Lots of Developments on the Energy Front

By March 26, 2008Energy

Houston Chronicle:

NRG Energy will form a new business with Toshiba Corp. to develop nuclear power projects in the U.S., including construction of the two new reactors planned for the existing South Texas Project plant near Bay City.

The new venture, called Nuclear Innovation North America, will help clear technical issues that led the Nuclear Regulatory Commission to slow down its review of NRG’s application for the two new reactors, NRG said.

Toshiba will be the prime contractor on all of the projects and will invest $300 million in the venture over the next six years for a 12 percent equity ownership.

Britain has even greater ambitions, the BBC reports.

Business secretary John Hutton is to call for a “significant expansion” in Britain’s nuclear power industry.
In a speech to the Unite trade union, he argues the industry should go beyond replacing its 23 ageing reactors, which provide 20% of the UK’s electricity.

He will call for the creation of a £20bn industry with 100,000 new jobs – making the UK “the gateway to a new nuclear renaissance across Europe”.

It comes as the President of France – a world nuclear leader – visits the UK.

Meanwhile, in solar energy

AES, a worldwide power-plant developer based in Arlington, announced yesterday that it will partner with private-equity firm Riverstone Holdings to invest up to $1 billion in solar energy projects around the world.

The joint venture, AES Solar, plans to create solar-energy farms by covering fields with rows of photovoltaic panels to convert sunlight into electricity.

Leave a Reply