Westinghouse still banks on future of atomic power
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Westinghouse Electric Co. has placed its bets on a future in nuclear energy, and while the crisis in Japan has sent energy company stock prices down and foreign leaders halting production of reactors, the Cranberry-based company said Monday it hasn't slowed plans to build reactors in the United States and abroad.
"It is our expectation that we will continue to move forward," said Westinghouse spokesperson Vaughn Gilbert. "If there are lessons to be learned, we will learn them. But the nuclear renaissance will continue."
The "nuclear renaissance" that was enjoying an alchemy of supporting factors -- a worldwide energy shortage, a sympathetic president, a public becoming more comfortable with nuclear power -- ran into trouble this weekend as explosions and partial meltdowns were seen at nuclear power reactors hit by Friday's earthquake and tsunami in northeast Japan.
On Monday, nervous investors sent the stock of nuclear plant builder General Electric down more than 2 percent and leaders who were one-time nuclear proponents called for moratoriums and increased scrutiny of the industry.
German Chancellor Angela Merkel ordered a three-month suspension on plans to extend the life of 17 nuclear power plants in her country. Switzerland stopped plans to build plants until new safety standards are drawn up, and an Austrian official called for stress tests to make sure his country's nuclear facilities are "earthquake-proof."
While none of Westinghouse's plants in Japan were involved in the breakdowns that have created fears of radiation leaks and other damage, more questions are almost guaranteed for anyone in the business.
To get a sense of how much Westinghouse has invested in the growth of nuclear power, consider these numbers: The one-time electric powerhouse is in early talks to build 14 of its nuclear plants, called AP1000s, in southeastern portions of the United States.
First Published March 15, 2011 12:00 am
