Titans Of Nuclear | Interviewing World Experts on Nuclear Energy Ep 365: David Stearns - Nuclear Financing Partner
Aug 16, 2022
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Banker Turned Nuclear Financier
- David Stearns accidentally entered nuclear finance after starting in global banking and energy in the early 1990s.
- His first nuclear encounter was financing work on a French vendor and later diverse international energy projects.
TVO Case Shaped His Views
- David describes the TVO Olkiluoto 3 deal as a formative, complex project finance experience from 2002 onward.
- The project had fixed-price EPC ambitions, long delays, arbitration, but ultimately commissioning years later taught big lessons.
Market Prices Miss Nuclear's Value
- Nuclear's true value isn't captured by simple per-MWh market prices and consumers underpay for system benefits.
- Investors currently internalize most costs and risks while many societal benefits remain unremunerated.