San Antonio Express-News coverage of the NRG decision:
NRG Energy stopped all spending on the South Texas Project nuclear expansion and will write off its investment in the face of deeply diminished prospects for the project since Japan’s worst-ever nuclear accident.
“The project is not dead,” CEO David Crane said Tuesday, “but it’s not moving forward at this point, and to be frank, under the current circumstances, the reality of it moving forward in the foreseeable future is not high.”
The company plans to record a first-quarter pre-tax charge of about $481 million from Nuclear Innovation North America, its joint venture with Toshiba, NRG said. Toshiba funded $150 million of that.
NINA will continue to seek an operating license from the Nuclear Regulatory Commission, Crane said, as well as a federal loan guarantee from the Energy Department.
He called that decision “smart asset management,” saying he could see a time when the project near Bay City, with a license and loan guarantee in hand, will be attractive to new investors.