{"id":11736,"date":"2013-05-01T12:00:00","date_gmt":"2013-05-01T09:00:00","guid":{"rendered":"https:\/\/vo.afonico-test.ru\/novosti-otrasli\/nina-falls-foul-of-foreign-ownership-law\/"},"modified":"2013-05-01T12:00:00","modified_gmt":"2013-05-01T09:00:00","slug":"nina-falls-foul-of-foreign-ownership-law","status":"publish","type":"post","link":"https:\/\/vosafety.ru\/en\/novosti-otrasli\/nina-falls-foul-of-foreign-ownership-law\/","title":{"rendered":"NINA falls foul of foreign ownership law"},"content":{"rendered":"

Plans for two new reactors at the South Texas Project (STP) are facing a new hurdle after US regulators determined that licence applicant Nuclear Innovation North America (NINA) does not meet requirements on foreign ownership.<\/strong><\/h4>\n

The US Nuclear Regulatory Commission (NRC) issued its determination as part of the proceedings of its review of revisions to NINA\u2019s application for a combined construction and operating licence (COL) for two ABWR reactors at the site. In a letter to NINA dated 29\u00a0April, the regulator told NINA that its staff had \u201cdetermined that NINA and its wholly owned subsidiaries \u2026 continue to be under foreign ownership, control, or domination and do not meet the requirements \u2026 of the Atomic Energy Act or the requirements of 10\u00a0CFR 50.38\u201d. This refers to requirements of Title 10\u00a0of the Code of Federal Regulations, and stipulates that foreign corporations cannot be granted an operating licence for a US nuclear plant.<\/p>\n

NINA was founded in 2008\u00a0by US utility NRG Energy in partnership with Japanese company Toshiba to promote the use of Toshiba\u2019s Advanced Boiling Water Reactor (ABWR) in North America. The COL application for two ABWRs at STP, where NRG Energy already operates two pressurized water reactors, had already been submitted to the NRC in 2007. However, in 2011\u00a0NRG Energy announced that it would be withdrawing from the project and writing down its $331\u00a0million investment in NINA. Since then, Toshiba has bankrolled the licensing process.<\/p>\n

The NRC had previously notified NINA in late 2011\u00a0that the corporation did not meet the foreign ownership requirements and would therefore be ineligible to receive a licence; however NINA subsequently filed revisions to its COL application and a \u201cnegation action plan\u201d to address the issue.<\/p>\n

The NRC\u2019s newest determination finds that Japanese corporation Toshiba, through its US subsidiary Toshiba American Nuclear Energy Corporation (TANE), is the sole source of financing for NINA. Furthermore, the NRC says, this financial control is coupled with other considerations including TANE\u2019s ownership stake in NINA, its board representation, \u201cmultiple and interrelated\u201d contractual arrangements with TANE, and TANE\u2019s authority to appoint NINA\u2019s chief financial officer. \u201cThe staff has found that, although TANE owns about 10\u00a0percent of NINA, its overwhelming financial contributions give it significantly more power than is reflected by this ownership stake. The staff has further found that the proposed negation action plan does not negate TANE\u2019s control and domination of NINA,\u201d the NRC concludes.<\/p>\n

Mark McBurnett, president of NINA, said that the company believed it met the rules for American ownership and looked forward to the NRC\u2019s decision being reviewed and ruled upon by the ASLB. \u201cWhile this process continues, the NRC is continuing to move forward on the technical portion of the permit and other activities necessary to obtain the license. This action by NRC is a step in the process necessary to reach a final resolution of the foreign ownership issue,\u201d he said.<\/p>\n

The NRC has notified NINA that it will continue to review the remaining portions of the COL application while the company \u201cconsiders its options\u201d, but will not issue a licence until the foreign ownership requirements are met.<\/p>\n

STP 3\u00a0and 4\u00a0are not the first US new-build projects to run into problems with overseas ownership issues. Unistar Nuclear Energy, which has applied for a COL for a new plant at Calvert Cliffs in Maryland, is now 100%-owned by EDF of France after its US partner Constellation Energy sold its holdings because of the financial burden of trying to secure federal loan guarantees. Earlier in 2013\u00a0the NRC upheld an earlier ruling that the project is precluded from obtaining a licence by virtue of the extent of EDF\u2019s involvement.<\/p>\n","protected":false},"excerpt":{"rendered":"

Plans for two new reactors at the South Texas Project (STP) are facing a new hurdle after US regulators determined that licence applicant Nuclear Innovation North America (NINA) does not meet requirements on foreign ownership. The US Nuclear Regulatory Commission (NRC) issued its determination as part of the proceedings of its review of revisions to…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15],"tags":[],"class_list":["post-11736","post","type-post","status-publish","format-standard","hentry","category-novosti-otrasli"],"translation":{"provider":"WPGlobus","version":"3.0.6","language":"en","enabled_languages":["ru","en"],"languages":{"ru":{"title":true,"content":true,"excerpt":false},"en":{"title":false,"content":false,"excerpt":false}}},"acf":[],"yoast_head":"\nNINA falls foul of foreign ownership law - JSC \u201cVO \u201cSafety\u201d<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/vosafety.ru\/novosti-otrasli\/nina-falls-foul-of-foreign-ownership-law\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NINA falls foul of foreign ownership law - 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