Ireland Vote Points to Status Quo But PM Faces Support Drop

By Olivia Fletcher and Jennifer Duggan

November 30, 2024 

(Bloomberg)

(Bloomberg) -- Simon Harris’s Fine Gael party and coalition partner Fianna Fail look set to return to government after the Irish election, but the prime minister could face a battle to keep his post after his popular support appeared to drop.

With counting still ongoing, early tallies and the official exit poll showed little to separate the two main incumbent parties and the opposition Sinn Fein. With no party having enough support to govern alone, the status quo will likely remain after both Fine Gael and Fianna Fail ruled out a deal with Sinn Fein. 

Though the overall outcome looks increasingly clear, it’s far from certain Harris will emerge with the upper hand in what could be difficult negotiations with Fianna Fail. Micheal Martin’s party trailed in the official exit poll, but early results suggest it could emerge with the most first-preference votes — the simplest guage of popular support — putting him in a better position in talks.

“It’s far too hard to call at this stage as to who will come out as the largest party,” Harris told RTE on Saturday. “What is clear is that Fine Gael, Fianna Fail and Sinn Fein will be tightly bunched when it comes to final seats.”

Martin predicted his Fianna Fail would outperform the exit poll, telling reporters there’s a “route to a very strong finish” for his party. But he cautioned that electoral fragmentation meant forming a government would be “challenging.”

To be sure, the picture could change as counting takes in second-choice and subsequent preferences to determine final makeup of the Dail or parliament. 

A tight race is far from what Harris envisaged when he called the vote early — it wasn’t due to be held until March — to try to capitalize on Fine Gael’s surge in support since he became Taoiseach in April.

The media dubbed it the “Harris hop” and the 38-year-old made his campaign slogan “new energy” — despite being a former health minister and established government figure. A giveaway budget and what appeared to be a slump in support for Sinn Fein made it seem the optimal time to seek a new mandate.

But Harris’s campaign was beset with slip-ups, starting with Ryanair Holdings Plc Chief Executive Officer Michael O’Leary using a Fine Gael event to make a jibe about teachers serving in government. The worst, though, was a viral video of Harris walking away from a disability care worker and dismissing her view that the government wasn’t doing enough. He later apologized.

“Fine Gael may be a little bit disappointed that they didn’t make more gains,” said Lisa Keenan, political science assistant professor at Trinity College Dublin, though she added that given the campaign gaffes, Harris is also likely to be somewhat relieved. “We’ve seen a stabilization there.”

From a commanding poll lead as late as September, Fine Gael appears to have slipped back into a three-party scramble to win the popular vote.

It’s a key moment. Whoever forms the next government will enjoy a budget surplus and soaring tax receipts from US firms including Apple Inc. operating there. What to do with Ireland’s billions has been a key focus of the election, with parties competing on spending ideas — even as the re-election of Donald Trump in the US and his threat of trade tariffs injected a sense of caution.

Worryingly for Harris, the exit poll also showed the premier trailing his two main rivals on the question of who should be next Taoiseach. Only 27% said they want the Fine Gael leader leading the country, while 35% said they would like Fianna Fail’s Martin, and 34% preferred Sinn Fein leader Mary Lou McDonald.

McDonald’s strength comes from her support among young people, and that gels with the exit poll showing housing and homelessness were the biggest issues for voters, followed by the cost of living. Data published on election day showed homelessness in Ireland reached a record figure of almost 15,000.

Sinn Fein’s steady rise has shaken up Irish politics since McDonald took over from Gerry Adams as president in 2018, becoming its first leader unconnected to the sectarian violence in Northern Ireland known as the Troubles. 

Its left-leaning agenda appealed to voters struggling with a housing shortage and rising inflation. While its support is well below the start of the year, when Sinn Fein appeared on course to form a government, the exit poll and early counting shows McDonald has established Sinn Fein as an electoral force.

That has major implications for Irish politics. Fianna Fail and Fine Gael led every government since the state was formed 100 years ago, and while that looks set to continue, Sinn Fein’s emergence changes the dynamic.

Still, without the option of a coalition with Fine Gael or Fianna Fail, Sinn Fein has no clear route to power. That means the focus in the coming days and likely weeks will be on Fine Gael and Fianna Fail and the arrangement they come to.

Early tallies suggest Fianna Fail will improve on its performance in 2020, when the party that was in power during the 2008 financial crash re-entered government for the first time in almost a decade.

It’s possible that it wins several more seats than Fine Gael, which would give it considerable bargaining power in coalition talks and potentially restoring Martin, who served as prime minister for almost two years as part of the job share agreement between Fianna Fail and Fine Gael last time, as Taoiseach.

Any deal between Fine Gael and Fianna Fail would not be the end of the story. Even combining their support, the two parties are likely to fall short of the 88 seats needed for a majority in the 174-seat parliament.

The third coalition partner last time, the Green Party, face losses — not unusual for minor parties and also reflecting trends for green parties across Europe. Tallies suggest it could lose the majority of its 12 seats. 

But other smaller parties are expected to make gains. The Social Democrats, whose leader Holly Cairns gave birth on election day, could pick up seats. Labour are also optimistic.

Though vote counting began at 9 a.m. on Saturday, a fuller picture is not expected until Sunday. Then the negotiations will begin.

(Updates with Harris comment in fourth paragraph.)

©2024 Bloomberg L.P.

ONTARIO

Businesses looking to increase productivity should invest in their employees: HOOPP

By Jordan Fleguel

November 29, 2024

VIDEO

Poll: Inflation and employee burnout top employer concerns 

Ivana Zanardo, head of plan services at Healthcare of Ontario Pension Plan, discusses their latest business survey that draws connections between inflation, employee benefits and company productivity.


Ivana Zanardo, head of plan services at Healthcare of Ontario Pension Plan, discusses their latest business survey that draws connections between inflation, emp

The head of plan services for the Healthcare of Ontario Pension Plan (HOOPP) says businesses that wish to improve their overall productivity should invest more in their employees, particularly in retirement security.

Ivana Zanardo told BNN Bloomberg that a recent survey commissioned by HOOPP and conducted by Angus Reid found that the majority of Canadian employers reported lower-than-usual employee productivity this year.

“They’ve also told us that they know that their business productivity is linked to their employee productivity,” she said in an interview on Friday.

Zanardo said that in order to improve the productivity of individual workers and the companies they work for in turn, employers need to ensure their employees are financially secure by investing in them.

“Investing in employees means providing them with the security that they need, which reduces their level of stress,” she said.

“We’ve seen in our research previously that a financially secure employee is a less stressed employee, which leads to better employee productivity, which of course is good for a business’ bottom line.”

One of the ways businesses can provide security to their employees is by offering them safe and secure retirement savings options, Zanardo said.

“We were pleased to see last year an increase in the number of employers that provided retirement security to their employees,” she explained.

“This year, it has leveled off a bit, where fewer employers have invested in their employees.”

Zanardo added that most employers recognize the need to invest further in their workers, but they often cite the increased costs associated with doing so as a major barrier.

“Although, the research has told us that two-thirds of the employers surveyed indicated that if an employer is willing to find a way to do it, they can do so,” she said.

While businesses are often encouraged to invest further in things like technology and new equipment, Zanardo said HOOPP is “hearing that it’s very important to invest in our people” as well.

Zanardo said that while HOOPP is a pension provider for Ontario’s healthcare workers, the organization feels “a strong responsibility to advocate for good pensions and good retirement security for all Canadians.”

Over time, many Canadians have seen their pensions shift away from defined benefit plans, managed largely by employers, toward defined contribution plans, which individual employees are typically responsible for managing.

Zanardo said that despite this shift, defined benefit remains the “gold standard” pension plan, noting that HOOPP provides such plans to Ontario’s healthcare workers.

“But I would say that to see a trend of employers providing retirement security to their employees – really any pension is better than no pension at all,” she said.


Methodology

The survey referenced was conducted online from Aug. 12 to 22 of this year and included 759 Canadian businesses. Due to the online nature of the polling, a margin of error could not be assigned, according to Angus Reid.

With files from The Canadian Press

CANADA

Consumer spending rose in Q3 amid per-capita GDP decline: economists

By Daniel Johnson

November 29, 2024 

A Retail Council of Canada and Leger survey of just over 2,500 Canadians found that the average consumer plans to spend $972 during the holiday seas

As the Canadian economy shrank on a per-person basis in the third quarter, economists say consumer spending showed signs of strength due to lower interest rates and improved purchasing power.

Statistics Canada released gross domestic product (GDP) figures Friday, noting that the economy grew at an annualized rate of one per cent in the third quarter, lower than 2.2 per cent in the previous quarter. The figure came in lower than the Bank of Canada’s October forecast of 1.5 per cent, but in line with expectations among economists. Meanwhile, real GDP per capita fell by 0.4 per cent in the quarter, marking the six consecutive quarter of declines.

“The lifeblood of the economy is the Canadian consumer, and they have been carrying the weight over 2024,” James Orlando, director and senior economist at TD Economic, wrote in a report Friday.

“As interest rates continue to fall alongside a wave of government stimulus over the coming months, we are looking for consumer spending to keep lifting GDP through at least the first half of 2025.”

Household spending rose 0.9 per cent in the third quarter, driven by expenditures on new trucks, vans and sport utility vehicles, according to Statistics Canada.


Orlando noted that an uptick in consumer spending per capita was positive after coming in negative for much of the past two years.

Nathan Janzen, assistant chief economist at Royal Bank of Canada, said in a report Friday that consumer spending rose by 3.5 per cent during the quarter.

“Some interest rate sensitive sectors (residential investment, consumer spending) showed signs of life in Q3 following the start of BoC interest rate cuts in June. But per-capita GDP was still down for a sixth consecutive quarter, and with soft growth momentum extending into monthly estimates into early Q4,” he said.

Janzen noted that the latest GDP data should “help reinforce” that interest rates are higher than needed to maintain inflation rates around two per cent.
Purchasing power

Tu Nguyen, an economist with assurance, tax & consultancy firm RSM Canada, said in a statement Friday that GDP figures from the third quarter showed the “first signs of household spending” moving higher “thanks to rate cuts.”

“The 1.7 per cent growth in employee compensation also boosted households’ purchasing power, setting up what will be a strong holiday shopping season in the fourth quarter, further supported by the federal GST/HST tax break,” Nguyen said.

Alberta Central Chief Economist Charles St-Arnaud echoed that sentiment in a report Friday, saying the increase in spending per capita can be attributed to improvements in household purchasing power.

“As such, disposable income rose by 2.3 per cent q-o-q (quarter over quarter) in Q3, and we estimate that real disposable income per capita increased by one per cent q-o-q, which is the biggest increase since the pandemic,” he said.

“Nevertheless, real disposable income per person is 4.5 per cent below its pre-pandemic trend, explaining why households feel poorer.”

With files from The Canadian Press

WORKERS CAPITAL

Ottawa to expand TFSA contribution limit by $7,000 in 2025

By Dale Jackson

BNNBLOOMBERG

November 28, 2024 

With just a few weeks left in 2024 and new year around the corner, Nicole Ewing, Director, Tax and Estate Planning at TD Wealth, highlights some of the key tax

The Canada Revenue Agency (CRA) has added another $7,000 to the total amount that can be contributed to a tax-free savings account (TFSA) as of Jan. 1, 2025.

The amount matches last year’s increase, which was increased by $500 to compensate for higher inflation.

Contrary to popular belief, increases in allowable contributions are at the discretion of the government of the day, but Ottawa has never missed a hike since the TFSA was introduced in 2009.

That means those who have already contributed the maximum allowable amount can kick in up to $7,000 more in their accounts to invest in just about anything - with zero tax implications.

TFSAs have become wildly popular with Canadians for short-term savings such as education, vacations and even day trading. But with the total room for someone who has never contributed now at $102,000, it is also an effective retirement savings tool to compliment a registered retirement savings plan (RRSP).

How does a TFSA work?

Funds can be withdrawn from a TFSA at any time and investment returns - be they capital gains on equities, or income from dividends and fixed income - are never taxed.

In comparison, half of capital gains on equities in non-registered accounts are taxed and income is fully taxed. Dividends are also subject to full taxation, with the exception of a tax credit on eligible payouts.

It is important to note, however, that non-Canadian dividends are subject to a withholding tax on behalf of the U.S. Internal Revenue Service (IRS). That includes the big U.S. blue-chip companies. It also includes U.S. mutual funds or exchange traded funds (ETFs), and even Canadian mutual funds and ETFs that hold U.S. equities.

From a tax perspective the closest thing to a TFSA available to the average Canadian is the principal residence tax exemption, which allows Canadians to avoid paying any tax on the capital gains they generate from the sale of their principal residences.

As another comparison, RRSP contributions - along with the returns they generate over the years - are fully taxed according to the individual’s marginal rate when the funds are withdrawn. TFSA contributions, however, can not be deducted from your current taxable income like RRSP contributions.

Like the RRSP, a TFSA can hold just about any type of investments, including stocks, bonds, mutual funds, exchange traded funds, real estate investment trusts and even some options.
Using your RRSP and TFSA strategically

The TFSA has grown into a powerful retirement investment tool that can be used strategically with an RRSP.

Since RRSP withdrawals are fully taxed, investors can divert contributions to a TFSA well before retirement to avoid higher marginal tax rates and even Old Age Security (OAS) clawbacks, by strategically shifting contributions to their TFSAs well before retirement.

Banking up a significant amount of cash in a TFSA allows retirees to top up needed cash without tax consequences, while keeping RRSP withdrawals in the lowest tax bracket.

How much can you contribute to a TFSA?

With the $7,000 available contribution space coming in January, the total allowable space for those 18 years or older when the TFSA was introduced in 2009 will be $102,000.

Available contribution space often varies for individuals based on the amount of contributions and withdrawals made over the years.

You can find yours through four online services provided by the CRA:

My Account
MyCRA
Represent a Client (if you have an authorized representative)
Tax Information Phone Service (TIPS) at 1-800-267-6999

Many Canadians contribute to their TFSAs through more than one institution and it is the account holder’s responsibility to ensure they don’t exceed their limits. Over-contributions are subject to penalties, so it’s important to keep an up-to-date tally.

One important note: Contribution space from TFSA withdrawals can not be reclaimed until the following calendar year.

That means if your TFSA is maxed out and you make a withdrawal in the waning days of 2024, you need to wait until 2025 to get it back - along with the $7,000 for everyone else.

World Nuclear News

Canada's Bold Bet on Nuclear Energy

By Felicity Bradstock - 

Canada is rapidly expanding its nuclear power sector, with plans to develop several new nuclear facilities and increase its uranium production.

The government is investing heavily in nuclear research and development, including Small Modular Reactors (SMRs).

With a global uranium shortage and increasing demand for nuclear energy, Canada is poised to become a major player in the global nuclear market.



Alongside several other major world powers developing new nuclear projects, Canada plans to rapidly expand its nuclear power sector to contribute heavily to the country’s energy demand. Nuclear power contributes around 15 percent of Canada’s energy at present. However, with plans to develop several new nuclear facilities, this figure is expected to grow significantly in the coming decades. The industry had stagnated for several decades due to public concerns around safety, as well as the high costs of building new nuclear plants, but a 2023 Ipsos poll showed that 55 percent of Canadians now support nuclear energy.

The 2023 Federal Budget showed strong support for nuclear power, including a refundable Investment Tax Credit (ITC) for clean electricity and a 30 percent ITC for clean technology manufacturing. The budget also backed nuclear power through several other initiatives, including an extension of reduced tax rates, funding from the Canada Infrastructure Bank, cash for the regulatory authority, and half a billion dollars in SMR project investment.

The province of Ontario announced plans in 2023 to develop Canada’s first Small Modular Reactor (SMR) project. The Darlington new nuclear site is expected to host four SMRs to provide a total output of 1,200 MW, enough to power around 1.2 million homes. Pending regulatory approval, Ontario Power Generation hopes construction will begin on its first SMR unit in early 2025, to become operational by 2029. OPG expects the other three SMRs to come online by the mid-2030s. The plan aligns with the government's aims to decarbonise the economy and increase the province’s green energy capacity, with plans under development to mandate a net-zero power grid nationwide by 2035.

Bruce Power also plans to expand its existing Ontario nuclear facility to become one of the largest in the world, adding 4.8 GW. The company submitted its initial project description in August, as part of its pre-development work for the proposed expansion. The Minister of Energy and Electrification Stephen Lecce stated, “As we look to expand energy generation, our government remains committed to nuclear refurbishments, a clean energy source that well positions Ontario as a clean energy leader in the world. Lecce added, “Ontario is forecast to double its electricity grid by 2050. Bruce Power plays a vital role in expanding our electricity system.”

There have been several other advancements in Canada’s nuclear power industry over the last year. The federal government announced an investment of $9.74 in nine SMR research projects in October. Meanwhile, Saskatchewan’s utility SaskPower created a nuclear subsidiary called SaskNuclear in September, aiming to advance the province’s SMR project through the regulatory and licensing process.

The U.S. has also announced big plans for its nuclear power industry in recent years, with several large-scale conventional and SMR developments. However, many of these projects have stalled due to the global shortage of enriched uranium. Nuclear energy-producing countries worldwide have long relied on Russia for the supply of High-Assay, Low-Enriched Uranium (HALEU). Until recently, TENEX, part of the Russian state-owned nuclear energy company Rosatom, was the only company to sell HALEU commercially. Following the Russian invasion of Ukraine in 2022 and subsequent sanctions on Russian energy, the U.S. established its own HALEU production industry, with Centrus Energy Corp producing the country’s first 20 kilos of the fuel in November 2023.

The Canadian energy firm NexGen is now developing a project that could make Canada the world’s biggest producer of uranium over the coming decade, knocking Kazakhstan off the top spot. Due to the shortage of uranium, several countries started looking for alternative suppliers of the power source to fuel the new nuclear era. NexGen’s mine in the uranium-rich Athabasca Basin of northern Saskatchewan is now valued at almost $4 billion. The company hopes it will be operational by 2028. Other companies are also exploring the region, as well as reopening dormant mines, thanks to the revived interest in Canadian uranium.

Almost two dozen countries, including Canada, committed to tripling their nuclear energy output by 2050 at the COP28 climate summit last year, and Canada’s uranium could be key to achieving this. With COP29 currently underway, we can expect even more ambitious nuclear energy pledges from a range of countries. Canada is the world’s second-biggest producer of uranium at present, contributing around 13 percent of the global output. NexGen predicts that once its mine is operational, this figure will increase to 25 percent.

Thanks to the renewed public support for nuclear power, as well as pressure to support a green transition, Canada is currently seeing a nuclear resurgence. Several conventional and SMR developments are expected to be established across the country in the coming decades, supported by federal funding in SMR research and development. Meanwhile, thanks to the increase in nuclear development worldwide and a shortage of enriched uranium, Canada could soon overtake Kazakhstan to become the largest supplier of uranium globally.

Nov 24, 2024
By Felicity Bradstock for Oilprice.com

Westinghouse and Core Power Partner for Floating Nuclear Power Plant

Floating reactors are seen as a means of getting clean power to remote areas (Westinghouse - Core Power)

Published Nov 29, 2024 3:40 PM by The Maritime Executive

 

 

Westinghouse Electric Company, one of the leaders in nuclear power, and Core Power are launching a cooperation for the design and development of a floating nuclear power plant using a microreactor. According to the companies, by leveraging shipyard capabilities, it will be possible to deploy nuclear energy to islands, ports, coastal communities, and industry.

“There’s no net-zero without nuclear,” said Mikal Bøe, CEO of Core Power. “A long series of identical turnkey power plants using multiple installations of the Westinghouse eVinci microreactor delivered by sea creates a real opportunity to scale nuclear as the perfect solution to meet the rapidly growing demand for clean, flexible and reliable electricity delivered on time and on budget.”

The companies highlighted that floating nuclear power plants can be centrally manufactured and easily transported to operation sites, combining advanced nuclear technology with shipyard efficiency. As a highly transportable source of nuclear power, the eVinci microreactor they contend is perfectly suited to floating applications. The eVinci microreactor Westinghouse says requires minimal maintenance and can operate for eight years at full power before refueling, allowing for reliable long-term power generation at almost any location.

 

Westinghouse's microreactor would be the basis for the floating power concept (Westinghouse)

 

Under the agreement, Westinghouse and Core Power will advance the design of a Floating Nuclear Power Plant using the eVinci microreactor. They highlight that using heat pipe technology will improve reliability while providing a simple, non-pressurized method of passively transferring heat. Heat pipes in the eVinci microreactor transfer heat from the nuclear core to a power conversion system, eliminating the need for water cooling and the associated recirculation systems. In addition, the companies will collaborate to develop a regulatory approach to licensing floating systems.

Jon Ball, President of eVinci Technologies at Westinghouse highlights that it will provide “innovative use cases where power is needed in remote locations or in areas with land limitations.” It could be both a steady source of power as well as potentially a way for future disaster relief efforts.

The eVinci microreactor has very few moving parts, working essentially as a battery, providing the versatility for power systems ranging from several kilowatts to 5 megawatts of electricity says Westinghouse. It can run consistently for eight-plus years without refueling. It can also produce high-temperature heat suitable for industrial applications, including alternative fuel production such as hydrogen. The microreactor is factory-built and assembled before it is shipped in a container.

This is one of several projects looking at the concept of creating floating small-scale nuclear reactors to provide power to remote areas. Samsung is also working on a concept to use the next-generation molten salt reactor for a floating power plant. 

Crowley also partnered with BWX Technologies, which for many years was part of the well-known Babcock & Wilcox Company. This project is also exploring the development of a power generation vessel concept using a microreactor. 

There is an increasing focus on nuclear power as a part of the solution to decarbonization. The projects have projected by the 2030s it would be possible to begin to build and deploy floating reactors.

Denison collaborates on uranium exploration as Wheeler River environmental approval progresses

Friday, 29 November 2024

Denison Mines Corp has filed its final Environmental Impact Statement for the Wheeler River uranium project with the Canadian Nuclear Safety Commission following completion of the federal technical review. The company has also agreed to form three uranium exploration joint ventures in the eastern Athabasca Basin.

Examining core samples at Wheeler River (Image: Denison)

Wheeler River is the largest undeveloped uranium project in the eastern portion of the Athabasca Basin, in northern Saskatchewan, and is host to the high-grade Phoenix and Gryphon uranium deposits.

Denison said the final Environmental Impact Statement (EIS) reflects many years of "considerable" effort since it began the federal Environmental Assessment approval process in 2019. The final EIS incorporates feedback received from multiple interested parties, including Indigenous nations and the Canadian Nuclear Safety Commission's Federal Indigenous Review Team.

"The completion of the federal technical review and submission of the final EIS represents a notable milestone for Denison in our efforts to obtain regulatory approval for Wheeler River," Denison President and CEO David Cates said. "Owing, in large part, to the use of the In-Situ Recovery (ISR) mining method, the EIS evidences that the project can be constructed, operated, and decommissioned while achieving a superior standard of environmental sustainability when compared to conventional uranium mining operations … This accomplishment has brought us an important step closer to building Canada's next new uranium mine and first ISR uranium mining project."

In ISR - also known as in-situ leach, or ISL - minerals are recovered from ore in the ground by dissolving them in situ, using a mining solution injected into the orebody. The solution is then pumped to the surface, where the minerals are recovered from the uranium-bearing solution. More than half of the world's uranium production is now produced by such methods, although they have not yet been used in Canadian uranium mining operations.

Canadian Nuclear Safety Commission staff will now review the final EIS submission and prepare their recommendations ahead of a public hearing, the date of which has yet to be set.

Denison has also completed the requirements of the Canadian Nuclear Safety Commission application to obtain a licence to prepare and construct a uranium mine and mill, which allows for the commission to make a licensing decision concurrently with the Environmental Assessment approval process, the company said.

The project is also undergoing a provincial Environmental Assessment process, for which Denison submitted a final EIS to the Saskatchewan Ministry of Environment in October. Denison opted to delay finalisation of the provincial Environmental Assessment approval in order to incorporate modifications resulting from the Federal technical review process. A public review period, for the provincial assessement began earlier this month and is expected to conclude in December.

Wheeler River is a joint venture between Denison (90% and operator) and JCU (Canada) Exploration Company Limited (10%).

Collaborative exploration
 

In a separate announcement, Denison said it has reached an agreement with Cosa Resources Corp to form three uranium exploration joint ventures in the eastern Athabasca Basin. The agreement will see Cosa acquire a 70% interest in Denison's 100%-owned Murphy Lake North, Darby and Packrat properties and commit to CAD6.5 million (USD4.6 million) of exploration expenditure at Murphy Lake North and Darby.

The transaction is structured to incentivise exploration activity, Denison said. Denison will retain a minimum 30% direct interest in the properties and will become Cosa's largest shareholder, while also securing strategic pre-emptive rights and a buydown right to increase its interest in the Darby property.

Cates said the "mutually beneficial" collaboration with Cosa "enhances our exposure to the potential discovery of a meaningful uranium deposit on the Properties and through Cosa's existing uranium exploration portfolio. With Denison focused on executing on our core mining and development-stage projects, we believe Cosa is an excellent partner to advance exploration of the Properties. The entire Cosa senior management team has worked with Denison previously, and have strong technical capabilities, plus a unique familiarity with the Properties and nearby discoveries."

Cosa President and CEO Keith Bodnarchuk described the announcement as "transformational" for the company, adding three strategically selected, discovery-ready exploration projects to Cosa's Athabasca Basin portfolio. "Opportunities to acquire these projects and bring in a supportive long-term shareholder of Denison’s quality are almost non-existent. This Transaction is expected to create a competitive advantage for Cosa and differentiate us from our peers," he said.

IAEA warns of impact on nuclear safety of attacks on Ukraine's energy infrastructure

Friday, 29 November 2024

International Atomic Energy Agency Director General Rafael Mariano Grossi said that Ukraine's three operating nuclear power plants have had to reduce their electricity generation as a result of attacks on the country's energy infrastructure.

The IAEA's Grossi, pictured in September (Image: Dean Calma/IAEA)

In the agency's latest update it said that the nuclear power plants - Khmelnitsky, Rivne and South Ukraine - had to lower their power levels on Thursday for the second time in two weeks as a precautionary safety step. The three plants have a total of nine reactors between them. One reactor at Rivne was disconnected from the grid and all three plants continued to receive off-site power, although Khmelnitsky lost connection to two of its power lines.

Grossi said: "Ukraine’s energy infrastructure is extremely fragile and vulnerable, putting nuclear safety at great risk. Once again, I call for maximum military restraint in areas with major nuclear energy facilities and other sites on which they depend."

IAEA teams visited seven substations located outside the nuclear power plants in Ukraine in September and October to assess the situation after strikes on the energy infrastructure in August. Grossi reported to the IAEA board of governors earlier this month that there had been "extensive damage" and concluded that the reliability of off-site supply to nuclear power plants had been "significantly reduced".

In his statement issued on Thursday, he said: "The IAEA will continue to assess the extent of damage to facilities and power lines that are essential for nuclear safety and security. The IAEA will continue to do everything in its power to reduce the risk of a nuclear incident during this tragic war."

The IAEA has had teams stationed at each of Ukraine's nuclear power plants, and it said there had been no reports of direct damage to nuclear power plants.

Nuclear power plants need to have an electricity supply to ensure necessary safety functions can take place as well as reactor cooling, and they also need reliable connections to the grid to be able to distribute the electricity they produce. In addition to Ukraine's three operating nuclear power plants, Zaporizhzhia nuclear power plant has been under Russian military control since early March 2022. Its reactors are all shut down and it has had to rely on emergency diesel generators on occasions when it has lost all access to off-site power.

The IAEA has set out its seven rules for nuclear safety and security during the Russian-Ukraine conflict, which have been adopted by the United Nations Security Council. They include the core principles that no-one should fire at, or from a nuclear power plant, or use a nuclear power plant as a military base.

Go-ahead for expansion of Swedish repository

Friday, 29 November 2024

Svensk Kärnbränslehantering AB can begin excavation works to extend the existing SFR final repository for low and intermediate-level waste at Forsmark following the approval of its safety report by Sweden's Radiation Safety Authority. 

The blue area shows where SKB plans to extend the existing SFR repository (Image: SKB)

The SFR repository is situated 60 metres below the bottom of the Baltic Sea and began operations in 1988. The facility comprises four 160-metre long rock vaults and a chamber in the bedrock with a 50-metre high concrete silo for the most radioactive waste. Two parallel kilometre-long access tunnels link the facility to the surface. The facility currently has a total final disposal capacity of about 63,000 cubic metres of waste.

Most of the short-lived waste deposited in the SFR comes from Swedish nuclear power plants, but radioactive waste from hospitals, veterinary medicine, research and industry is also deposited within it.

Svensk Kärnbränslehantering AB (SKB) applied in December 2014 to triple the size of the repository, to about 180,000 cubic metres. The application was submitted to the government by the Land and Environment Court and the Radiation Safety Authority in November 2019. In April 2021, the municipality of Östhammar, where the SFR is located, also approved the extension. Following a government decision in December 2021 to approve the application, the matter was referred back to SSM and the Court.

SKB received an environmental permit from the Land and Environment Court for the expansion in December 2022. That permit regulates, for example, noise and transport. In April 2023, SKB submitted a preliminary safety report to SSM on extending the SFR.

The Radiation Safety Authority (SSM) has now reviewed and approved SKB's preliminary safety report, enabling the construction of the expanded final repository to begin.

"What we have reviewed is that the facility can be built so that the requirements for radiation safety are met, both during the time the facility is in operation and after the closure of the final repository," said Anki Hägg, an investigator at the unit for permit review of nuclear facilities at the SSM. "It is the long-term radiation safety that is in focus."

The SSM has issued permit conditions which mean that before the most qualified part of the repository can be built, SKB must submit a developed and detailed account of the construction. It must then be approved by the authority. The company must also present a plan of what measures will be taken during construction, and the plan must be updated every six months.

"Before the expanded facility can be put into trial operation, a renewed safety report needs to be reviewed and approved by the Radiation Safety Authority," Hägg said.

SKB CEO Stefan Engdahl said: "It is an important step for SKB. We are happy that the announcement has come so that we can now start the next phase in the expansion of SFR. We now have all the permits in place to expand the facility so that we can receive our owners' operational and demolition waste. We look forward to starting rock work in mid-December."

The plan is that the repository, when extended, will have six new rock vaults, 240-275 metres long. The intention is to construct the extension at a depth of 120-140 metres, level with the lowest part of the current SFR repository.

Expanding the SFR will take about six years - three years of rock work and three years of installation work, SKB said.

LANL researchers complete HALEU criticality experiment

Friday, 29 November 2024

The Deimos experiment at Los Alamos National Laboratory is the first criticality experiment using high assay low-enriched uranium fuel to be carried out in the USA in more than 20 years, and will help to develop public data and criticality benchmarks for the material.

A graphite fuel 'cup' containing fuel pellets ready for insertion into a Deimos graphite monolith (Image: DOE)

Criticality benchmarks are essential to nuclear design and safety evaluations required by the industry and regulatory bodies, but there are very few benchmarks that use high assay low-enriched uranium (HALEU). The US Department of Energy (DOE) and Nuclear Regulatory Commission are collaborating on the development of criticality data for HALEU: in August, the DOE awarded USD17 million of funding to 16 projects to help develop public data and criticality benchmarks related to the use, storage, and transportation of HALEU fuels.

The Deimos criticality demonstration, funded by Los Alamos National Laboratory’s Laboratory Directed Research and Development programme, took place at the National Criticality Experiments Research Center at the Nevada National Security Site. The centre has four critical experiment machines and is the only general-purpose critical experiments facility in the USA equipped to conduct experiments on fissionable material at or near criticality.

One of the critical assembly machines at the centre was modified to accommodate a new graphite core and 'cups' to hold HALEU-based fuel pellets containing TRISO (tri-structural isotropic) fuel particles. After demonstrating criticality of the system, the experiment was then measured at room temperature and heated to more than 200° Fahrenheit (93.3° Celsius) to generate new criticality safety data on HALEU fuel.

Assembling the Deimos experiment (Image: Department of Energy (DOE))

"The Deimos experiment is an important step towards deploying HALEU-fuelled nuclear reactors," said Los Alamos National Laboratory (LANL) Programme Manager for Nuclear Energy Chris Stanek said. "We are excited and proud to make use of unique LANL capabilities to advance the nation's advanced reactor goals, and we look forward to future experiments that Deimos enables."

Many advanced reactors will require HALEU to achieve smaller designs, longer operating cycles, and increased efficiencies over existing nuclear technologies. Data developed from the projects funded through the DOE and Nuclear Regulatory Commission's Criticality Benchmarking solicitation will be made publicly available to enable efficient future design and safety reviews and help the nuclear industry develop new and novel solutions to address data gaps.