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BUFFETT BETS AGAINST NUCLEAR POWERJune 6, 2013 (Investorideas.com newswire) On Tuesday, legendary investor Warren Buffett sent the latest in a series of signals that nuclear power is a bad economic investment in the U.S. As "Power Engineering" reported here.Join Investor Ideas Members to access the Renewable Energy stocks directory, water stocks, biotech stocks, defense stocks directories and the Insiders Corner"MidAmerican Energy won't be building a [small modular reactor] nuclear unit in Iowa anytime soon and will be refunding much of the public money collected to help it finance a nuclear feasibility study in the state. The MidAmerican Energy Holdings (MEH) subsidiary said June 4 that it would be 'premature' to pursue development of any major power plant in Iowa , including a nuclear option. The company also said that while there are potentially acceptable nuclear power sites in Iowa, and small modular reactors have much to offer, the time is probably not right for nuclear until 'carbon emissions are constrained or taxed.' The company's announcement culminates a nuclear review process that has been underway since 2010."The Buffett decision was more bad news for the so-called "small modular reactor" (SMR), which received the Golden Fleece Award in February 2013 from Taxpayers for Common Sense. (See http://www.taxpayer.net/library/article/taxpayer-subsidies-for-small-modular-reactors. For a recent expert forum on the serious drawbacks with SMRs, go to here.)The June 4th pullback from SMRs in Iowa was not the first time Buffett has killed a nuclear project. In 2008, Buffett's energy company spiked plans for a reactor in Idaho . As Reuters reported on January 29, 2008 at here."MidAmerican Energy Holdings Co's MidAmerican Nuclear Energy Co said it has decided to end its pursuit of a nuclear power plant in Payette County , Idaho , because it would cost too much. A spokesman for MidAmerican said Tuesday the company informed local elected officials of its decision on Jan. 25, posted the notice on its Web site and sent letters to Payette County residents. 'Consumers expect reasonably priced energy, and the company's due diligence process has led to the conclusion that it does not make economic sense to pursue the project at this time,' Bill Fehrman, President of MidAmerican Nuclear Energy Co, said in the letter to Payette County residents."Even if Buffett is skeptical about nuclear power, he is no shrinking violet when it comes to investing in solar power. The Wall Street Journal reported on December 11, 2011 at here:"MidAmerican Energy Holdings Co., Warren Buffett's energy company, said Friday it will add to its nascent position in renewable power by investing in a second solar farm. MidAmerican will buy a 49% share of a $1.8 billion solar-power plant owned by NRG Energy Inc. that U.S. solar-panel maker First Solar Inc. is building in the Arizona desert. Terms of the deal weren't disclosed. First Solar and NRG obtained a $967 million government loan guarantee for the 290-megawatt project, called Agua Caliente, which the companies have said could generate enough electricity for about 56,000 homes. Earlier this month, MidAmerican, which is controlled by Buffett investment arm Berkshire Hathaway Inc., said it agreed to buy a $2 billion California solar farm from First Solar, putting the Iowa-based owner of utilities, wind farms and conventional power plants in the solar-power business for the first time."And Buffett may not think SMRs are viable in Iowa , but he invested heavily in the state's rapidly growing wind industry. As Clean Technica reported on May 15, 2013 at here:"Iowa Governor Terry Branstad went out on a limb last year, bucking his party and his candidate to lobby with Democrats for extending a key federal tax credit for wind power. The credit was extended after a pitched battle in Congress, and Branstad's gamble has just paid off in spades with the announcement of a $1.9 billion investment in new Iowa wind farms by MidAmerican Energy Company, which comes under the corporate family of wind power fan and legendary investor Warren Buffet. The new investment will add up to 656 new turbine's to the wind portfolio of MidAmerican Energy, which has already pumped 1,267 turbines into Iowa since 2004 (Buffet's affection for wind power is active in other states as well, by the way)."Warren Buffett is far from being alone in dealing the nuclear power industry major setbacks in 2013. Consider the following: February 5th -- Duke announced that it would not repair the damaged Crystal River reactor in Florida . (See here.) May 2nd -- Duke Energy announced Thursday that it will abandon plans for two nuclear reactors at the Shearon Harris nuclear plant in North Carolina . Duke will seek to make Progress Energy customers, instead of corporate stockholders, pay for this blunder and will likely try to add a mark-up, with profit, on top of the $70 million spent. (See here.) May 7th -- U.S. power company Dominion Resources Inc. voluntarily shut the 566-megawatt (MW) Kewaunee nuclear power plant in Wisconsin on Tuesday, as planned. (See http://www.reuters.com/article/2013/05/07/utilities-dominion-kewaunee-idUSL2N0DO1OT20130507.)
