am NOT YOU)... apk
Solyndra went bankrupt because its initial business plan did not take into account the level of Chinese manufacture, subsidy, and eventual dumping (which also did not exist at the time Solyndra was a nascient enterprise in the planning stages).
There is no America. There is no democracy. There is only IBM and AT&T and DuPont, Dow, General Electric, and Exxon
Self inflicted - this folks is exactly what happens when you spend far more on PR than on R&D.
Westinghouse could be rolling in cash selling something far better than their antiquated AP1000 design to an energy hungry China, but they chose instead to slap some green paint on something from the 1970s and call it done.
Westinghouse lobbied AGAINST government nuclear research during the Clinton administration because it was using Thorium and Westinghouse wanted to use their Uranium designs as long as possible. They saw Thorium as a threat to their business model.
The US nuclear lobby ate their own children and this is the expected consequence.
Spending more on PR than R&D for a couple of decades and sacking most of the people who know how to design reactors was a bad idea.
and so long as that's true I'll be against it. With any Nuclear power plant you're gonna have massive maintenance costs and a conga line of capitalists ready to promise the free market will lower those costs. Then they'll do what they did in Fukushima: Ignore maintenance and run the plants far beyond their lifecycle until a disaster blows up in their faces. And they'll get away scott free because nobody nowhere anywhere every hold the wealthy accountable (and no, the Fukushima folks haven't been held accountable; 6 years and counting. And no, a few inquires that are going precisely nowhere don't count).
Find a way to get people to oppose privatization of public resources or a way to make it cheaper to run a safe plant than an unsafe one. Until then Nuclear can go suck eggs.
Hi! I make Firefox Plug-ins. Check 'em out @ https://addons.mozilla.org/en-US/firefox/addon/youtube-mp3-podcaster/
Ah, another Infowars/Fox "News" fan. A mining operation owned by Russian company has rights to mine a percentage of the uranium in our country -- which they then must sell to the U.S.
Please get you facts straight.
*** *** You're just jealous 'cause the voices talk to me... ***
Please stop using the word "facts" when responding to right-wing trolls as it triggers their delicate sensibilities. Trolls require a safe space to protect themselves from their own snowflake's sharp corners.
Freedom to fear. Freedom from thought. Freedom to kill.
I guess the War on Terror really is about freedom!
I think they can be good decisions for the United States. I believe there were a glut of nuclear reactor models out there. France (Areva), Germany, United States (Westinghouse, GE), Japan (Mitsubishi), Russia, and South Korea. Germany merged its design with France to get the EPR reactor.... which turned out to have major flaws. GE exited the business. Mitsubishi seems to have stalled. Toshiba bought Westinghouse. Russia and South Korea have spent billions on their upgraded reactors. The EPR, and AP1000 reactors seem to be the farthest along, ie., fixing real bugs in the reactor flaws. EPR and AP1000 have both lost billions of dollars so far.
Yes, Russia's state owned nuclear business bought 20? percent of the uranium ore reserves of the US. There's still another 80 percent, and America can just buy foreign fuel rods.
America hasn't lost much money, and could buy the bankrupt Westinghouse cheap now.
Guess both "sides" are full of shitlords who just blame everyone else and never take responsibility eh?
Wait, what? Do you have a link/source? Fuck!
Uhm, no! There's more than one reason LOL.
You misspelled nucular.
Several interesting things in this article but I'll just mention the part about shale.
A few years back the story was peak oil and we were going to have a major energy crisis. With the prospect of more expensive energy shale became more interesting but at the same time everyone else was also looking at other sources of energy, renewable and other, and other things happened, like Iran's oil becoming more available. And now we have low oil prices over an extended period of time. Shale is not the cause of the nuclear energy glut, it's one of the victims. Shale can only be viable if energy cost is high enough.
As for the future of nuclear power, it's been going downhill since the eighties. Western nuclear energy got a severe blow with Chernobyl and after Fukushima western nuclear energy is dead. In the far east, mainly China it's got a future.
Did Trump by allowing more carbon pollution cause the nuclear sites to be less than competitive? Did he just cost a lot of workers their jobs?
Since it's currently a mix of generation, if you remove coal, and, yes, even if you remove nuclear generation options, you need to expand and build out the remaining options, because unless you are redundantly generating the power from renewables alone and adding all the rest of the generation capacity as unnecessary backup, you will be generating insufficient power.
So currently your build out of green power generation is insufficient, and will remain so until you stop complaining about building it and start building.
And green is several techologies. Getting a mix of generation methods is easy to do with only green options. There are several. And most quite complementary in output characteristics.
They get blamed for what they DID do. The fact that they DID do fuckups doesn't mean it's Obama's fault, nor that it's political partisanship that you engage in therefore project onto all others to make you feel less like a shithole at play.
When Bush fucks up, he fucked up. Get over it and stop going "Oh, you're just blaming the opposition of your politics!".
Hillary shares responsibility starting from the day she first had sex with Bill Clinton
...but I thaugh Monica was the one having "not sex" with him ?
"Sufficiently advanced satire is indistinguishable from reality." - [Tips: 1DrYakQDKCQ6y52z6QbnkxHXAocMZJE61o ]
Guess you never thought of a synonym.
Don't know if you know this, but coal is buried carbon deposits from millions of years ago.
Yes. Perhaps you should find out more and you will know why I mentioned it. There is no point attempting to lecture somebody on a topic that they have mentioned when you know very little about the topic yourself, it tends to annoy a great deal. Please take another look at wherever you pasted some text from.
Just build coal stations. AGW is a chinese/hippy illuminati conspiracy anyway (delete as appropriate). Coal makes more radioactive waste than nuclear so you don't even have to miss out on radioactive pollutants. It's a win/win.
I do not want your cheap brainburning drugs. They are useless for work. And I am a working man today.
Coal is dying, it's was more a matter of Trump allowing a graceful natural death or Obama's accelerated forced death.
Apocalypse Cancelled, Sorry, No Ticket Refunds
Obama is responsible for every bad thing that's happened to an American from the day he engineered his own birth; Hillary shares responsibility starting from the day she first had sex with Bill Clinton
I guess Hillary is blameless then
Not only did you ignore the subject you've now ignored what I quoted.
Perhaps it would have been better for everyone if you had ignored my post above entirely instead of jumping on it in some attempt to prove your superiority.
Take a look at the wikipedia article on HVDC or ask your Dad. A distance of 2,385km seems to be very long to me.
See my subject: Given you're an unidentifiable "ne'er-do-well" nobody, you're not amusing. You're truly pitiful, no joke.
APK
P.S.=> You can't even stand behind your own words (which only tells me I've torn you up many times before, doubtless in a technical debate here so you stalk & harass me behind unidentifiable anonymous posts only proving all the more, you're a pitiful worm, lol!)... apk
Moving gas 2000km or 4000km through a series of pipelines is so much easier than using a transmission line? Seriously?
Perhaps you should sober up or something - turning this into a strange dick measuring contest instead of just accepting that long enough is long enough is just weird.
Also you are comparing a series of pipelines with a single transmission line - surely you should be comparing that with a series of transmission lines? Maybe just accept my statement that line losses are not so huge as some people think instead of whatever you are trying to do that has nothing at all to do with my statement.
Sure they do. Significant energy is required to pump the gas; that energy is lost in the process. There's no free lunch to be had just because gas moves in a pipeline. Same goes for oil.
I've fallen off your lawn, and I can't get up.
Then they should have stayed under the bridge.
See my subject? You exemplify it. Why not spend your time/effort creating something like I have (for a lark & it did well) APK Hosts File Engine 9.0++ SR-7 32/64-bit https://www.google.com/search?hl=en&source=hp&biw=&bih=&q=%22APK+Hosts+File+Engine%22+and+%22start64%22&btnG=Google+Search&gbv=1/ instead?
* You do get back what you put into life (good & bad - You're on the road to the latter you know...)
APK
P.S.=> You seriously have issues man - try saying this: "Satan get thee behind me", ok? You need it... apk
You think all sorts of fucked up things. Go back to your political blogs, spammer.
See my subject - Now imitate this on your part unidentifiable truly cowardly troll: I'm going to continue using the Host File Engine. Your software is well written, functional. The Host File Engine performs exactly as promised by mmell
his hosts program is actually pretty good by xenotransplant
I've never tried to belittle (APK's) work, I've flat out said it's good by BronsCon
take a look at the APK hosts file engine by SuperKendall
APK is kinda right. I've tried his hosts file generating software. It works by bmo
I like your host file system by Karmashock
I find your hosts file admirable by vel-ex-tech
his hosts tool is actually useful for those cases in which one does indeed want to locally block stuff outright while consuming minimum system resources by alexgieg
* Recommended & hosted by Malwarebytes' hpHosts!
APK
P.S.=> Nobody's ever going to say the above about you "ne'er-do-well", lol ("your kind" trolls - pitiful)... apk
For this. Yes. I voted trump. You cry babies blaming everyone need to grow up. That's why you are poor. You need to drop it. Move on. Move forward.
Stop having the looser mentality. Its out of your control. Focus on your own business. Losers.
The thing about multi-national companies is that they can do stuff in other places even if no nukes are getting built in the US.
O did not accelerate. Nothing he has done has impacted coal one way or another.
I prefer the "u" in honour as it seems to be missing these days.
Loser. LOL.