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Buffett Gains Big Say on Nuclear Power

New deal gives longtime skeptic clout about industry's future

By Clay Dillow, Newser Staff

Posted Sep 26, 2008 12:28 PM CDT

(Newser) – Warren Buffett’s $4.7 billion agreement to rescue Constellation Energy Group this week netted the billionaire investor more than just a utility. Buffett now will have a big say in the future of nuclear power in the US, the Wall Street Journal reports. He has long been skeptical of the industry, arguing that the plants are too expensive to build. The deal gives him control over 3 plants as well as half of a prominent nuclear development company.

A rebuff by Buffett could send a shudder through the sector put the brakes on developing technologies and new projects. He will acquire half of Unistar Nuclear Energy, the next-generation development company jointly owned by a consortium of powerful nuclear plant operators, engineering firms, and equipment makers. Nuclear power has been enjoying a renaissance amid rising fuel costs, with 18 applications for new projects submitted in the US.

The nuclear plant of Flamanville, Normandy, France. Warren Buffett may soon be the decider on whether next-generation nuclear project go forward or stall. (AP Photo)

Tourists sit on the beach in front of the Vandellos II nuclear power station Spain. Should Buffett's acquisition of Constellation go through, he'll have a lot of sway in the nuclear community. (AP Photo/David Ramos)

Billionaire investor Warren Buffett now largely holds the fate of nuclear power in the US, and to a lesser extent the world, in his hands. (AP Photo/Nati Harnik)

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New deal gives longtime skeptic clout about industry's future

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Buffett Gains Big Say on Nuclear Power

New deal gives longtime skeptic clout about industry's future

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OTHER STORIES ON OUR RADAR

nuclear power • Warren Buffett • Berkshire Hathaway • nuclear facilities • nuclear power plant • energy policy

MOST POPULAR STORIES

[ By Views ]

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More Newser Stories

US OKs First Nuclear Reactors in 30 Years

Georgia plant gets approval to build two

Japan Kept Worst-Case Nuclear Fears Under Wraps

Fukushima report warned that all of Tokyo might need to be evacuated

Judge: Vermont Can't Shut Down Nuke Plant

Federal judge says only federal government can regulate nuclear safety

Greenpeace Raids French Nuclear Plant

Incident shows building is 'vulnerable': activists

Iran Nuke Plant Goes Online

Bushehr joins power grid, be inaugurated next Monday

About Us

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Newser By Users

Community

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What is Newser?