By Bruce Stanley and Heesu Lee | The Washington Post

The United Arab Emirates, with help from Korea Electric Power Corp., finished building the Arab world’s first commercial nuclear reactor, a milestone in the oil-rich UAE’s effort to curb its reliance on fossil fuels and develop cleaner sources of energy.

Unit 1 of the Barakah complex plans to begin loading fuel in May, South Korea’s energy ministry said in an emailed statement. South Korean President Moon Jae-in attended a ceremony on Monday to celebrate the facility’s completion, the UAE’s official WAM news agency reported.

It wasn’t clear when Unit 1 in Abu Dhabi, capital and largest emirate of the UAE, will begin generating power. The Federal Authority for Nuclear Regulation will issue an operating license for Barakah Units 1 and 2 “when the operator meets all regulatory requirements,” Christer Viktorsson, the regulator’s director-general, said in an emailed response to a request for comment.

Barakah Unit 1 is the first of four nuclear plants that the UAE, with about 6 percent of the world’s proven oil reserves, plans to bring into operation by 2021, the Persian Gulf nation’s Energy Minister Suhail Al Mazrouei said in September. The plants are estimated to cost $25 billion and produce a combined 5,600 megawatts of power. Other Arab countries including Saudi Arabia and Egypt have also announced nuclear projects to help provide power to their growing populations and industries.

The UAE government expects the four Barakah plants to contribute almost 25 percent of the nation’s electricity after they’re all operating, Emirates Nuclear Energy Corp. Chief Executive Officer Mohamed Al Hammadi told a conference in Abu Dhabi on Feb. 28. The UAE currently depends on imported natural gas to generate much of its electricity.

“The UAE Peaceful Nuclear Energy Program will play a strategic role in the growth of our nation by enhancing our energy security, diversifying our economy, and creating employment opportunities for our people,” said Mohamed bin Zayed Al Nahyan, Abu Dhabi’s crown prince, according to WAM.

Barakah, located on a sparsely populated strip of desert on Abu Dhabi’s Gulf coast, is the first commercial nuclear plant in the Middle East outside Iran. Unit 1, originally scheduled to begin operating in 2017, was delayed until this year “to ensure sufficient time for international assessments and adherence to nuclear industry safety standards, as well as a reinforcement of operational proficiency for plant personnel,” ENEC said in a statement on May 5.

With construction of Unit 1 complete, “the project now shifts its focus to completing operational readiness preparations required to obtain the approval of the operating license,” WAM reported. “The accomplishment is even more notable, given the complete absence of any previous nuclear industry of infrastructure within the UAE.”

In 2009, a group led by Korea Electric won a contract to build four nuclear plants in the UAE. Kepco, as the utility is known, and unit Korea Hydro & Nuclear Power co-developed the reactors being built in Abu Dhabi, known as the APR-1400. The reactor, a so-called generation III unit, incorporates advanced design features that meet safety standards in developed countries like the U.S. and U.K. The first APR-1400 started in South Korea in December 2016, according to the International Atomic Energy Agency.

Construction of the Barakah complex began in 2012. Units 2, 3 and 4 are 92 percent, 81 percent, and 66 percent complete, respectively.

Korea Electric and UAE’s ENEC are partners in the venture responsible for operating and maintaining the Barakah complex. The companies also on Monday said they plan to jointly expand their nuclear business overseas, which includes their ambitions to develop reactors in neighboring Saudi Arabia.

Saudi Arabia, the largest oil exporter, plans to build at least 16 nuclear reactors over the next 25 years at a cost of more than $80 billion. The Saudis also see atomic energy as a way to ease their reliance on finite fossil fuels, but they’re also driven by competition with their regional rival Iran. Opposition to a possible deal for the U.S. to provide nuclear power technology to Saudi Arabia is growing after Crown Prince Mohammed Bin Salman said the kingdom would develop a nuclear weapon if Iran did.</s>ABU DHABI, United Arab Emirates (AP) — South Korean President Moon Jae-in has visited a nuclear power plant his country is building in the United Arab Emirates, the state-run WAM news agency reported Monday.

It said Abu Dhabi's powerful Crown Prince Mohammed bin Zayed Al Nahyan traveled with Moon to the Barakah nuclear power plant. On the trip, closed to other media, the two leaders declared work on the first reactor at Barakah complete.

The $20 billion nuclear plant is Seoul's first attempt to build an atomic reactor abroad. The first of its four reactors, being built in the UAE's western desert near the Saudi border, is scheduled to come online this year, making it the first nuclear power plant on the Arabian Peninsula.</s>ABU DHABI - The United Arab Emirates said Monday that one of four nuclear reactors at its debut plant has been completed as it moves closer to becoming the first Arab nation to produce atomic power.

The announcement came after visiting South Korean President Moon Jae-in and Abu Dhabi Crown Prince Mohammed bin Zayed toured the $20-billion Barakah plant, the state-run WAM news agency reported. The plant west of Abu Dhabi is being constructed by a consortium led by the Korea Electric Power Corporation (KEPCO).

Sheikh Mohammed described the achievement as “historical” for the energy sector of UAE, which is rich in oil and gas but is looking to increase other sources of power.

The UAE previously announced the first reactor would start operations in 2017 before delaying the start date. The Emirates Nuclear Energy Corporation, which is overseeing the nuclear programme, is awaiting the approvals from the regulatory authority to start operating.

Nuclear and renewables, which currently make up a small portion of the federation’s energy sources, are slated to contribute around 27 percent to UAE electricity needs by 2021.

The second reactor is 92 percent complete, the third 81 percent while 66 percent of the fourth has been completed, WAM reported.

When fully operational, the four reactors will produce 5,600 megawatts of electricity, or around 25 percent of the country’s needs, according to the UAE energy ministry.

UAE says it aims to continue diversifying toward its goal of 50-percent clean energy by 2050. Saudi Arabia, the world’s top crude oil exporter, also has accelerated plans to acquire nuclear energy and is expected to prequalify several international companies next month to bid for building two nuclear reactors.</s>SHIPPINGPORT, Pa. (KDKA) — A subsidiary of FirstEnergy Corp. says it plans to close its nuclear power plant in Shippingport, Beaver County in the year 2021.

FirstEnergy Solutions announced Wednesday that it notified the regional transmission organization that it will close the Beaver Valley Power Station. Two other nuclear power plants in Ohio that are operated by FirstEnergy are also scheduled to close.

According to FirstEnergy’s website, the Beaver Valley Power Station employs around 1,000 people and is one of the largest employers in Beaver County.

FirstEnergy said a total of about 2,300 employees would be affected by the closing of the three plants.

“The decision to deactivate these facilities is very difficult and in no way a reflection on the dedicated, hard-working employees who operate the plants safely and reliably or on the local communities and union leaders who have advocated passionately on their behalf,” said FirstEnergy Solutions president Don Moul in a statement released Wednesday.

Moul’s statement went on to indicate that action by elected officials could potentially avert the closures.

“We stand ready to roll-up our sleeves and work with policy makers to find solutions that will make it feasible to continue to operate these plants in the future,” Moul said.

The Beaver Valley Power Station is a two-unit nuclear power plant. Unit 1 started operations in July 1976. Unit 2 went online in August 1987.</s>"There is no connection between reducing Unit 2's capacity on March 25 and today's automatic disconnection," Nuclearelectrica said in a statement.

"S.N. Nuclearelectrica SA ("SNN") announces that Cernavoda NPP Unit 2 was disconnected automatically from SEN during the morning of March 29, 2018, following a dysfunction in the electrical process system in the older part of the power plant," the press release read.

The company stressed that the disconnection of the reactor from the energy system posed no risks to nuclear safety.

"The specialists are investigating the cause and will make the necessary repair work, in compliance with the procedures specific to the nuclear industry for such situations. There is no connection between the power reduction of Unit 2 on March 25, 2018 and the automated disconnection of the reactor today, March 29, 2018," the press release said.

Earlier, Nuclearelectrica reported that the first Cernavoda power unit was shut down at 09:20 am on March 25, 2018. The second power unit of the nuclear power plant reduced power to 55% (about 300 MW).

READ MORE: French Nuclear Power Project in India Runs into Major Regulatory Hurdle

On March 26, the company reported that its second unit reactor was back at full power after it was stopped for a pump engine part replacement.

The accident had no impact on the personnel, the general public or the environment, the company added.

Romania's state-owned nuclear power producer Nuclearelectrica has two 706 megawatt reactors at Cernavoda in southeastern Romania. It is the first and only nuclear power plant in Romania, and the largest electricity supplier in the country.</s>LAHORE - SEPCOIII and GE Power successfully completed a Reliability Run Test (RRT) at the Haveli Bahadur Shah Power Plant in Jhang, which is likely to start its regular power generation in April, 2018.

The RRT is a critical milestone towards the completion of the plant, which is being developed by the government through the National Power Parks Management Company Limited (NPPMCL).

The project is among the largest gas-fired combined cycle plants in the country, expected to add up to 1,230 megawatts (MW) to the national grid - the equivalent power needed to meet the electricity needs of up to 2.5 million Pakistani homes.

SEPCOIII Electric Power Construction Co., Ltd (SEPCOIII) is the engineering, procurement and construction (EPC) contractor for the project, responsible for setting up the power plant. SEPCOIII is a wholly-owned subsidiary of Power Construction Corporation of China with a professional engineering enterprise in the electric power sector and includes EPCO, EPC, BOT, BOO and PMC.

"We are committed to meeting the growing demand for power in Pakistan to drive industrial growth, economic progress and the welfare of our people," said Rashid Mahmood Langrial, CEO of NPPMCL. "I am pleased to note that working together with SEPCOIII and GE, we are setting up the Haveli Bahadur Shah project maintaining the highest standards of quality and excellence. The facility will soon help to meet up to 20 percent of the energy shortfall in the country."

Wang Zengxu, Project Director of HBS 1230 MW RLNG Combined Cycle Power Plant Project from SEPCOIII said, "Almost as large as 65 football fields, more than 10 million-man hours and staff from over 35 countries came together to set up the Haveli Bahadur Shah Power Plant."

The technology is also being used at Pakistan's upcoming Bhikki and Balloki Power Plants. Together, HBS, Bhikki and Balloki will add up to 3,600 MW to Pakistan's grid, going a long way towards helping the government realize its goal under Vision 2025 to enhance access to electricity to over 90 percent of the population.</s>Construction of the first of four nuclear reactors in the United Arab Emirates (UAE) has been completed.

Unit 1 at Barakah Nuclear Power Plant, the first commercial reactor in the UAE, has been built with help from Korea Electric Power Corporation (KEPCO).

The facility will have a total capacity of 5.6GW and will be connected to the grid.

All four units, which are expected to supply up to 25% of the UAE’s electricity needs and reduce 21 million tonnes of carbon emissions every year, are scheduled for completion by 2020.

Crown Prince of Abu Dhabi Sheikh Mohamed bin Zayed Al Nahyan said: “The UAE Peaceful Nuclear Energy Programme will play a strategic role in the growth of our nation by enhancing our energy security, diversifying our economy and creating employment opportunities for our people, thereby helping secure the future of generations to come.”</s>FirstEnergy Solutions announced on March 28 that it plans to close three of its nuclear power plants, including the Perry Nuclear Power Plant in North Perry Village.

In a news release issued early during the evening of March 28, Akron-based FirstEnergy Solutions stated that it notified PJM Interconnection, the regional transmission organization, that two of its Ohio nuclear power plants — Perry and Davis-Besse Nuclear Power Station in Oak Harbor; and the Beaver Valley Power Station in Shippingport, Pennsylvania — will be deactivated in the next three years.

FirstEnergy Solutions, a competitive generation subsidiary of FirstEnergy Corp., said it plans to decommission Perry Nuclear Power Plant and Beaver Valley Nuclear Power Station in 2021; and Davis-Besse Nuclear Power Station in 2020.

The plants are struggling to compete with the cheaper cost of natural gas, according to a previous News-Herald article. The Perry Nuclear Power Plant employs more than 700 people.

“The decision to deactivate these facilities is very difficult and in no way a reflection on the dedicated, hard-working employees who operate the plants safely and reliably or on the local communities and union leaders who have advocated passionately on their behalf,” said Don Moul, president of FES Generation Companies and chief nuclear officer. “Though the plants have taken aggressive measures to cut costs, the market challenges facing these units are beyond their control.”

The total capacity of the nuclear plants to be deactivated is 4,048 megawatts. In 2017, the nuclear units contributed about 65 percent of the electricity produced by the FirstEnergy Solutions generating fleet, the news release stated.

The Nuclear Regulatory Commission has been verbally notified of the deactivations, and a required written notification will be made to the agency within 30 days. In addition, notifications were made to the Institute of Nuclear Power Operations and Nuclear Energy Institute, organizations that support the U.S. nuclear industry.

In the interim, the plants will continue normal operations, as FirstEnergy Solutions seeks legislative policy solutions as an alternative to deactivation or sale.

Lake County Commissioner Jerry Cirino said the announcements of the plant closings coincides with the expectation of FirstEnergy Solutions filing for bankruptcy.

“I believe that this filing will occur this Friday, March 30, preceding the bond default of early next week,” Cirino stated in a Facebook post on March 28. “The timing of both actions fits the narrative we have heard before.”

Moody’s Investors Services downgraded the bond rating of FirstEnergy Solutions on Jan. 23. Moody’s stated it is highly likely the subsidiary will default on a $100 million bond payment in early April that will result in bondholders losing a significant percentage of their investments.

In January, the Federal Energy Regulatory Commission voted against a proposal from U.S. Energy Secretary Rick Perry to provide assistance for coal and nuclear energy generators. In its decision, the FERC board pushed the issue down to regional energy markets, which in Ohio’s case would be PJM Interconnection. FERC directed the operators of the regional wholesale power markets to “provide information as to whether FERC and the markets need to take additional action on resilience of the bulk power system.”

The two-year-plus lead time for decommissioning all three plants is needed to make the complex preparations for a potential plant deactivation. These steps include preparing a detailed decommissioning plan and working with the NRC to amend plant licenses, the news release stated.

Cirino, in his Facebook post, urged residents not to panic about FirstEnergy Solutions’ announcement and pledged to use “every ounce of energy and experience” that he has to keep the Perry Nuclear Power Plant open.

“We are just moving into the next phase of dealing with the bankruptcy court, who will determine what to do with the assets of the Perry facility,” Cirino said. “I am hopeful that, with these events behind us, we will be able to drive for a solution that will involve the feds, PJM. FERC and a brand new governor who actually cares about our community.”

>> Perry Schools will lose over $2 million with FirstEnergy property tax devaluation</s>Korea Electric Power Co. (NYSE:KEP) has been given an average recommendation of “Hold” by the eleven analysts that are covering the firm, MarketBeat.com reports. Nine research analysts have rated the stock with a hold rating and two have issued a buy rating on the company.

Several brokerages recently commented on KEP. Daiwa Capital Markets downgraded shares of Korea Electric Power from an “outperform” rating to a “hold” rating in a report on Wednesday. HSBC downgraded shares of Korea Electric Power from a “buy” rating to a “hold” rating in a report on Tuesday, February 13th. Goldman Sachs upgraded shares of Korea Electric Power from a “sell” rating to a “neutral” rating in a report on Friday, February 23rd. Finally, Macquarie downgraded shares of Korea Electric Power from an “outperform” rating to a “neutral” rating in a report on Friday, February 2nd.

KEP stock traded up $0.08 during trading on Wednesday, hitting $14.69. 532,013 shares of the stock were exchanged, compared to its average volume of 524,813. Korea Electric Power has a 12-month low of $14.50 and a 12-month high of $21.59. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.56 and a current ratio of 0.82. The company has a market cap of $18,693.99, a P/E ratio of 7.10, a PEG ratio of 0.95 and a beta of 0.46.

Korea Electric Power (NYSE:KEP) last issued its quarterly earnings results on Monday, December 18th. The utilities provider reported $1.05 EPS for the quarter. The company had revenue of $14.57 billion for the quarter. Korea Electric Power had a net margin of 2.31% and a return on equity of 1.95%. sell-side analysts forecast that Korea Electric Power will post 0.98 earnings per share for the current year.

A number of large investors have recently modified their holdings of KEP. We Are One Seven LLC bought a new position in Korea Electric Power during the 4th quarter valued at about $150,000. Signaturefd LLC purchased a new stake in Korea Electric Power in the 4th quarter valued at about $185,000. Jane Street Group LLC purchased a new stake in Korea Electric Power in the 3rd quarter valued at about $307,000. Hanson & Doremus Investment Management boosted its position in Korea Electric Power by 31.8% in the 4th quarter. Hanson & Doremus Investment Management now owns 18,425 shares of the utilities provider’s stock valued at $326,000 after buying an additional 4,445 shares during the period. Finally, Cubist Systematic Strategies LLC boosted its position in Korea Electric Power by 33.7% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 37,233 shares of the utilities provider’s stock valued at $624,000 after buying an additional 9,393 shares during the period. Institutional investors own 4.88% of the company’s stock.

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Korea Electric Power Corporation (KEPCO) is an integrated electric utility company engaged in the transmission and distribution of electricity in the Republic of Korea. Its segments include transmission and distribution, nuclear power generation and thermal power generation and all others . The transmission and distribution segment, which is operated by KEPCO, comprise operations related to the transmission, distribution and sale to end-users of electricity.

Receive News & Ratings for Korea Electric Power Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Korea Electric Power and related companies with MarketBeat.com's FREE daily email newsletter.</s>Akkuyu nuclear power plant stake sale deal to be completed in 2019

The deal on sale of the 49% stake in the Akkuyu Nuclear Power Plant in Turkey can be completed next year, Chief Executive Officer of the Russian state nuclear corporation Rosatom Alexei Likhachev told reporters on Wednesday, TASS reported.

"The ones desirous [to close the deal] are present, and not only in Turkey," the top manager said without detailing companies and countries involved in negotiations with Rosatom.

The probability "to close the deal on the stake sale in the Akkuyu NPP" is low this year but it is likely to take place in the next year, Likhachev added.

The Akkuyu Nuclear Power Plant is the first nuclear power plant project in the world being implemented upon the build-own-operate (BOO) model.
The United Arab Emirates, with help from Korea Electric Power Corp., completes construction of the first reactor complex at the Barakah nuclear power plant 50 kilometres (31 mi) west of Ruwais. The complex is the first Arab nuclear power plant.