1. Most Discussed
  2. Gainers & Losers
  1. Members, Techs apologise for the loss of thread titles, and are currently working on restoring them. They will be back asap. Thank you
SLX 22.0¢

0

  1. rossart

    760 Posts.
    9
    Obama visit gives lift to U.S.-India deal on nuclear reactors

    By Jim Brumm
    [email protected]
    Published: Saturday, January 31, 2015 at 2:00 p.m.

    Last Modified: Friday, January 30, 2015 at 10:05 p.m.

    The pot of gold at the end of the nuclear renaissance rainbow is commerce worth billions of dollars promised by a nuclear deal the U.S. and India reached in 2006.
    For GE Hitachi, the promise is six economic simplified boiling water reactors at a site already set aside in Gujarat province, while a tract in Andhra Pradesh has been reserved for Westinghouse AP 1000 reactors.
    But like much of the nuclear renaissance, the U.S.- India relationship has gotten tied up in red tape – a law passed by India's parliament five years ago makes equipment suppliers ultimately responsible for an accident, a deviation from international norms.
    Last Sunday, Prime Minister Narendra Modi and President Barack Obama unveiled a plan centered on insurance they hope will persuade U.S. companies to build nuclear power stations in India but stopped short of demands to soften the liability law. Details of the new plan were sketchy, but Indian and U.S. diplomats said the idea was to transfer the financial risk to insurers in case of an accident.
    The apparent U.S.-India breakthrough was in narrowing differences on the liability issue. U.S. Ambassador Richard Verma said, "It's up to the companies what to do" after India gave an assurance the liability law would be interpreted consistently with inter- national understanding.
    If anything substantive was agreed, "it's very unclear," said Paris-based energy and nuclear policy consultant Mycle Schneider. "I don't think there's enough information out there that makes it possible to make a coherent statement."
    This report includes material from the Associated Press.
    Metro desk: 343-2384

    Obama visit gives lift to U.S.-India deal on nuclear reactorsBy Jim Brumm

    StarNewsOnline.comJanuary 30, 2015 10:05 PM

    The pot of gold at the end of the nuclear renaissance rainbow is commerce worth billions of dollars promised by a nuclear deal the U.S. and India reached in 2006.

    For http://www.starnewsonline.com/section/topic50">GE Hitachi, the promise is six economic simplified boiling water reactors at a site already set aside in Gujarat province, while a tract in Andhra Pradesh has been reserved for Westinghouse AP 1000 reactors.

    But like much of the nuclear renaissance, the U.S.- India relationship has gotten tied up in red tape – a law passed by India's parliament five years ago makes equipment suppliers ultimately responsible for an accident, a deviation from international norms.

    Last Sunday, Prime Minister Narendra Modi and President Barack Obama unveiled a plan centered on insurance they hope will persuade U.S. companies to build nuclear power stations in India but stopped short of demands to soften the liability law. Details of the new plan were sketchy, but Indian and U.S. diplomats said the idea was to transfer the financial risk to insurers in case of an accident.

    The apparent U.S.-India breakthrough was in narrowing differences on the liability issue. U.S. Ambassador Richard Verma said, "It's up to the companies what to do" after India gave an assurance the liability law would be interpreted consistently with inter- national understanding.

    If anything substantive was agreed, "it's very unclear," said Paris-based energy and nuclear policy consultant Mycle Schneider. "I don't think there's enough information out there that makes it possible to make a coherent statement."

    Indian and U.S. officials said part of the solution to the liability impasse could be a $122 billion insurance scheme proposed by India.

    That would be funded by India's government and Indian nuclear companies and be managed by the state-run General Insurance Corp. of India, according to Indian nuclear negotiator Amandeep Gill.

    "If they agreed to limit U.S. industry liability, well how do they do that? You can agree in diplomatic terms, but what does that mean in a U.S. or an Indian court? It's unclear," Schneider said. He also said any insurance scheme would have to be in the order of hundreds of billions of dollars to make sense.

    "We look forward to reviewing the governmental agreement," GE Hitachi said in a statement.

    "As GE has stated previously, we believe a sustainable solution is one that brings India into compliance with the International Convention on Supplementary Compensation."

    Westinghouse said chief executive Danny Roderick expressed his support for the government efforts to resolve issues blocking U.S. participation in India's nuclear market.

    "We've lost some time and we've fallen a bit behind," with construction agreements with Indian builders on hold, Roderick said in an interview Monday with Indian broadcaster NDTV.

    "What I'm worried about is we could lose another two or three years if we don't really have a mandate from the government."

    As senior vice president of Nuclear Plant Projects at GE Hitachi in 2009, Roderick signed an agreement with Larsen & Toubro, India's largest engineering and construction company, to provide components for new plants and help with site preparation.

    "We will be trying to start construction (in India) in the 2013 time frame," Roderick said at the time.

    This report includes material from the Associated Press.

    Metro desk: 343-2384

    Copyright 2015 StarNewsOnline.com - All rights reserved. Restricted use only.
    Reader comments posted to this article may be published in our print edition. All rights reserved. This copyrighted material may not be re-published without permission. Links are encouraged.

    0 COMMENTS

DISCLAIMER:
Before making any financial decisions based on what you read, always consult an advisor or expert.

The HotCopper website is operated by Report Card Pty Ltd. Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, you should before acting on the information or advice, consider the appropriateness of the information or advice in relation to your objectives, financial situation or needs. Please be aware that any information posted on this site should not be considered to be financial product advice.

From time to time comments aimed at manipulating other investors may appear on these forums. Posters may post overly optimistic or pessimistic comments on particular stocks, in an attempt to influence other investors. It is not possible for management to moderate all posts so some misleading and inaccurate posts may still appear on these forums. If you do have serious concerns with a post or posts you should report a Terms of Use Violation (TOU) on the link above. Unless specifically stated persons posting on this site are NOT investment advisors and do NOT hold the necessary licence, or have any formal training, to give investment advice.

Top

Thank you for visiting HotCopper

We have detected that you are running ad blocking software.


HotCopper relies on revenue generated from advertisers. Kindly disable your ad blocking software to return to the HotCopper website.

I understand, I have disabled my ad blocker. Let me in!

Need help? Click here for support.