Tuesday, February 3, 2009

Yes, We Have None

Dear God,

Bad news.

Financially:
  • On February 2, Jefferies & Co. downgraded Entergy stock to "Hold" from "Buy."

  • Market Watch reports that "Entergy Corp.'s 2008 fourth-quarter net income fell 12%." (That's way bigger than the 8% drop that Entergy itself had forecast.)

  • All of this is happening in the very midst of our efforts to convince the Vermont legislature that we have the financial resources to handle decommissioning without topping off the decommissioning fund, which is currently about half a billion dollars short.

Politically:
  • We're eating crow. In the hopes of keeping alive Vermont Yankee's chances of getting permission from the state legislature to operate past the expiration of its current license, Entergy has apologized to lawmakers for the two recent leaks of radioactive water. They have also replaced the site vice-president, general manager, and operations manager, blaming them (it seems) for the entire culture of lax management and maintenance. As if.

  • A non-aligned consulting group hired by the legislature has advised the legislature that, despite Entergy's assurance that high-level radioactive waste need not stay in Vermont long-term, high-level radioactive waste will most probably stay in Vermont long term. Period.

But there's good news, too! For example:

And so I, Fake-Rob Williams, the Vermont Yankee PR guy, will be single-handedly turning this whole emerging financial catastrophe/environmental disaster picture of Vermont Yankee around immediately. I will arrange for us to forever be known not as the Nuclear Power Plant that Couldn't, but as the Nuclear Power Plant that Used Less Toilet Paper and had shiny shoes, to boot. And that's great PR.

It's all in the ...

LIMERICKS FOR OUR TOILET STALLS


There was an Old Man with a beard,
Who said, 'It is just as I feared!
Two Owls and a Hen,
Four Larks and a Wren,
Have all forgotten to perform routine maintenance, which doesn't bode well for the people of Vermont and its neighboring states because they are all employees of Vermont Yankee. Furthermore, regardless of their consistent inability to do a good job, VY has been given permission by the NRC to reduce the number of times we conduct tests on control rods, a key safety system. Note to self: Arrange for a large donation to a popular community organization, and inform the Reformer.

There once was a fellow McSweeny
Who spilled some gin on his—work is progressing at Vermont Yankee. Did you see that headline? "Work Progresses at Vermont Yankee." It's in the Burlington Free Press. That's a real newspaper. So we're getting some good press about the fact that we hired contractors to seal a leak through a valve gasket and to clear ice from a ventilation system on a back-up generator.
Just to be couth
He added vermouth
Then slipped his girlfriend a martini

There once was a man named J. Wayne
Whose banana was wonderfully named
When Forbes named him a top dog
He petted dear lap dog
And said, "Rover, you are one useful tool. What nasty maintenance scandals and financial disasters can we polish away together today? Who needs cash around here? The Brattleboro Museum and Arts Center again? The Chamber of Commerce?"

Amen,

Fake-Rob

2 comments:

Colin Tedford said...

Buck up, Fake-Rob! I'm sure your poetry will help. I have been pitching in with my own little art endeavor, Great Moments In Nuclear History. So many notable events in this fine industry's history seem to freak people out! Trying to help people understand them in a positive light has really helped me appreciate how hard you work. God bless!

Anonymous said...

Dear Fake Rob, please lay off poor J. Wayne. He's clearly overworked and underpayed and deeply stressed about cleanliness. See his answer to a question on the impact of a Carbon Tax on Entergy's profits, which can be seen verbatim in Entergy's 4th Quarter earnings statement Q&A here:http://seekingalpha.com/article/118289-entergy-q4-2008-earnings-call-transcript?page=4
J. Wayne Leonard

Yes, you'll see we're going to take down on either. The carbon is I think on every body, everybody's radar screens -- even though it's I think that I have thought it over the years, and those I still don't believe, in the science or whatever. They do believe that there is going to be some action taken on carbon. The numbers that we have used in terms of price signals, that we think is necessary in order to solve this problem, and around the world, is in that range of $40 a ton, and we have seen that in Europe at times.

We've seen that in study-after-study, we had the same type of number in that 2020 type carbon frame. So we continued to use numbers like that. I think for our own measurements in terms of adding to this portfolio, and it could be a portfolio that has obviously, a portfolio that has a variety of different types of assets, and the strength of an excess of course this has, as you know, it has no emissions at all. And we don't want to destroy that, because we believe strongly that that is a value adder.

And so, the assets or positions, or whatever that we look at we want to feel there are propriety to maintaining its competitive advantage from a cleanliness standpoint. And the things that we're thinking about and looking at, we factored in. And I don't know, if anybody does not frankly -- that we're talking -- that we talked to that isn't thinking about carbon as we're giving.

Leslie Rich - Columbia Management Group

Okay, thank you.

Laughingmama