Demo Press Release: Mayo Shattuck
Mayo Shattuck Considers Nuclear Reactors to be a Critical Component in Meeting Tomorrow's Energy Needs
Mayo A. Shattuck describes his view regarding the future of nuclear energy.
Distribution Source : ArriveNet
Date : Wednesday, October 18, 2006
Baltimore Maryland -- (ArriveNet -- Oct 18, 2006) -- Chairman, president, and chief executive officer of Constellation Energy, Mayo A. Shattuck believes that nuclear power is poised for a rebirth, ready and able to provide a dependable energy source at a competitive price. This viewpoint has caused him to take the first steps towards new nuclear, recently ordering the necessary parts for a new reactor. If Mayo Shattuck were to add another reactor to Constellation Energy's current inventory of five reactors sometime in the near future, he very well could be the first to build a nuclear power plant in over three decades.
Under the leadership of Mayo A. Shattuck, Constellation Energy has plans to apply for a reactor operating license by the end of 2007. There are two possible sites. One probable site is the Calvert Cliffs site, located in Maryland. Constellation Energy currently operates two nuclear reactors there, which were built in the 1960s and '70s. The other potential site is at Nine Mile Point, in upstate New York. Nine Mile Point is the site where Constellation Energy operates two additional reactors, which it acquired in 2001.
Any addition reactors would not be just for Constellation Energy. Constellation Energy would also want to build and operate them for other utilities. To aid it in this aspiration, Constellation Energy recently entered into a partnership with a reactor manufacturer.
Constellation Energy's confidence in nuclear power stems from the extensive experience the company has in the safe and efficient operation of nuclear reactors. As the utility industry was reorganizing in the 1990s, Constellation Energy used the opportunity to double its position in nuclear power. Ever since, the company has consistently demonstrated its ability to run reactors at a profit and safely. "This organization has a history of feeling that they have done well in nuclear," said Mayo A. Shattuck, president, chairman, and chief executive officer of Constellation Energy. "We continue to do well in nuclear and shouldn't shy away from that responsibility."
Constellation Energy's knowledge in nuclear power came from its experiences in the early, difficult years of nuclear power, said Mayo A. Shattuck. Citing Michael J. Wallace, president of Constellation Energy's generational division, "Mike is the only executive in the utility sector today who was an executive responsible for building 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, Bryon and Braidwood," said Mayo A. Shattuck.
Constellation Energy has also devised a solution to the problem of risk, the financial risk involved with building and operating new reactors. The risk comes from the fact that the process could take up to ten years from the point of order to the point of completion.
The risk-minimizing nuclear plan formulated by Mayo A. Shattuck includes identical to the last detail plants which would allow it to realize a significant reduction in design costs. The other advantage afforded by this plan is the ability to shift nuclear operators easily amongst the plants, because of the identical operating processes between plants. Currently, the ability of nuclear operators to shift from plant to plant is not feasible, even if the reactors were located right next to each other.
Unistar Nuclear, the partnership between Areva and Constellation Energy, is currently building such a model in Finland. "A lot of it is establishing a model that mitigates risk as you move forward," stated Mayo Shattuck. "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." The future business plans of Constellation Energy take into consideration the opportunities that are offered by nuclear power, and how to best position the company to take advantage of predicted future market circumstances.
With these attitudes, plans, and a proven track record of leadership from the Constellation Energy executives, including Mayo Shattuck, Constellation Energy will be the vanguard of the new technology addressing the quickly rising demands for energy.
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