Earlier I covered the problems with Europe’s only nuclear construction site, Olkiluoto in Finland. The New York Times has raised the same issue in US media. They say this is a warning example of just how complex and difficult building new nuclear plants are. Many have hoped for nuclear power to easily solve two problems: the environmental and the economical.

Olkiluoto proves that economically new plants are a disaster. Originally estimated to cost the Finnish tax payers 3 billion Euros, latest estimates for current costs are somewhere around 4,5-5, and could rise up to 6 billion. Areca, the French company who sold the plant has now admitted that a plant like this would now be priced at 6 billion Euros. Olkiluoto power plant was supposed to be ready this year, but far from it. Areva has stopped giving out either price or time estimates because they both
 keep slipping all the time. It is also wise for them to stop estimating because there are a number of lawsuits ongoing, and they don’t want more fuel for these cases. The fines Areva is already paying are sky-high.

Surely these billions of Euros that Finns are paying bring some jobs to Finns as well, but unfortunately the masses of workers on the site come from countries like Poland and the Balkan area, and the high paid engineers from France and Germany. I read in the New York Times that there are 4000 migrant laborers from 30 countries working there. Funny how this is never mentioned in teh Finnish media. So, that much about kick-starting the local economy with tax money (unless local referes to the imminent area of Olkiluoto, a quite bad ROI for 6 billion euros I would say).

In February this year, the US government has revived 26 applications for building new reactors but no approvals were done. I hope that Obama reads the New York Times, so he can make educated decisions on how to spend US tax payers’ money. Obama you are also most welcome to Finland to visit the Olkiluoto constructions site.

There are now 45 new reactors being built in the world. 22 of them are badly delayed, 9 of those so badly that constructors stopped estimating when they would be ready. Most new reactors are rising in China, Russia and other countries implementing a centrally led political system.

Moody’s is also warning that 10-15 year and troublesome nuclear projects are lowering the credit rating of electric companies. These projects bring along serious cash problems, as well as the risk in changing political and regulatory climate. I could add the change of economical situation as well. When the decision to build Okiluoto was done, Finnish industry was in much need of cheap power for its wood and metal industry. In the current economic climate that power is no longer needed, and unlike the people wanted, Finland is becoming a country exporting expensive and risky nuclear energy.