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Nikkei learns of plans to build next-generation Japan NPP

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Japan NPP

Prime Minister Fumio Kishida will order the preparation of a construction project at the Japan NPP at a government meeting on August 24, Nikkei wrote, citing its own sources.

Kishida believes the move will help reduce carbon emissions – Japanese authorities want to bring them down to zero by 2050. Also, the measure will increase electricity production, and avoid the risk of its deficit, writes the edition.

Specific steps in this direction and timing of the project the government will submit by the end of the year. In total, starting from the summer of 2023, the authorities intend to restart 17 Japanese nuclear power plants. But as early as 2030, if the government approves the initiative, Japan could start building a new generation of nuclear power plants. The Ministry of Economy, Trade and Industry of Japan has already prepared the first draft of these facilities; it envisages, in particular, safer light-water reactors. The plants will not start to be used until the 2030s.

The decision is a turning point for the Japanese energy industry, because in 2011, after the Fukushima accident, Japan banned the construction of new plants and focused on restarting old ones.

Also, Kishida will try to prolong the life of existing Japanese nuclear power plants and individual reactors, according to the publication. Currently, under Japanese law, they are operated for 40 to 60 years, then the reactors are deactivated. Japan has a total of 33 nuclear reactors, 25 of which are inactive. Some of them have already been tested for safety to be restarted.

The authorities want to restart ten reactors, and by next summer to increase their number to 17.

In early July, Japanese authorities introduced the first power-saving regime for the population in seven years amid increasing consumption due to the record heat wave, while the volume of supplies did not increase. At the same time, Kyodo agency wrote that the risk of power shortages was posed by the aging of thermal power plants and the threat to fuel purchases for their operation due to the events in Ukraine.

In mid-May, The Financial Times wrote that the energy crisis in Japan began because of rising gas and oil prices. At the same time, Tokyo buys about 9% of its LNG from Russia, so sanctions in this context would cause an increase in electricity prices. At the same time, Japan buys about 55% of its uranium for use in nuclear power plants from Western European countries. Akihiko Kato, head of Mitsubishi Heavy Industry’s core business unit, saw the resumption of operation of the shutdown nuclear power plants as an opportunity to reduce dependence on Russian energy resources.

Earlier, we reported that Goldman Sachs analysts reported that their expectations were not met.

Economy

Costs of electricity in Italy rose by more than 76% in August

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cost of electricity in Italy

Costs of electricity in Italy rose by 76.4% in August, compared with an average of 51.9% in the euro area. La Repubblica writes about it, citing the estimates of Italy’s Confartigianato, an association of small and medium-sized businesses.

“Italy has structural problems. Here the cost of gas and electricity has always been very high because of the nature of production and the fact that there has never been an appropriate energy plan. Therefore, the average electricity bill in Italy will continue to rise,” said the head of Confartigianato, Bruno Pannier.

According to him, now Italy can concentrate on the production of energy from renewable sources. In this matter, the country is in a better position than other countries of the European Union, in particular due to the climate.

The newspaper said that in July electricity and gas prices in France jumped by 23.8%; in Germany – by 46% and in Spain – 54.3%, while in Italy the increase was 59.1%.

Earlier we reported that Nord Streams was almost completely out of service due to malfunctions.

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Economy

The situation in Europe is worsening. Rising food and energy prices are becoming a growing problem

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rising food and energy prices

The situation with rising food and energy prices in the EU soon will only get worse. This follows from the statement of the head of the European Central Bank Christine Lagarde.

British residents have already spent more than half of their savings. According to The Times, monthly expenditures on British energy prices are growing by a record £145. The pound itself reached a historic low against the dollar and almost equaled it. The sharp decline occurred after the decision of the British government to reduce taxes in the country.

Against this backdrop, Parliament began to prepare a vote of no confidence in the new Prime Minister, Liz Truss, who proposed new economic measures. The situation in Germany is also difficult. As German Finance Minister Christian Lindner admitted, he does not yet know how to fight gas prices.

“We are working in parallel with the commission on gas prices, which was created by the federal government. And so we will be looking for ways in which we can put price control into practice. I have an idea of what direction to think, but I don’t really want to go into all the details,” Ridus said.

Earlier, we reported that cryptocurrencies and the dollar began a showdown for the title of most profitable asset.

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Nord stream sabotage? “Nord Streams” is almost completely out of order due to malfunctions

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nord stream sabotage

The Nord Stream and Nord Stream 2 gas pipelines are almost completely out of service due to various faults. Many are voicing opinions about sabotage on Nord Stream.

Both gas supply routes to Europe via the Baltic Sea bed are out of service. First there was the Nord Stream 2 accident, where the pressure on one of the lines dropped drastically. The cause of the leakage is currently being investigated. Then pressure dropped in both strings of Nord Stream, but the reason for the drop in pressure is still unknown. There are serious reasons to assume a Nord Stream attack.

The publication noted that the German authorities have already started working with the Danish authorities and local law enforcement agencies to find out the reason for the pressure drop in Nord Stream-2. However, it is not clear how the pipeline will be repaired, as it is under U.S. sanctions and bankruptcy proceedings, although it has been postponed until January 2023.

At the moment it is impossible to name the exact cause of the malfunctions that have occurred. However, the sudden drop in pressure may indicate not just a leak, but a much more serious problem. Also, this accident could have certain consequences for the entire gas market, and repairs could take quite a long time.

Earlier we reported that British banks had begun stopping some mortgage deals because of the pound falling against the dollar.

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