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NUCLEAR:
The challenges for investment
Stephen Tromans QC
The Global Picture: reactors under construction
Source: IAEA Power Reactor Information System - 2013
Under Construction Reactors
Operational reactors by age
• Source: IAEA Power Reactor Information System - 2013
Operational Reactors by Age
The challenges
• Construction risk – huge and complex projects
• Economic uncertainty as to future energy prices
• Safety – ever more exacting standards in a post-
Fukushima environment
• Political risk – anti-nuclear sentiment, e.g.
Germany
• Liabilities – both for accidents and for long term
management of wastes
The financing environment
• Shift from model of government owned and
sponsored projects to private finance
• First of a kind technology
• No consistent financial model
• Constraints on financing by World Bank, IFC
• Requirements of vendor financing
• Importance of de-risking the project
Olkiluoto-3
• Construction began August 2005, projected online by
end 2018
• World’s largest nuclear arbitration – currently €3.4bn by
contractor consortium and €2.3bn by utility
Economic de-risking
• The UK arrangements with EDF on strike price
• Commission concluded measures with
modifications were compatible with EU State Aid
rules (October 2014)
• Decision subject to challenge by Austria and by
German co-operative founded by Greenpeace
• Implications for final investment decision
Hinkley C
EDF visualisation
Safety
• Consequences of Fukushima
• Disruption of programmes
• Stress testing of existing reactors
• Greater focus on safety in new build
Liability
• Fukushima predicted costs
now $105bn
• Includes $47bn
compensation to affected
residents
• $23bn clean-up costs
• Ruling for payment of
$472,000 to widower whose
wife committed suicide
Nuclear plants and earthquake activity
39 Essex Chambers LLP is a governance and holding entity and a limited liability partnership registered in England and Wales (registered number 0C360005) with its registered
office at 39 Essex Street, London WC2R 3AT. 39 Essex Chambers‘ members provide legal and advocacy services as independent, self-employed barristers and no entity connected
with 39 Essex Chambers provides any legal services. 39 Essex Chambers (Services) Limited manages the administrative, operational and support functions of Chambers and is a
company incorporated in England and Wales (company number 7385894) with its registered office at 39 Essex Street, London WC2R 3AT

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Nuclear: The Challenges for Investment

  • 1. NUCLEAR: The challenges for investment Stephen Tromans QC
  • 2. The Global Picture: reactors under construction Source: IAEA Power Reactor Information System - 2013 Under Construction Reactors
  • 3. Operational reactors by age • Source: IAEA Power Reactor Information System - 2013 Operational Reactors by Age
  • 4. The challenges • Construction risk – huge and complex projects • Economic uncertainty as to future energy prices • Safety – ever more exacting standards in a post- Fukushima environment • Political risk – anti-nuclear sentiment, e.g. Germany • Liabilities – both for accidents and for long term management of wastes
  • 5. The financing environment • Shift from model of government owned and sponsored projects to private finance • First of a kind technology • No consistent financial model • Constraints on financing by World Bank, IFC • Requirements of vendor financing • Importance of de-risking the project
  • 6. Olkiluoto-3 • Construction began August 2005, projected online by end 2018 • World’s largest nuclear arbitration – currently €3.4bn by contractor consortium and €2.3bn by utility
  • 7. Economic de-risking • The UK arrangements with EDF on strike price • Commission concluded measures with modifications were compatible with EU State Aid rules (October 2014) • Decision subject to challenge by Austria and by German co-operative founded by Greenpeace • Implications for final investment decision
  • 9. Safety • Consequences of Fukushima • Disruption of programmes • Stress testing of existing reactors • Greater focus on safety in new build
  • 10. Liability • Fukushima predicted costs now $105bn • Includes $47bn compensation to affected residents • $23bn clean-up costs • Ruling for payment of $472,000 to widower whose wife committed suicide
  • 11. Nuclear plants and earthquake activity 39 Essex Chambers LLP is a governance and holding entity and a limited liability partnership registered in England and Wales (registered number 0C360005) with its registered office at 39 Essex Street, London WC2R 3AT. 39 Essex Chambers‘ members provide legal and advocacy services as independent, self-employed barristers and no entity connected with 39 Essex Chambers provides any legal services. 39 Essex Chambers (Services) Limited manages the administrative, operational and support functions of Chambers and is a company incorporated in England and Wales (company number 7385894) with its registered office at 39 Essex Street, London WC2R 3AT