- The future of nuclear power takes another hit - 16.12.2011
Blogpost by Justin McKeating - December 16, 2011 at 12:52
In 2009, multinational financial services corporation Citigroup called nuclear power – with its skyrocketing costs, disastrous economics and dependence on public bailouts – a “corporate killer”. Now, in 2011, are we witnessing the slow death of one of the world’s largest nuclear companies?
French nuclear giant AREVA, which designs, builds (or at least tries to), and exports nuclear reactors is in financial trouble. Big trouble.
On December 13th, it announced that this year it made a loss of 1.6bn euros (US$2.1bn), and that it is sacking up to 1,500 workers in Germany, reducing jobs through attrition in France, freezing wages, and selling some assets while reducing the value of others. AREVA will also cut its dividends to investors and its global investment for the next four years by a third. Not only that, the company is suspending its interests in uranium enrichment in the US, investment in uranium mining in Africa, and its projects to expand the output of nuclear reactors in France.
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