The FT-Ocean Nuclear Global Nuclear Investment Summit will bring together key industry players from the world of nuclear and finance to discuss the opportunities and challenges in unlocking private investment in new nuclear.
FT-Ocean Nuclear Global Nuclear Investment Summit
In association with
Nuclear power remains a complex proposition for investors. As a significant source of low-carbon energy, nuclear has the potential to play an important role in meeting ambitious global carbon emissions targets. Yet prospects are hampered by the emergence of alternatives in the shape of increasingly competitive renewables and batteries, while escalating costs and delays associated with nuclear have discouraged private investors. The future growth of the nuclear industry will depend on the ability of project developers to reduce costs and build an effective investment case for new nuclear, to create innovative, workable project structures and access new sources of finance. The UK, withan ambitious new nuclear programme in prospect for both large scale and small nuclear reactors can be an important testbed for new approaches. Can nuclear rise to the challenge?
Agenda - 7th Jun
1:00pmRegistration and Refreshments
1:30pmOpening Remarks from the Chair
Ben Bland, International News & Business Presenter
1:35pmWelcome to the Summit
Jin Xu, Minister Counsellor of the Economic and Commercial Office , Embassy of the People's Republic of China in the United Kingdom
Lin Boqiang, Dean, China Institute for Studies in Energy Policy, Xiamen University; Vice Chairman, China Energy Society
1:45pmPanel: Making Nuclear Cost Competitive: An Investment Case for Nuclear
Nuclear power remains a complex proposition for investors. Proponents underline the vital role nuclear will need to play if the ambitious emissions reductions enshrined in the 2015 Paris climate agreement are to be met. Yet the falling costs of renewable power, combined with current low gas prices and concerns over costs overruns and delays on new build projects in US, France and Finland have deepened doubts about the economics of nuclear power.
If nuclear is to attract the investment it needs to expand and renew the UK’s fleet, and secure its future role in the energy mix, it will need to be cost competitive with other alternative energy sources, and project developers will need to find ways to cut costs and manage the delays which are a principal barrier to new investment.
Is the industry able to articulate an attractive business case for nuclear investment? How can nuclear become competitive with renewables? Is a nuclear cost premium justified on the basis of 24/7, reliable power? Will batteries resolve the intermittency challenge of renewables, reducing the need for peak plant nuclear and gas? What can project developers do to make the business case of nuclear more compelling? What are the strategies to address the risk perceptions of investors?
Humphrey Cadoux-Hudson, Managing Director of Nuclear Development, EDF
Robert Davies, Chief Operating Officer, CGN UK (China General Nuclear)
Angus McCrone, Chief Editor, Bloomberg New Energy Finance
Yang Hanxin, Chief Scientist, Ocean Nuclear
Moderator: Sylvia Pfeifer, Energy Correspondent, Financial Times
2:35pmThe Role for New Nuclear in a Global Context
King Lee, Director, Harmony Programme, World Nuclear Association
2:55pmPanel: Preparing Nuclear for the New Energy Era: Addressing the Skills and Supply Chain Challenges
A robust supply chain and access to highly qualified nuclear experts are crucial to the success of new build nuclear projects, and have been a key attribute of recent new build success stories. Yet the industry suffers from a long-standing skills shortage in both engineering and project management, and supply chain capabilities in the UK have been undermined by a decade and a half time gap when no new nuclear was built. Brexit carries its own challenges, bringing in its wake the potential of fuel supply disruptions, possible tariffs on products used in the construction of nuclear facilities and barriers to access to much needed nuclear experts from across the EU. Does the UK have the right project infrastructure in place for nuclear to succeed? What will be the impact of Brexit on the UK nuclear industry and on the investment case for nuclear?
Professor Stephen Pollock (Viscount Hanworth), Member of EU Energy and Environment Sub-Committee, House of Lords
Tom Greatrex, CEO, Nuclear Industry Association
Moderator: Elaine Moore, Deputy Lex Editor, Financial Times
3:30pmNetworking Coffee Break
3:50pmPanel: Unlocking Finance for New Nuclear
The future growth of the UK industry will depend on project developers’ ability to develop innovate, workable project structures and to access new sources of finance The balance sheets of governments and utilities are under are under pressure, and other traditional sources of finance to include ECA and corporate loans will not be
sufficient to address the sheer scale and finance needs of the multi projects planned or envisaged. A number of innovative financing sources are currently being explored. Project finance, for instance, is considered the nirvana of nuclear financing, but the perceived complexity and the particular risks and liabilities associated with nuclear have acted as a barrier to uptake. The considerable capital of pension funds and insurers is another source, if this can be effectively harnessed. What are the new innovative finance and project models and how well positioned is the industry to attract these new source of finance? What are the barriers to project finance for nuclear projects, and how can they be addressed? How can nuclear be made more bankable? How can institutional finance be harnessed? What are the potential risk mitigation solutions? What is the role for government-should they inject equity?
Nasser Al Nasseri, CEO, Barakah One Company
Vincent Zabielski, Senior Lawyer, Pillsbury Winthrop Shaw Pittman
Alistair Ray, Chief Investment Officer, Dalmore Capital
Carol Gould, Managing Director, MUFG Bank
Xinye Zheng, Asssociate Dean , School of Economics and Chair,Energy Economics Department, Renmin University of China
Moderator: Elaine Moore, Lex Deputy Editor, Financial Times
4:40pmPanel: Potential and Prospects for Small Modular Reactors (SMRs) : Can the UK take a Lead?
The global race is on for the development and deployment of a new generation of small reactors which many claim hold the potential to resolve the cost challenges associated with large scale nuclear. Hopes run high for the new technology which is cheaper and quicker to build and install with the potential for dispatchable power better able to align with a grid increasingly built around renewables. The UK is vying to play a leading role, with initiatives to provide funding to support development. Are SMRs a solution to the impasse regarding high cost nuclear?
Will SMRs become the norm for nuclear power? How commercially and technologically viable are SMRs, and to what extent will miniaturisation slash costs? Can the UK lead in this new market? How will SMRs be financed?
Simon Irish, CEO, Terrestrial Energy
Alan Woods, Director of Strategy and Business Development – Nuclear, Rolls-Royce
Ian Scott, President and CTO, Moltex Energy
Paul Dorfman, Senior Research Fellow, UCL Energy Institute, University College London
Moderator: Sylvia Pfeifer, Energy Correspondent, Financial Times
5:30pmClosing Remarks from the Chair
Ben Bland, International News & Business Presenter
Humphrey Cadoux-Hudson is Managing Director, Nuclear Development at EDF. Mr Cadoux-Hudson began his career at KPMG before joining Seeboard in 1991. He was appointed Executive Director in May 2000 with responsibility for Seeboard’s non-regulated businesses and group strategy. Following Seeboard’s acquisition by EDF Group in 2002, he was appointed Strategy and Development Director, and later that year, Chief Financial Officer and Member of the Board. On completing work on the £12.5bn acquisition of British Energy, in 2009 Mr Cadoux-Hudson was appointed Managing Director of Nuclear New Build. In this role, he lead the team that gained approval of the EPR design in the UK. The team also gained planning permission, nuclear site licence, negotiated revenue and decommissioning contracts with Government and achieved the financing of the Hinkley Point C project with EDF and Chinese partners CGN in 2016 which paved the way for full mobilisation of construction. In September 2017 Mr Cadoux-Hudson passed responsibility for the Hinkley Point Project to the Managing Director HPC, and took on the role of Managing Director, Nuclear Development focussed on Sizewell C, Decommissioning of the AGR fleet, SMRs and EDF’s involvement in Bradwell with partners CGN. Mr Cadoux-Hudson studied Engineering and Management at Manchester University.
Simon Irish is Chief Executive Officer of Terrestrial Energy Inc. He has 20 years of global investment banking and investment management experience in New York and London. He has a formal education in the quantitative sciences and quantitative finance and has established and managed multi-billion-dollar alternative investment businesses in North America.
Mr Irish is the former Head of Man Global Strategies (MGS) in North America, the strategic investment division of Man Group Plc, a leading global investment management business. During his tenure at Man, Mr Irish was responsible for building and managing the largest and most active strategic investment and managed account business in North America. Mr Irish was a member of the Investment Committee and responsible for corporate acquisition opportunities in North America for Man Group Plc.
Mr Irish began his banking career at Credit Suisse in London and in 2001 moved to New York as Director of FRM, the London-based investment firm, to establish its US. business.
In 2010, he focused on opportunities in breakthrough energy technologies and in particular nuclear energy given its unparalleled energy density and the commercial potential of advanced reactor technologies.
Mr Irish holds an MA in Natural Sciences from Cambridge University and an MSc in Finance from the London Business School.
Alan Woods is Director, Strategy and Business Development for Rolls-Royce’s nuclear business, with responsibility for the development of sector strategy including regional, customer and product opportunities in addition to acquisitions and partnerships.
After completing a Master’s Degree in Electrical and Electronic Engineering at Nottingham University, Mr Woods joined Rolls-Royce on the graduate training programme in 1998. His career in Rolls-Royce has covered multiple sectors including Submarines, Marine, Corporate Strategy, and now Nuclear. Mr Woods has also completed a Master’s degree in Programme Management.
Tom Greatrex became Chief Executive of the Nuclear Industry Association (NIA) in February 2016. Formerly MP for Rutherglen and Hamilton West, Mr Greatrex was shadow energy minister from 2011 – 2015 and the opposition’s lead spokesman on nuclear energy, electricity market reform, smart grid and metering, carbon capture and storage, interconnection and both onshore and offshore oil and gas. Leading the scrutiny of the Energy Act and the Infrastructure Act in the last Parliament, he secured a number of amendments to the proposed legislation. He also served as a member of the Energy Select Committee from 2010 and from 2007-2010 was a policy adviser in the Scotland Office, including on energy.
Since 2015, he has been an independent policy analyst working in the energy sector for a range of clients, a frequent media commentator on energy issues, and a regular columnist for Utility Week. In a varied prior career, he was Director of Corporate Affairs for the NHS in Scotland, a chief officer in local government and a GMB trade union official in England.
Robert Davies is currently the Chief Operating Officer of CGN UK (China General Nuclear), responsible for developing and building CGN in the UK with four nuclear joint ventures with EDF and supporting the growth of CGN’s UK renewable projects. He spent 25 years in the Royal Navy, commanding three warships and held various Whitehall appointments before completing an MBA and joining Framatome ANP to lead on UK Services, Dismantling and Waste Management, as UK Country Director. Promoted to Vice President, in AREVA NP, he was responsible for developing UK nuclear new build, focussing on Horizon Nuclear Power and Hinkley Point C. He was appointed Chief Executive Officer of AREVA UK in 2012, leaving mid-2016, to spend nine months as Chairman AREVA UK before joining CGN UK in May 2017. He was Chair of the National Skills Academy (Nuclear) for four years He was appointed Chevalier of The Order of Legion d’Honneur in June 2017.
Paul Dorfman is Honorary Senior Research Fellow at the UCL Energy Institute, University College London; Nuclear Policy Research Fellow of Joseph Rowntree Charitable Trust (JRCT); Founder of the Nuclear Consulting Group (NCG); Member of the Irish Government Environment Protection Agency (EPA) Radiation Protection Advisory Committee (RPAC) and Board Member of the International Nuclear Risk Assessment Group (INRAG). Dr Dorfman previously served as Secretary to the UK Government scientific advisory Committee Examining Radiation Risks from Internal Emitters (CERRIE); led the European Environment Agency (EEA) response to Fukushima; served as Expert to the European Economic and Social Committee (EESC); served as Advisor to the UK Ministry of Defence (MoD) nuclear Submarine Dismantling Project (SDP) and authored sets of UK Department of Health NHS Guidance. He regularly appears in the media and press, speaks at public meetings, academic and industry conferences and seminars.
Lin Boqiang is a 2008 “Chang Jiang Scholar” Professor of China’s Ministry of Education, currently Dean of China Institute for Studies in Energy Policy at Xiamen University; Vice Chinaman of China Energy Society; Member of National Energy Consultation Committee under National Energy Commission; Member of National Energy Price Consultation Committee under National Development and Reform Commission; Member of Board of Directors of China National Petroleum Corporation and Chairman of Audit committee; Guest Commentator for China Central TV and China National Radio. He is also a member of the executive committee of Board of Stewards on Future of Energy of the World Economic Forum based in Davos Switzerland, and he was Chairman of the Global Agenda Councils on energy security of the World Economic Forum.
He has published more 300 academic papers in top international and domestic energy and economics journals. He has written each year about 60 commentary and columns for top mainstream newspapers in China. He has regularly invited to speak at China Central TV and China National Radio and has strong media coverage in China on energy issues.
Nasser Al Nasseri
Nasser Al Nasseri is the Chief Executive Officer of Barakah One Company, the United Arab Emirates-based joint venture subsidiary of the Emirates Nuclear Energy Corporation (ENEC) and Korea Electric Power Corporation (KEPCO). As CEO of Barakah One Company, Mr Al Nasseri oversees all commercial and financial aspects of the Barakah Nuclear Energy Plant project, including coordinating with Nawah Energy Company, the operating and maintenance subsidiary of the Barakah Plant and managing the Power Purchase Agreement (PPA) with Abu Dhabi’s utility company. Mr Al Nasseri played an instrumental role in the Barakah project financing and PPA negotiations that successfully concluded in 2016.
In addition, Mr Al Nasseri is the Chief Financial Officer of ENEC, the owner of the Barakah Plant and the government entity responsible for developing the UAE Peaceful Nuclear Energy Program.
Mr Al Nasseri previously held roles at Zakum Development Company (ZADCO) and Abu Dhabi Investment Authority (ADIA). He holds a Bachelor of Science degree in Business Administration from the University of Arizona.
King Lee is the Director of the Harmony Programme at the World Nuclear Association. The Harmony Programme presents the nuclear industry’s vision for the future of electricity. In this role Mr Lee heads a team promoting nuclear energy by working with the nuclear community and engaging with key stakeholders and policy makers to support nuclear energy playing a crucial part in meeting the global energy challenge. Previously, Mr Lee was Head of Nuclear Development at Lloyd’s Register, where he led strategic business development and provided technical and commercial oversight of major nuclear projects in UK, China, Korea and UAE. This includes advice to government and induMr Lee is a member of the Nuclear Energy Agency (NEA) Nuclear Innovation 2050 Advisory Panel. stry leaders on regulatory and safety issues concerning the challenges for the nuclear industries.
Angus McCrone is Chief Editor of Bloomberg New Energy Finance (BNEF). He has overall editing responsibility for the company’s research on renewable energy, energy-smart technologies, gas and power. He works closely with BNEF’s 120-strong team of analysts and researchers, and takes a particularly close interest in topics such as clean energy investment trends, project finance, institutional investment in renewables, and marine energy.
Before joining New Energy Finance at the start of 2007, Mr McCrone was a financial journalist for UK national newspapers for 18 years, writing extensively for the London Evening Standard, Sunday Times, Sunday Telegraph and The Scotsman. He also worked as a senior economist for Centre for Economics and Business Research, a leading London based think tank, and as director of a start-up FSA-authorised financial services firm.
Stephen Pollock (Viscount Hanworth)
Stephen Pollock is a member of the House of Lords who sits on the Labour benches. He is a member of the House of Lords EU Energy and Environment Sub-Committee and has a particular interest in nuclear energy. He is an Emeritus Professor of Econometrics and Computational Statistics of the University of Leicester. He is an econometrician and a mathematical statistician who has specialised latterly in time-series analysis and statistical signal processing. Stephen Pollock has also written on a variety of topics, including medicine, agronomy and paleoanthropology.
Qiu Zhen is Chairman of Ocean Nuclear. In this role, he is focused on sustainable and stable industrial investment and research on the development of energy finance strategy. Mr Qiu has rich experience in M&A and asset management both at home and abroad. Prior to Ocean Nuclear, Mr Qiu was a Partnerat a well-known China industry fund. He graduated from South China University of Technology.
Alistair Ray co-founded Dalmore in 2009. He oversees all investment activity within the company and is a member of the Investment Committee. He was responsible for forming the Bazalgette consortium, which successfully bid for the Thames Tideway ‘super-sewer’ under the River Thames and is a non-executive director on the board.
Dalmore Capital has worked extensively to encourage further overseas investment into UK infrastructure assets and also to encourage UK pension funds to participate in infrastructure investment, an area where they have tended to lag behind foreign pensions in quantum and risk appetite. Raising £440m (£370m from UK pension funds) for the greenfield Thames Tideway project, is a step in the right direction, but there is significant room for further activity. Most recently Dalmore has signed, as part of a consortium, the acquisition of a 61% controlling interest in National Grid Gas Distribution with an enterprise value of over £13bn.
Mr Ray has 19 years’ experience in the infrastructure sector. Between 2005 and 2008, he was a Director at 3i and led the bid to invest in a major US highway PPP project and closed infrastructure transactions in the Netherlands, Malta and Singapore. He was also a member of the team that successfully floated 3i Infrastructure plc on the London Stock Exchange. From 2001 to 2004, Mr Ray was a Director and shareholder of Noble PFI, following three years with Edison Capital. He led the Noble-backed management buy-out of Edison Capital’s PPP portfolio and, subsequently, managed the sale of the Noble PFI portfolio in 2004. Mr Ray began his career in 1997 with British Linen Bank, where he spent a year as part of the equity team which closed the deal to build Scotland’s first PPP-financed hospital in 1998.
Mr Ray holds a Bachelor of Engineering honours degree.
Ian Scott is President and CTO of Moltex Energy. Mr Scott went to Cambridge University to study nuclear and particle physics, but was seduced during his first year by the excitement of the biological sciences and made his career in that field. He became Chief Scientist for Unilever plc before leaving to establish a drug discovery company based on insights from the new field of systems biology. In 2012 he became bemused by how nuclear energy had gone from being "too cheap to meter" to too expensive to afford and determined to try to remedy that flaw. The result was his invention of the Stable Salt Reactor and the creation of Moltex Energy.
Vincent Zabielski is a Senior Lawyer at the law firm Pillsbury, Winthrop, Shaw and Pittman, where he focuses his practice on international nuclear energy matters. His primary mission is to help clients develop innovative and effective solutions to maximise bankability and minimise construction risks for nuclear new-build projects. Mr Zabielski has over 28 years of experience in the nuclear industry, in a career that has included both engineering and law. He regularly advises clients regarding power purchase agreements, operation and maintenance agreements for nuclear power plants, nuclear fuel supply chain, nuclear liability issues and export controls. He has particular experience in crafting integrated solutions for new-build projects that leverage his legal, business, and engineering experience to deliver maximum value for the client.
Prior to his current role, Mr Zabielski worked as a senior legal counsel for the Emirates Nuclear Energy Corporation in Abu Dhabi, responsible for advising on legal matters related to the construction, licensing, operation, and financing of the four Barakah nuclear power plants currently under construction. He also previously served as Associate General Counsel-Nuclear at Public Service Enterprise Group in New Jersey and advised the operators and owners of the Salem/Hope Creek Generating Stations regarding all aspects of nuclear operations. Prior to his legal career, he had a successful career in engineering, with his last position as a nuclear steam supply systems engineering manager at a large US utility.
Professor Xinye Zheng , Ph.D. in Economics is Associate Dean of School of Economics and Chair of Energy Economics Department, Renmin University of China. Professor Zheng’s research interests are Energy Economics and Public Finance. He has published peer-reviewed papers in international journals such as Nature Energy，Energy Economics, China Economic Review, Environmental and Development Economics, Energy Policy, Regional Environmental Change, etc. His current research focuses on the Chinese energy demand management and supply transition issues. He serves as advisors to Chinese government agencies such as NDRC, MOF, NEA and international agency such as ADB, World Bank. He has been very often serving as panelist in CCTV, NHK etc. to talk about important energy or fiscal issues. He has also contributed columns regularly to national newspapers.
Sylvia Pfeifer is the FT's Acting Industry Editor based in London. She was previously part of the FT's Energy team and Energy Editor from 2010 to 2012. She joined the paper in 2008 to cover the defence industry. She was Deputy Business Editor of the Sunday Telegraph prior to that and City Editor of The Business newspaper, previously Sunday Business, where she was part of the launch team in 1998 and covered the energy industry as well as industrials. She graduated from Oxford University.
Elaine Moore is a writer for the Financial Times Lex column, the oldest and arguably the most influential business and finance column of its kind. Prior to this, she was the FT’s Capital Markets Correspondent, where she covered the Greek debt crisis, Saudi Arabia’s entrance to global markets, Argentina’s debt restructuring and the bond dispute between Russia and Ukraine. Previous roles at the FT include Deputy Editor of the FT’s personal finance section and reporter. Before joining the Financial Times, she worked for the Turkish Ambassador in London and as a freelance journalist in Cambodia. She graduated from Cambridge University.
The summit will comprise of senior decision makers from the following sectors:
- INVESTORS AND FUNDS
- Infrastructure investors, Pension Funds, Fund /Asset Managers, Commercial Banks/investment banks, Project Finance, Equity/ debt/fixed income, corporate loans, loan syndication, Energy Investors, Export Credit Agencies, Sovereign Wealth Funds, Green investment Banks
- LAW FIRMS & INSURANCE
- Partner energy, Partner nuclear, Partner, Project finance, Energy Insurers
- UTILITIES, MANUFACTURERS & REGULATORS
- Power Utilities, Nuclear construction, Nuclear reactor and equipment manufacturers, Nuclear/ Energy Regulators, Nuclear Waste disposal
- Government Energy and Industry Departments, Government Infrastructure Agencies
- ACADEMICS & SCIENTISTS
- Energy Academic experts, Nuclear Science & Technology, R&D
Debate the economics and investment case for nuclear power in its role in the future energy mix
Hear from key nuclear industry leaders on their plans to make nuclear more bankable
Discuss innovative new approaches to financing new nuclear including prospects for project finance
Learn about the potential for Small Nuclear Reactors (SMRs) to address nuclear’s cost challenge and the emerging opportunities for ‘mini nuclear’ in the UK
Keep abreast of the Brexit conundrums for nuclear in the UK and the implications for nuclear supply chain and skills.
RELATED FT ARTICLES
Areva and Siemens settle Finland nuclear plant dispute - Richard Milne, Financial Times & David Keohane, Financial Times | MARCH 11, 2018
The rise of renewables casts doubt on Europe’s nuclear future - Nick Butler, Financial Times | APRIL 23, 2018
PRESENTED BY (1)
The Financial Times is one of the world’s leading business news organisations, recognised internationally for its authority, integrity and accuracy. The FT has a record paying readership of one million, three-quarters of which are digital subscriptions. It is part of Nikkei Inc., which provides a broad range of information, news and services for the global business community.
IN ASSOCIATION WITH (1)
Global Nuclear Investment Summit (GNIS) stands for a profound event specific for international energy and financial industry hosted by Ocean Nuclear, together with international organizations, authorities, and media. The inaugural Global Nuclear Investment Summit will be held in Beijing and London respectively. GNIS will also be co-organized with strategic partners in France, Belgium, United Arab Emirates, South Korea, and South Africa in following years. Focusing on hot spot issues in nuclear industry development as well as the investment of related projects, GNIS is highly committed to boost the technology advance and enhance the industrialization of nuclear development through financial innovation.
Supporting Partner (1)
The Nuclear Industry Association (NIA) is the trade association and representative voice of Britain’s civil nuclear industry. It represents more than 260 companies including nuclear power station operators, new build developers and vendors, those engaged in decommissioning, waste management, all aspects of the nuclear fuel cycle, supply chain and consultancy companies.
The nuclear industry generates a fifth of all electricity used in the UK, directly employs around 64,000 professionals and has the support of 74% of the public. In 2016 its activities directly contributed £6.4 billion to UK GDP. The power generated by existing power stations avoids the emissions of 22.7 million tonnes of CO₂ a year – the equivalent of taking around a third of Britain’s cars off the roads.