Failed reactor projects have brought giant energy companies to their knees and even pro-nuclear lobbyists now acknowledge that the industry is in crisis, writes Jim Green from Friends of the Earth.
Four global nuclear industry giants ‒ French utilities Électricité de France (EDF) and Areva, US-based Westinghouse and Japanese conglomerate Toshiba ‒ face crippling debts and possible bankruptcy because of their investments in nuclear power.
The French government is selling assets so it can prop up its heavily indebted nuclear utilities. EDF plans to sell $13.8 billion of assets to rein in its $51.8 billion debt, and to sack up to 7,000 staff. Areva has accumulated losses of over $14 billion over the past five years.
French EPR reactors under construction in France and Finland are three times over budget ‒ the combined cost overruns for the two reactors amount to about $17.5 billion. Bloomberg noted in April 2015 that Areva’s EPR export ambitions are “in tatters“, and now Areva itself is in tatters.
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