Nuclear sell off will lose billions
11 Jul 2005 by Evoluted New Media
British Nuclear Fuels (BNFL) has confirmed controversial plans to sell Westinghouse, its US-based nuclear design and construction arm
British Nuclear Fuels (BNFL) has confirmed controversial plans to sell Westinghouse, its US-based nuclear design and construction arm
British Nuclear Fuels (BNFL) has confirmed controversial plans to sell Westinghouse, its US-based nuclear design and construction arm.
The planned sale comes despite the anticipated upturn in worldwide demand for new nuclear power stations. Prospect, Britain’s biggest nuclear union has called for a parliamentary enquiry into the sale, which they say is going against the national interest.
Westinghouse Plant (source BNFL)
Dai Hudd, Prospect assistant general secretary, said: “Any sale now will lead to an inevitable takeover by an American consortium and leave the British nuclear industry clinging to the coat-tails of the US, coasting the UK billions of pounds in lost orders and ultimately jobs.”
Westinghouse owns 70% of design licences for nuclear reactors worldwide and is the dominant player in the market for constructing nuclear power stations. It was purchased by BNFL in 1999 to provide vital know-how for new power stations in the UK and to exploit the growing market in China, the rest of Asia and the US.
Professor Ian Fells, an energy expert and environment consultant described BNFL's decision to sell Westinghouse as “mystifying”. “Westinghouse is being sold off just before it looks like starting to make a serious amount of money.” He said.
Dai Hudd said that it was "short-termism at its worst."
The state owned BNFL say that a sale makes sense if it is to deliver value to UK taxpayers. The firm has already received some approaches, and a sale could raise about £1billion.
