Word: reactors
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Dates: during 2000-2009
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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...
...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...
...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...
...Areva has benefited from nuclear power's second 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...
...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...