Areva in turmoil, bullet dodged? March 5, 2015Posted by Maury Markowitz in nuclear.
Tags: nuclear power
The newswires were alight this morning with the latest tale of woe from the nuclear industry; Areva, what’s left of the mergers of various French and other European nuclear firms, announced losses that were greater than the company’s book value.
The company is exploring “voluntary departures” while the government is arranging a bailout to save some of the industry’s 220,000 employees from what appears to be an impending financial implosion.
Which makes the recent sell-off of Canada’s version of Areva, AECL, seem prescient. After eating about $50 billion of taxpayer’s money for 50 years with no upside in sight, the company was sold off for negative $750 million and promptly disappeared into a partnership with the Chinese that has so far yielded zero dollars in actual work.
Looks like we dodged a neutron!