A Critical Component in Meeting Tomorrow's Energy Needs - Nuclear Reactors
According to Mayo A. Shattuck, president, chairman and chief executive officer of Constellation Energy, nuclear power is on the cusp of rebirth, ready and able to serve as a reliable energy source at a competitive price. Should Mayo Shattuck add another reactor to Constellation Energy's current inventory of five reactors, he could be the first to build a nuclear power plant in more than three decades. This perspective has led him to take the first steps toward new nuclear, recently making the move to order critical parts for a new reactor.
Constellation Energy not only wants to add additional reactors for itself, but also wants to build and operate them for other utilities. The company recently formed a partnership with a reactor manufacturer to aid it in this endeavor.
UniStar Nuclear, a partnership between Constellation Energy and Areva, is currently building such a model in Finland. "A lot of it is establishing a model that mitigates risk as you move forward," Mayo Shattuck said. "A lot of players out there haven't quite figured out how they're going to go to their boards and ask for $4 billion, for which they will get cash flows in 13 years." Constellation Energy's future business plans consider the opportunities that nuclear power offer, and how best to position themselves to take advantage of predicted future market circumstances.
The company's expertise in nuclear power came from the early, difficult years of nuclear power, said Mayo A. Shattuck, citing Michael J. Wallace, president of Constellation Energy's generation division. "Mike is the only executive in the utility sector today who was an executive responsible for building new nuclear plants the last time around. Mike supervised the construction and start-up of two nuclear plants built in Illinois that entered commercial service in the late 1980s, Byron and Braidwood," said Mayo A. Shattuck.
The company's confidence in this area comes from its extensive experience operating nuclear reactors safely and efficiently. In the 1990s, as the utility industry was reorganizing, Constellation Energy took advantage of that opportunity to double its position regarding nuclear power. Since then, it has demonstrated its ability to run reactors safely and at a profit. "This organization has a history of feeling that they have done well in nuclear," said Mayo A. Shattuck. "We can continue to do well in nuclear and shouldn't shy away from that responsibility."
Mayo Shattuck: Mayo Shattuck reelected to the executive committee of the Nuclear Energy Institute.
Mayo Shattuck: Mayo A. Shattuck, CEO of Constellation Energy.