Word: thirdly
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...billion over the initial $4.2 billion budget, and the focus of international arbitration and other legal wranglings as TVO, Areva and other companies involved seek compensation for escalating costs. Analysts say many of the problems stem from Areva's impossibly low bid. "Though getting the world's first third-generation reactor completed will give Areva some big advantages over rivals, the Finnish project has cost it a lot in terms of credibility, and a lot of people are looking on saying: 'You mean if you ever complete it,' " says Barnett. "Westinghouse will complete its third-generation reactor in China later...
...China, whose gangbusters economy requires ever more energy. Beijing says it wants to lift nuclear-generated power from its current 11 gigawatts to 86 gigawatts by 2020 - an increase equivalent to France's current total output. China is already adding 14 reactors to the 11 it operates, including three third-generation installations supplied by Areva and Westinghouse. And it won't stop there: Beijing has signed on for an additional 35 plants to be built over the next decade, and is studying a further 80. (See pictures of China's wild side...
...coming as much as any other company. But its 2008 profits - $824 million on $18.4 billion in sales - were down 17% from 2007, due mostly to a whopping $2.4 billion write-down linked to construction troubles with its Finland reactor. The Finnish project was supposed to showcase Areva's third-generation earthquake- and missile-proof design, known as a European Pressurized Reactor (EPR). Areva beat out Westinghouse and General Electric-Hitachi in 2003 to win a contract with Finland's main utility Teollisuuden Voima Oyj (TVO) to build the plant. GE-Hitachi, Mitsubishi and Westinghouse all sell their own third...
Read the first, third, and fourth excerpts from Reset...
...Charles Taylor (now on trial for war crimes at the Hague) that devastated the country during an 11-year civil war that ended in 2002. Everywhere they went they left a calling card of chopped-off limbs, raped women and senseless bloodshed. Tens of thousands were killed and a third of Sierra Leone's 6 million people were displaced. (Read "'Lies and Rumors': Liberia's Charles Taylor on the Stand...