Are nuclear reactors a boon or “too radioactive” for portfolios? Attend to learn more so you can make your own financially driven decisions.
The dramatic partial meltdown of reactors within the Japanese Fukushima Prefecture has riveted worldwide attention and spurred renewed dialogue about the costs and future of nuclear power. This event is an excellent opportunity for the Wall Street financial analyst community to obtain timely information and insight from an expert panel.
You will hear from panelists James K. Asselstine and Peter Bradford both of whom served as presidentially-appointed commissioners on the US Nuclear Regulatory Commission. In addition, Dr. Mark Cooper and Stephen Maloney will share their deep financial investment knowledge in the nuclear utility sector.
With strong support from Congress and the Administration and 13 applications for 22 new reactors pending at the Nuclear Regulatory Commission, it is often repeated that the United States is poised for a “nuclear renaissance.” However, recent reports from Moody’s and Citigroup have raised serious concerns about the extent to which nuclear power can be revived in the US and other nations without either extensive support from ratepayers or taxpayers—or both. The March 23 issue of the New York Times revealed that according to a just released CBS News poll, the US public is losing faith in nuclear power.
Will new nuclear reactors become more attractive to investors if it is supported by taxpayer-backed loan guarantees? Or, will substantial cost overruns already emerging at major projects in Finland and France, result in another financial bust that the nuclear industry underwent in the 1970s and 1980s? And what will reduced electricity demand, low natural gas prices, and the rise of increasingly affordable renewable energy sources mean for new reactors’ prospects?
James Asselstine is a managing director and senior fixed income research analyst covering the electric power industry at Barclays Capital, responsible for fixed income research coverage of more than 100 investment grade-rated and high yield electric utility holding companies, operating companies, and independent power producers. Asselstine also serves as a member of the Nuclear Advisory Committee for Constellation Energy Nuclear Group, a joint venture of Constellation Energy Group and Electricité de France, and a member of the Nuclear Advisory Committee for UniStar Nuclear Energy, LLC, a subsidiary of Electricité de France established to develop new nuclear reactors in the United States. Prior to joining Barclays Capital in 2008, Asselstine was a senior fixed income research analyst covering the power industry at Lehman Brothers for more than 18 years. Asselstine served as a commissioner on the US Nuclear Regulatory Commission from 1982 to 1987. Asselstine holds a BA degree in political science from Virginia Polytechnic Institute, and a JD degree from the University of Virginia.
Peter Bradford is currently an adjunct professor at Vermont Law School. He served on the US Nuclear Regulatory Commission from 1977 until 1982, during which time the NRC undertook major upgrades of its regulatory and enforcement processes in the wake of the Three Mile Island accident. He chaired the New York State Public Service Commission from 1987 until 1995 and the Maine Public Utilities Commission from 1982 until 1987. During these years, New York resolved its stalemate over the Shoreham nuclear power plant and Maine resolved its similarly controversial involvement in Seabrook, both on favorable economic terms. He has advised on restructuring issues and has testified on aspects of nuclear power, electricity and telecommunications restructuring in many US states and in over a dozen other countries. Bradford has served as an expert witness on the risks of investment in new nuclear power plants in several states. He is a 1964 graduate of Yale University and 1968 Yale Law School graduate.
Mark Cooper is a senior research fellow for economic analysis at the Institute for Energy and the Environment; his current project is Energy Assessment. Dr. Cooper holds a PhD from Yale University and is a former Yale University and Fulbright Fellow. He has provided expert testimony in over 250 cases for public interest clients including attorneys general, people's counsels, and citizen interveners before state and federal agencies, courts, and legislators in almost four dozen jurisdictions in the US and Canada. Dr. Cooper has published numerous books and articles on energy, telecommunications and high technology industries. Most recently, he published "The Economics of Nuclear Reactors: Renaissance or Relapse?" (2009); "All Risk, No Reward for Taxpayers and Ratepayers: The Economics of Subsidizing the 'Nuclear Renaissance' With Loan Guarantees and Construction Work in Progress" (2009); and "Policy Challenges of Nuclear Reactor Construction: Cost Escalation and Crowding Out Alternatives. Lessons from the U.S. and France for the Effort to Revive the U.S. Industry with Loan Guarantees and Tax Subsidies" (2010).
Stephen Maloney is an expert in finance and performance management, specializing in energy risk. Most recently, Maloney was with Towers Perrin as a managing consultant in Risk and Financial Services focusing on energy and power system matters, and supported Towers Perrin's Enterprise Risk Management practice. Prior to joining Towers Perrin, Maloney was the managing director for risk systems for an international energy consulting firm supporting energy risk management trading systems integration and model development assignments in US and Europe. Maloney has extensive experience of more than 25 years working with energy companies in the US and Europe in the areas of valuation and market and credit risk in oil, natural gas, LNG, and electric generation. He has published extensively on energy matters. Maloney is also well recognized in the electric utility industry for his expertise in the safety, regulation, and economics related to nuclear power plant design, licensing, and operation and has contributed to current safety regulations in safe shutdown post-fire, station blackout, and other reactor accident scenarios.
Members & Nonmembers | Free
6:00 p.m.–7:30 p.m. | Presentation 7:30 p.m.–8:15 p.m. | Reception
James Asselstine, Managing Director, Senior Research Analyst, Barclays Capital
Peter Bradford, Adjunct Professor, Vermont Law School
Mark Cooper, Senior Research Fellow for Economic Analysis, Institute for Energy and the Environment
Stephen Maloney, former Managing Consultant in Risk and Financial Services, Towers Perrin
Steve Loren, CFA, FRM
Wednesday, March 30, 2011
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