New Energy Policy Needed as Nuclear Giants Take a Hit

Plans for a worldwide fleet of huge new nuclear reactors have collapsed, with the cancellation of a major project and no new orders being placed.

The European nuclear industry, led by France, seems to be in terminal decline as a result of the cancellation of a new Finnish reactor, technical faults in stations already under construction, and severe financial problems.

The French government owns 85% of both of the country’s two premier nuclear companies – Areva, which designs the reactors, and Électricité de France (EDF), which builds and manages them.  Now it is amalgamating the two giants in a bid to rescue the industry.

Even if the vast financial losses involved in building new nuclear stations can be stemmed, there is still a big question mark over whether either company can win any new orders.

Their flagship project, the European Pressurised Reactor (EPR), billed as the most powerful reactor in the world, has two prototypes under construction − one in Finland and the second in France.  Both of the 1,650 megawatt reactors are years late and billions of  Euros over budget, with no sign of either being completed.

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