Atomic Insights

Atomic energy technology, politics, and perceptions from a nuclear energy insider who served as a US nuclear submarine engineer officer

Atomic Show

Atomic Show #296 – Julia Pyke, Director of Finance Sizewell C

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Julia Pyke, Director of Finance, Sizewell C

Sizewell C is a project to build a 3,200 MWe power station consisting of two EPR units on the site that currently hosts a single large pressurized water reactor (Sizewell B). With the exception of site-specific foundations and structures, the new power station will be a copy of the station currently under construction at Hinkley Point C.

Like Hinkley Point C, Sizewell C will be capable of supplying approximately 7% of the UK’s annual electricity requirement. It will be able to run at full power for 90% (or more) of the hours in the year.

By following Hinkley Point, Sizewell will be a much less risky project. Trades have been trained, construction kinks have been worked out, supply chains have been created, managers have gained experience, and designs have been completed and tested. As a result of this “derisking” (using the lingo of project managers) Sizewell C will be a more affordable endeavor that should begin saving customers money from the time it first begins operating.

But that expectation is unlikely to be fulfilled if the project has to be financed in the same way as Hinkley Point C, where the long construction duration and the inability to recover financing costs during construction has resulted in a situation where 70% or more of the total project cost is paid out in interest and return on investor risk capital.

On this episode of the Atomic Show, Julia Pyke, the Director of Finance for the Sizewell C project, explains how the regulated asset base (RAB) model will enable Sizewell C to be economically financed and built.

In the weeks since we recorded this episode of the Atomic Show, Russia’s invasion of Ukraine has increased the importance of making it possible for Sizewell C participants to reach a final investment decision. Approval of the RAB model will be a major step forward in moving this project towards completion.

It is a shovel-ready project that will help fill growing vulnerabilities in the UK’s energy supply. It’s not a quick fix, but it will be a durable one.

Please participate in the discussion here. I hope you enjoy the show.

Podcast: Play in new window | Download (Duration: 36:02 — 33.0MB)

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Atomic Show #293 – Robert Bryce – Journalist and Bird Watcher

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Robert Bryce talking about Power Hungry

Robert Bryce is an admired journalist, book author, filmmaker, public speaker, Congressional witness and podcaster who has focused on energy, power and its implications for mankind’s prosperity. In his free time, he loves to watch birds.

He recognizes that electricity is the lifeblood of modernity. He is saddened by knowing that there are billions of humans on Earth who have such limited access to electricity that their consumption each year is less than an average American refrigerator.

Starting with Pipe Dreams: Greed, Ego and the Death of Enron in early 2004, Robert has published six books on energy with the latest being A Question of Power: Electricity and the Wealth of Nations. He wrote that last book while he was also recording and producing Juice: How Electricity Explains the World.

He would like everyone to watch his movie and has made it freely available through several outlets. He also asks that people buy his books – he excuses everyone from reading the books as long as they buy them.

In June of 2020, Robert started the Power Hungry podcast and continues to release new episodes with fascinating guests at a furious pace.

Robert and I talk about his work, his passions, and the difficulty of writing a book and creating a movie at the same time. We talked about his recent testimony at Congressional hearings about the growing fragility of our energy system due to what our mutual friend, Meredith Angwin, has labeled the fatal trifecta of energy policy decisions – oo much reliance on imports, too much reliance on gas and too much reliance on renewables.

I think you will enjoy this discussion. Please leave a comment and engage in discussion about the important points that Robert made.

PS – there is a point in the show when Robert turns the tables and begins to interview me about recent progress at Nucleation Capital. We are bullish about the growing recognition that nuclear energy is a vital tool and that advanced nuclear energy development is an enormous opportunity for solving many sticky problems.

Podcast: Play in new window | Download (Duration: 1:14:20 — 85.3MB)

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