… consider the cautionary tale of this new-generation nuclear reactor site.
The massive power plant under construction on muddy terrain on this Finnish island was supposed to be the showpiece of a nuclear renaissance. The most powerful reactor ever built, its modular design was supposed to make it faster and cheaper to build. And it was supposed to be safer, too.
But things have not gone as planned.
After four years of construction and thousands of defects and deficiencies, the reactor’s 3 billion euro price tag, about $4.2 billion, has climbed at least 50 percent. And while the reactor was originally meant to be completed this summer, Areva, the French company building it, and the utility that ordered it, are no longer willing to make certain predictions on when it will go online. …
… In Flamanville, France, a clone of the Finnish reactor now under construction is also behind schedule and overbudget.
In the United States, Florida and Georgia have changed state laws to raise electricity rates so that consumers will foot some of the bill for new nuclear plants in advance, before construction even begins.
“A number of U.S. companies have looked with trepidation on the situation in Finland and at the magnitude of the investment there,” …
… For nuclear power to have a high impact on reducing greenhouse gases, an average of 12 reactors would have to be built worldwide each year until 2030, according to the Nuclear Energy Agency at the Organization for Economic Cooperation and Development. Right now, there are not even enough reactors under construction to replace those that are reaching the end of their lives.
And of the 45 reactors being built around the world, 22 have encountered construction delays …
… nuclear safety inspectors in France have found cracks in the concrete base and steel reinforcements in the wrong places at the site in Flamanville. They also have warned Électricité de France, the utility building the reactor, that welders working on the steel container were not properly qualified.
On top of such problems come the recession, weaker energy demand, tight credit and uncertainty over future policies, said Caren Byrd, an executive director of the global utility and power group at Morgan Stanley in New York.
“The warning lights now are flashing more brightly than just a year ago about the cost of new nuclear,” she said.
And Jouni Silvennoinen, the project manager at Olkiluoto, said, “We have had it easy here.” Olkiluoto is at least a geologically stable site. Earthquake risks in places like China and the United States or even the threat of storm surges mean building these reactors will be even trickier elsewhere.