Feb 8, 2012
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What's inside the
February 6, 2012
Cover: Groundhog Day
Completion date for Watts Bar 2 could slip to 2014
NRC could approve new reactors at Vogtle on February 9
Fennovoima receives bids from AREVA and Toshiba for planned nuclear plant
Alstom-Atomenergomash wins contract for Baltic NPP
Putin announces plans for Rosatom
DOE led research program looking at extending reactor lifespans past 60 years
French Court of Audit sees reactor life extensions as most viable option
AREVA’s EREF may start construction in 2013
UK Government readying for URENCO share sale
Congress requests explanation of DOE actions on Tails and ACP funding
Kazatomprom announces 2011 results
ERA says 2011 was a challenging year
Rio Tinto accepts CGNPC’s offer for Kalahari
India’s Tummalapalle mine to be commissioned by April
UEC completes uranium sale
Preliminary 2011 U.S. production down 6%
Peninsula announces drill results at Lance; issuance of RAI
KEPCO enters into Definitive Agreement with Strathmore for Gas Hills project
Ur-Energy announces private placement
FSE appeals Water Tribunals decision on First Uranium’s MWS tailings recovery project
Strateco’s Matoush project approved by federal entities
Toro announces SPP for advanced projects
Macusani Yellowcake and Southern Andes to merge
The Market
UxC: Consulting, Data Services, and Publications
The industry's leading source of
Consulting, Data Services
& Publications on the
Global Nuclear Fuel
Cycle Markets
Nuclear Power in the Post-Fukushima Era
Small Modular Reactor Assessments

Recent Special Reports

Uranium Suppliers Annual 2011 - Dec 2011

Nuclear Grade Zirconium Alloy Market Outlook - Nov 2011

Russia’s Enrichment Industry in the Post-Fukushima Era - Nov 2011

Japan’s Nuclear Energy Program after Fukushima - Oct 2011

Nuclear Power in the Post-Fukushima Era - Sep 2011

Market Outlook Report Essays

UMO The Evolution of Uranium Price Information - Q4 2011

CMO The Conversion Market After Fukushima - Dec 2011

EMO Understanding Long-Term SWU Price Projections - Q4 2011

FMO Fukushima, Fabrication and the Future - Jul 2011

NPO Nuclear Power Market Trends and Analysis - Q4 2011

UxC Policy Watch

Jan 23, 2012 DOE High Assay Tails Re-enrichment – January 2012 Update

Dec 21, 2011 DOE High Assay Tails Re-enrichment – December 2012 Update

Dec 6, 2011 Spain's Elections: Limited Impact on Nuclear Policy

Nov 14, 2011 Belgium: Implementing the Nuclear Phase-out

Nov 10, 2011 Taiwan to Phase out Nuclear Power

UxC Meeting Summaries

Feb 1, 2012 Hearings on final report of Blue Ribbon Commission on America's Nuclear Future

Jan 25, 2012 The Future of Nuclear Energy

Jan 24, 2012 CSIS Post-Durban Update

Jan 23, 2012 Discussion of Fukushima from a global point of view – from the perspective of energy security

Jan 12, 2012 NEI Washington International Representatives Meeting

UxC Press Releases

Jun 7, 2011 UxC Announces Major Report Analyzing Fukushima Nuclear Accident

Jun 2, 2011 UxC and Nuclear.Ru to partner on the CIS market

May 9, 2011 UxC Says Global Nuclear Power Forecasts Drop Following Fukushima, but Significant Growth Still Expected

Jan 10, 2011 Ux Consulting Issues Groundbreaking Study on Small Modular Reactor Assessments

Dec 13, 2010 Ux Consulting Reports on China’s Role in Global Nuclear Fuel Market

UxC's Uranium Market Outlook (UMO) highlights recent developments and their impact on the market.

Each quarterly report, at over 130 pages, covers key supply and demand developments as well as the overall supply and demand situation, reviews spot and long-term contract activity over the past three months, provides a near-term technical analysis along with detailed spot market indicators, projects prices under different market scenarios with associated probabilities, and examines key developments in the market through a topical essay.

This quarter’s essay, “The Evolution of Uranium Price Information,” looks at how uranium price information available to the industry has evolved over time, with the most dramatic changes coming over the past five years. The roles of financial players and commodity-style brokers in prompting these changes are examined. We also discuss in some detail the recent modification of our price definition in light of these changes, and look at potential ways in which price information may evolve in the future. Also included are a review of recent market activity and a look a current and prospective activity, and a detailed listing of reactor and production developments that promise to shape the future market.

Uranium Suppliers Annual

Sometimes referred to as "The Uranium Bible", the Uranium Suppliers Annual contains comprehensive data and information on all of the world's uranium suppliers, including detailed sections on planned producers and junior/exploration companies.

Whether you are a utility, producer, trader, or investor, the Uranium Suppliers Annual provides the basis for understanding potential future developments surrounding the availability of supply, particularly since uranium production has continued to be sub-par against a backdrop of growing demand. In light of the increasing volatile nature of the uranium market, primary and potential suppliers are continuously re-evaluating their properties and future production plans, as well as expanding exploration programs where economically feasible.

Uranium Production Cost Study

The Uranium Production Cost Study complements UxC’s Uranium Market Outlook (UMO) and Uranium Supplier’s Annual (USA) in identifying where expanded and new uranium supply will come from among 116 worldwide projects to meet future nuclear fuel demand through 2030.

UxC's Conversion Market Outlook (CMO) details an often overlooked market.

Each bi-annual report, at over 120 pages, covers key supply and demand developments as well as the overall supply and demand situation, reviews spot and long-term contract activity over the past three months, provides a near-term technical analysis along with detailed spot market indicators, projects prices under different market scenarios with associated probabilities, and examines key developments in the market through a topical essay.

THis year's essay entitled “The Conversion Market After Fukushima” analyzes the impact of the Fukushima Daiichi nuclear power accident in Japan and its aftermath on the broader global conversion market as well as on key issues, such as supply and demand fundamentals, market dynamics, and the future prospects for this critical industry. Also included are a review of recent market activity and a look a current and prospective activity, and a detailed listing of reactor and production developments that promise to shape the future market.

UxC's Enrichment Market Outlook (EMO) Covers a Dynamic and Key Segment of the Overall Nuclear Fuel Market.

Enrichment developments not only are important for understanding the enrichment market, but are also crucial for understanding the future progression of the uranium market. Since uranium and enrichment are substitutes, increases in enrichment supply can have a major impact on the future demand for uranium. Each quarterly report, at over 110 pages, covers key supply and demand developments as well as the overall supply and demand situation, reviews spot and long-term contract activity over the past three months, provides a near-term technical analysis along with detailed spot market indicators, projects prices under different market scenarios with associated probabilities, and examines key developments in the market through a topical essay.

This issue’s essay, “Understanding Long-Term SWU Price Projections,” takes a closer look at UxC’s SWU price projections in terms of what these represent and thus how they should be interpreted. Unlike in uranium where we project spot prices, in enrichment we project base prices in long-term contracts, as the spot SWU market is not very significant. In this essay, we examine our use of price ranges and scenario analysis, and how these results should be interpreted. These features, as well as projecting prices in terms of current as opposed to constant dollars, are common to both our uranium and SWU price projections. The issue of how to derive delivery prices based on these projections is also addressed. Also included are a review of recent market activity and a look a current and prospective activity, and a detailed listing of reactor and production developments that promise to shape the future market.

New report on USEC Enrichment Outlook

In enrichment, a key question on many utilities' minds is the prospects for success of USEC's American Centrifuge Program (ACP) and how this may shape the market and supply opportunities in the future. To this end, UxC has just released a report entitled Commercial Viability of USEC and ACP Update - 2009 The ACP report, authored by Steve Turner, a UxC consultant and expert on the economics of centrifuge technology, looks at the likely economics of the ACP based on an analysis of historical data, including reliability, and factoring in advances that have been made to improve the prospects for commercial success.

UxC and its consultant, Joel Gingold, with over forty years experience in the fuel fabrication industry, have prepared a comprehensive and up-to-date Fabrication Market Outlook (FMO) report addressing the commercial, economic, institutional, and technical aspects of this sector. Fabrication differs greatly from other steps in the fuel cycle. Its high technical content, need for regulatory approval, and the restriction of fuel assemblies to specific reactors require a unique approach to its analysis. To those with little knowledge of fuel fabrication and its markets, this report can serve as a primer providing a solid background and understanding of how its markets function. To those knowledgeable in the fundamentals, it offers analyses of a variety of its aspects based on several decades of participation. To those who are actively involved in the industry, it supplies additional insights to assist in the improvement of existing nuclear fuel programs and in the development of new ones.

UxC has prepared a new special report to provide an overview of the zirconium alloy market for the nuclear industry entitled Nuclear Grade Zirconium Alloy Market Outlook. Nuclear-grade zirconium alloys and products are used in the fabrication of fuel assemblies, which are used in the vast majority of nuclear reactor designs either currently operating, under construction, or planned around the world. As the nuclear renaissance takes hold in countries all over the globe, many questions about the international nuclear supply chain have arisen. The supply of nuclear-grade zirconium – from zircon mineral sand through the cladding and components used in finished fuel assemblies – has also not escaped this scrutiny. Therefore, the primary objective of this report is to factually and analytically approach the current and expected future direction of the nuclear-grade zirconium market to help formulate clear conclusions about how producers of fuel assemblies for nuclear reactors will obtain the necessary zirconium for their finished products.

This year’s in-depth topical essay entitled "Fukushima, Fabrication and the Future" provides an analytical discussion of the likely impacts of the Fukushima accident on all aspects of the fuel fabrication market as well as addressing other recent trends in the industry.

UxC's Nuclear Power Outlook (NPO)

Each quarterly report, at over 200 pages, covers key supply and demand developments as well as the overall supply and demand situation, reviews spot and long-term contract activity over the past three months, provides a near-term technical analysis along with detailed spot market indicators, projects prices under different market scenarios with associated probabilities, and examines key developments in the market through a topical essay.

This quarter’s Chapter 1 – Nuclear Power Market Trends and Analysis reviews the year’s annual trends in the industry and looks closely at the deeper meaning behind the Fukushima accident in terms of both positive and negative indicators for nuclear power. The chapter also includes a special spotlight on the International Energy Agency’s World Energy Outlook 2011 and the vision this report presents on the future of nuclear power after Fukushima. Lastly, we also identify who’s up and who’s down within the international nuclear industry over the year.

Also included are a review of recent market activity and a look a current and prospective activity, and a detailed listing of reactor and production developments that promise to shape the future market.

UxC announces new report

The Ux Consulting Company (UxC) is pleased to announce the availability of a special report on Nuclear Reactor Technology Assessments. This in-depth study provides nuclear reactor technology assessments and overall evaluations of the major reactor designs currently available in the world. The decision of which reactor design to pursue is an extremely important one and must be based on many factors, such as the robustness of the technology, the constructability of the plant, the plant economics - both initial and operating, the type of fuel used, the ability to license and regulate, among a variety of other considerations.

UxC's SpentFUEL and StoreFUEL - UxC is not only expanding its geopolitical coverage of the market, but is also now covering more of the fuel cycle. In June 2007, UxC began to publish SpentFUEL and StoreFUEL, two leading newsletters dealing with the backend of the fuel cycle.

Both publications cover major fuel cycle and backend-related conferences in detail. In addition, UxC can advise clients in issues related to the back end of the fuel cycle, including profiles of utility spent fuel storage facilities and plans, country profiles, vendor profiles, etc.


News Headlines
Areva, EDF to sign uranium supply deal soon - paper (Feb 7, 2012) Reuters : Article claims AREVA and EDF to sign long-term contract for uranium at Nuclear Policy Council.
Nuclear Plant Expanding (Feb 7, 2012) Moscow Times : Rosatom to begin preparatory work for expansion at Smolensk Nuclear Power Plant.
TVA looks again at Watts Bar schedule (Feb 6, 2012) World Nuclear News : Completion of Watts Bar 2 could be delayed until 2014.
Bellefonte Nuclear Plant reactor construction likely pushed back (Feb 6, 2012) Huntsville Times : Construction delays at Watts Bar likely will push back work on Bellefonte plant.
Is there life after sixty? (Feb 3, 2012) World Nuclear News : New research program led by U.S. Department of Energy to look at whether reactors can operate beyond 60 years.
NRC Advances Southern Co. Bid to Build U.S. Nuclear Units (Feb 2, 2012) Bloomberg : NRC schedules February 9th vote on Southern Company's application to build 2 reactors at Vogtle.
Privatisation of Russian state nuclear giant (Feb 2, 2012) World Nuclear News : Russia is looking to privatize Rosatom.
Whitfield’s plant in Ky. is hung out to dry (Feb 2, 2012) Politico : Article highlights Representative's effort to help Paducah plant.
Nuclear approvals to be resumed at slower rate (Feb 1, 2012) China Daily : China to resume approvals of new nuclear plants at slower rate.
Areva eyes 2013 to begin work on enrichment plant (Jan 31, 2012) Associated Press : AREVA official says plan to build U.S. enrichment plant in Idaho "is definitely still alive and moving forward."

Today's Lighter Side

Résumé Blunders

Wholly responsible for two (2) failed financial institutions. I am writing to you, as I have written to all Fortune 100 companies every year for the past three years, to solicit employment. Failed the bar exam with relatively high grades. Completed 11 years of high school. Terminated after saying, “It would be a blessing to be fired.”

--CPA Client Bulletin

UxW11-31 Aug 4, 1997


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