Saturday May 4, 2013

I've Been Thinking:

Mitsubishi of Japan and Areva SA, the French energy company, just signed a $22 billion deal to build a nuclear power plant in Turkey on the Black Sea. The construction should be complete in 10 years.

For Turkey this is a watershed. The Turks spent $60 billion last year experimenting and trying to come up with alternatives that would break their energy dependence. This deal was one of the conclusions they came to.

The biggest problem is that all but two of the nuclear plants in Japan are closed. They are all getting overhauled as a result of the 2011 Fukushima meltdown.

That aside, for Turkey this could create a real sense of energy stability despite the fact that there will be no results from the nuclear plant, no improvement and absolutely no energy for at least a decade.

On that time, by that time there may be a better, safer and cheaper alternative to fossil fuels and nuclear energy.

Only time will tell. From the perspective of Turkey, the government is proactively addressing the problem - and that is always a positive.

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