Areva

AREVA is a French public multinational industrial conglomerate that is mainly known for nuclear power. It was created on 3 September, 2001, by the merger of Framatome and Cogema (now AREVA NC).
Its main shareholder is the French owned company CEA, but the German company Siemens also retains 34% of the shares of AREVA's subsidiary, AREVA NP, in charge of building the European Pressurized Reactor.

Irregularities found in Areva-made components in French nuclear plants - ASN

Tuesday, May 3, 2016

Irregularities have been found in around 50 Areva-made components installed in French nuclear reactors, nuclear regulator ASN said on Tuesday.

It said that after the discovery of weak spots in the reactor vessel of the EPR reactor under construction in Flamanville, France last year, Areva began a review of manufacturing procedures at its Creusot steel forging plant.

In a statement, ASN said it had been informed by Areva that its investigation had found evidence of irregularities in about 400 components produced since 1965, of which some 50 are believed to be in use in French nuclear plants.

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Nuclear Test Risks Blowing Lid Off U.K.’s Plan to Keep Lights on

Sunday, June 21, 2015

Builders of the U.K.’s first nuclear plant in two decades are about to take a vital component and break it.

The 110-ton spherical steel lid was destined to sit atop a reactor at the Hinkley Point site in Somerset. Instead it will be sacrificed to test the strength of a part already welded in place at similar atomic projects in France and China.

The tests are essential after regulators found potential weaknesses in the steel used to contain radiation. The results may derail countries’ nuclear programs that are relying on the EPR reactors. They also threaten a generation of atomic plants that developer Areva SA has billed as the world’s safest.

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One station would cost the same as eight carriers, or two Crossrails, or forty new hospitals. So is new nuclear power really worth it?

Sunday, June 21, 2015

Cheap gas and new technology make the Hinkley Point power plant look expensive

David Cameron is about to sign you up to pay for one of the most expensive man-made objects in the world.

The proposed nuclear power station at Hinkley Point in Somerset will cost an estimated £24.5bn, take a decade to construct, and tie British households into an astonishingly expensive electricity subsidies until 2060.

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UK nuclear strategy faces meltdown as faults are found in identical French project

Monday, April 20, 2015

A “very serious” fault has been discovered in a French nuclear power station which is at the heart of David Cameron’s strategy to “keep the lights on” in Britain in the next decade.

The future of two nuclear reactors planned for Hinkley Point in Somerset has been thrown into doubt by the discovery of a potentially catastrophic mistake in the construction of an identical EPR power plant in Normandy.

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Areva warns of looming 4.9bn full-year loss as write-downs grow

Tuesday, February 24, 2015

Areva, the French nuclear group, on Monday issued its fifth profit warning in seven months, saying it expected to report a €4.9bn loss for 2014 as cost overruns ballooned on key European projects.

The annual net loss - due to be the largest the state-controlled group has ever recorded - comes as Areva works with the French government on the details of a state-backed rescue package, according to people familiar with the situation.

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Finnish utility plans job cuts following nuclear reactor delay

Thursday, January 8, 2015

HELSINKI Jan 8 (Reuters) - Finnish nuclear power consortium Teollisuuden Voima (TVO) on Thursday said it is looking to cut up to 110 jobs, or 13 percent of its staff, due to lower power prices and soaring costs from its delayed Olkiluoto 3 reactor project.

The start of the reactor, planned to be Finland's fifth and biggest nuclear unit, has been delayed until late 2018, almost a decade later than originally planned.

"Electricity market price has dropped and there are no signs of improvement in the coming foreseeable future. In addition, costs related to nuclear power production have increased and the delay of Olkiluoto 3 project has caused remarkable additional costs," TVO chief executive Jarmo Tanhua said in a statement.

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Areva rethinks strategy after ditching targets

Thursday, November 20, 2014

PARIS (Reuters) - Areva must consider radical restructuring options after it abandoned financial targets in the face of continuing delays, writedowns and losses from its nuclear operations, analysts said, after the firm's shares plunged on Wednesday.

The state-owned group issued a third profit warning in four months, said it would review its funding options and dropped its 2015-16 financial targets, blaming delays to its Finnish Olkiluoto reactor, the slow restart of Japan's reactors and a lackluster nuclear market.

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Areva-Siemens raises claim to $4.4 billion over Finnish reactor delays

Tuesday, October 28, 2014

(Reuters) - The French-German consortium Areva-Siemens, the supplier of Finland's much-delayed Olkiluoto-3 nuclear reactor, has increased its claim against Finnish utility Teollisuuden Voima (TVO), TVO said late on Friday.

TVO and Areva have traded accusations about who is to blame for delays and extra costs, and the International Chamber of Commerce's (ICC) arbitration court is processing a dispute on cost overruns between the two sides.

Areva-Siemens in September said the start date of the reactor, which is planned to be Finland's fifth and biggest nuclear unit, will be pushed back to late 2018 - almost a decade later than originally planned.

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Urenco's owners set year-end deadline for indicative bids- sources

Saturday, October 11, 2014

(Reuters) - Britain, Germany and the Netherlands have asked prospective buyers for their jointly-owned nuclear fuel enrichment firm Urenco to submit indicative bids by year-end, sources familiar with the process said.

The governments, which each own a third of Urenco, have agreed to test the market's appetite for the world's second-largest nuclear fuel vendor before deciding whether to kick-start a privatisation process that could fetch up to 10 billion euros ($13 billion), said the sources.

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EU regulators set to clear Britain's 19 billion euro nuclear project - sources

Thursday, September 18, 2014

(Reuters) - European Union state aid regulators are set to approve Britain's 19-billion-euro (£15 billion) plan to build a nuclear plant with French utility EDF, several people familiar with the matter said on Wednesday.

The case is important for Britain, which wants to replace a fifth of its ageing nuclear power and coal plants over the coming decade, and for France, whose nuclear sector would benefit from the major export contract.

Other EU countries such as Germany, which is phasing out nuclear energy, and pro-nuclear Lithuania and Poland are also following the case for guidance on the level of state aid allowed for such projects.

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