CoolPass Inc.: Nuclear sector under scrutiny after Japan’s earthquake, renewables boosted.

As Japan struggles to avert a meltdown at one of its nuclear power stations, eroding confidence in nuclear energy, and governments around the world are re-evaluating the use of this energy source and focus on renewable energy has increased.
March 14, 2011 - PRLog -- Globally governments are taking a fresh look at their nuclear power sectors CoolPass has learned. Germany has suspended its agreement to extend the life of its nuclear power facilities and Switzerland is reported to have postponed a number of approvals for nuclear plants.

In Asia, the Taiwanese state run Taipower has announced that it is looking at plans aimed at cutting nuclear power output.

Opposition to major nuclear expansion in Europe and the U.S is expected to dramatically increase as Japan struggles to avoid a meltdown at the Fukushima nuclear power facility north of Tokyo.

The disaster may give renewable energy and greener fuels such as LNG a boost as the planet searches for safer energy options.

The severely damaged plant, close to the epicenter of the recent 8.9 magnitude quake, has suffered a second major explosion. Of the total 54 nuclear reactors in Japan, CoolPass has learned that 11 are currently shut down as a result of the quake.

The chairman of the U.S. Senate’s homeland security panel, Senator Joe Lieberman, recently informed CoolPass that he felt that the U.S needed to “put the brakes on” new nuclear power plants until the total impact of the Japanese disaster was apparent.

Shares prices in nuclear power related stocks have come under severe pressure since the disaster, with utilities taking the biggest losses in Europe. Industry giants like E.ON and RWE have seen prices drop by 2 per cent.

CoolPass sources report however that renewables stocks have posted massive gains in recent days with the FTSE cleantech index up 1.4%.

"Political discussions are likely to focus on a rethinking of the use of nuclear power, which may involve discussions regarding a more central role of solar,"  Unicredit analyst Michael Tappeiner told CoolPass.

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