Word: reactors
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Areva has soared on nuclear's second coming. But its 2008 profits--$824 million on $18.4 billion in sales--were down 17% from 2007, owing mostly to a whopping $2.4 billion write-down linked to construction troubles with what is supposed to be its leading-edge Finland reactor...
...project for Finland's main utility, Teollisuuden Voima Oyj, is designed to showcase Areva's 3G earthquake- and missile-proof design, known as a European Pressurized Reactor. Areva spokesman Jacques-Emmanuel Saulnier said winning the contract over Westinghouse and GE-Hitachi was crucial to establishing the firm as the leader in advanced nuclear tech. "You only see how it works once you've built it and proved it's what you'd said it would be," he said. "That's why winning the Finnish contract and building the world's first third-generation reactor is so important...
...focusing on its latest reprocessing technology, which produces less waste, Areva aims to capture one-third of the new reactor construction market by 2030. That will be increasingly difficult because competition is heating up. Siemens now looks set to form a partnership with Rosatom, the industry's second biggest firm. And China's push for nuclear plants means there will probably soon be competition from there...
...have the full enrichment and reprocessing cycle under your control." But both the Iranian government and its opposition believe that Iran is due the same rights as any other signatory to the Nuclear Non-Proliferation Treaty, which includes the right to enrich uranium to the levels necessary for reactor fuel, under the supervision of the International Atomic Energy Agency (IAEA). "There is no disagreement among political leaders in Iran on proclaiming Iran's right to enrich uranium," says Farhi. Iran's previous government had shown flexibility on the pace of an enrichment program, but not on the principle. Explains Farhi...
...Ambition Meets Competition Areva boosters say the cash generated by off-loading noncore assets will be used to modernize existing reactors and help build new third-generation plants. And in an industry where experience is everything, the company may even be able to spin the setback in Finland as a valuable learning experience. By focusing on its latest reprocessing technology, which produces less waste, Saulnier says Areva aims to capture one-third of the new reactor construction market by 2030. "Even though 30% of a sector is big, we think environmental concerns, and the energy needs of the world...