Monday, July 30, 2012

Financial Times: Nuclear is 'Hard to Justify', GE Says

Financial Times Monday July 20, 2012, p. A1 by Piita Clark

"Nuclear power is so expensive compared with other forms of energy that it has become 'really hard' to justify, according to the chief executive of General Electric, one of the world's largest suppliers of atomic equipment.

'It's really a gas and wind world today,' said Jeff Immelt....

'When I talk tot he guys who run the oil companies they say look, they're finding more gas all the time. It's just hard to justify nuclear, really hard. Gas is so cheap and at some point, really economics rule,' Mr. Immelt told the Financial Times in an interview in London....

[end excerpt]

Majia Here: I am astonished by this admission. However, the article says GE's revenue from nuclear is estimated at $1bn, or less that 1% of annual global sales.

Fracking is a no-go as far as I'm concerned because it destroys water tables.

That said, I'm very grateful that Immelt is acknowleding that nuclear is not financially cost-effective.

Solar, wind, and other RENEWABLES are the way to go!

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