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Time of India
2 days ago
- Business
- Time of India
India plans overhaul of atomic energy laws to attract private investment, address supplier liability
India is considering a total recast of laws governing atomic energy, including the Civil Liability for Nuclear Damage (CLND) Act, said people familiar with the matter. In particular, the revamp will seek to address the open-ended liability of suppliers under the current law as the Centre seeks to rope in private investment. India aims to expand its nuclear energy capacity to 35-40 GW by 2035 and 100 GW by 2047. Policymakers are of the view that the laws require changes if the target is to be met. India currently has 22 operating reactors, with an installed capacity of 6,780 MW. 'Instead of multiple piecemeal changes, there is a thinking that the laws be rewritten completely,' said one of the persons cited. The Atomic Energy and CLND Acts were introduced in the context of a state-owned nuclear thrust. Now, however, 'The idea is to encourage private sector participation and not discourage it,' the person added. The liability law, envisaged as a safeguard against fallout after any accident, has been a long-standing concern of potential investors. A more viable framework Currently, Section 6(1) of the CLND Act caps the total liability for each nuclear incident at 300 million special drawing rights, a reserve asset defined by the International Monetary Fund and equivalent currently to ₹3,700 crore. Section 6(2) sets the operator's maximum liability at ₹1,500 crore. But suppliers' worries stem from Section 17, which allows for a potentially large liability. This states that the operator will have recourse to liability claims where 'the nuclear incident has resulted as a consequence of an act of supplier or his employee, which includes supply of equipment or material with latent defects of substandard services.' This imposes unlimited liability on a supplier, said one of the persons cited. 'A supplier may be sourcing or subcontracting various inputs from other suppliers,' the person said. 'Besides, a plant has several components and so liability cannot be that of a single supplier.' According to ongoing deliberations, the liability of a supplier to a nuclear operator would be capped at a certain defined value. Some liability beyond that amount would likely be assumed by the government, said a third person. Draft in making A nuclear fund could be created as proposed in the current CLND, but with a more defined contribution from the operator that could be based on each unit of power generated. 'Hectic drafting exercise is on, along with discussions,' the person said. 'These would also be discussed with stakeholders before being put up for the Cabinet nod.' The government is keen to get the legislation through the Parliament in the current calendar year, he added. An inter-ministerial committee is firming up changes to the framework. The proposed recast would also take into account global best practices and conventions to which India is a signatory. While India has signed the Convention of Supplementary Compensation (CSC), it's yet to ratify the accord.>


Economic Times
2 days ago
- Business
- Economic Times
Nuke law recast expected to cap supplier liability
Tired of too many ads? Remove Ads A More Viable Framework Tired of too many ads? Remove Ads Draft in Making India is considering a total recast of laws governing atomic energy , including the Civil Liability for Nuclear Damage (CLND) Act, said people familiar with the matter. In particular, the revamp will seek to address the open-ended liability of suppliers under the current law as the Centre seeks to rope in private aims to expand its nuclear energy capacity to 35-40 GW by 2035 and 100 GW by 2047. Policymakers are of the view that the laws require changes if the target is to be met. India currently has 22 operating reactors, with an installed capacity of 6,780 MW. 'Instead of multiple piecemeal changes, there is a thinking that the laws be rewritten completely,' said one of the persons Atomic Energy and CLND Acts were introduced in the context of a state-owned nuclear thrust. Now, however, 'The idea is to encourage private sector participation and not discourage it,' the person liability law, envisaged as a safeguard against fallout after any accident, has been a long-standing concern of potential Section 6(1) of the CLND Act caps the total liability for each nuclear incident at 300 million special drawing rights, a reserve asset defined by the International Monetary Fund and equivalent currently to Rs 3,700 6(2) sets the operator's maximum liability at Rs 1,500 suppliers' worries stem from Section 17, which allows for a potentially large liability. This states that the operator will have recourse to liability claims where 'the nuclear incident has resulted as a consequence of an act of supplier or his employee, which includes supply of equipment or material with latent defects of substandard services.'This imposes unlimited liability on a supplier, said one of the persons cited.'A supplier may be sourcing or subcontracting various inputs from other suppliers,' the person said. 'Besides, a plant has several components and so liability cannot be that of a single supplier.'According to ongoing deliberations, the liability of a supplier to a nuclear operator would be capped at a certain defined value. Some liability beyond that amount would likely be assumed by the government, said a third person.A nuclear fund could be created as proposed in the current CLND, but with a more defined contribution from the operator that could be based on each unit of power generated.'Hectic drafting exercise is on, along with discussions,' the person said. 'These would also be discussed with stakeholders before being put up for the Cabinet nod.' The government is keen to get the legislation through the Parliament in the current calendar year, he added. An inter-ministerial committee is firming up changes to the proposed recast would also take into account global best practices and conventions to which India is a signatory. While India has signed the Convention of Supplementary Compensation (CSC), it's yet to ratify the accord.


Time of India
3 days ago
- Business
- Time of India
Nuke law recast expected to cap supplier liability
India is considering a total recast of laws governing atomic energy , including the Civil Liability for Nuclear Damage (CLND) Act, said people familiar with the matter. In particular, the revamp will seek to address the open-ended liability of suppliers under the current law as the Centre seeks to rope in private investment. India aims to expand its nuclear energy capacity to 35-40 GW by 2035 and 100 GW by 2047. Policymakers are of the view that the laws require changes if the target is to be met. India currently has 22 operating reactors, with an installed capacity of 6,780 MW. 'Instead of multiple piecemeal changes, there is a thinking that the laws be rewritten completely,' said one of the persons cited. The Atomic Energy and CLND Acts were introduced in the context of a state-owned nuclear thrust. Now, however, 'The idea is to encourage private sector participation and not discourage it,' the person added. The liability law, envisaged as a safeguard against fallout after any accident, has been a long-standing concern of potential investors. A More Viable Framework Currently, Section 6(1) of the CLND Act caps the total liability for each nuclear incident at 300 million special drawing rights, a reserve asset defined by the International Monetary Fund and equivalent currently to Rs 3,700 crore. Section 6(2) sets the operator's maximum liability at Rs 1,500 crore. But suppliers' worries stem from Section 17, which allows for a potentially large liability. This states that the operator will have recourse to liability claims where 'the nuclear incident has resulted as a consequence of an act of supplier or his employee, which includes supply of equipment or material with latent defects of substandard services.' This imposes unlimited liability on a supplier, said one of the persons cited. 'A supplier may be sourcing or subcontracting various inputs from other suppliers,' the person said. 'Besides, a plant has several components and so liability cannot be that of a single supplier.' According to ongoing deliberations, the liability of a supplier to a nuclear operator would be capped at a certain defined value. Some liability beyond that amount would likely be assumed by the government, said a third person. Draft in Making A nuclear fund could be created as proposed in the current CLND, but with a more defined contribution from the operator that could be based on each unit of power generated. 'Hectic drafting exercise is on, along with discussions,' the person said. 'These would also be discussed with stakeholders before being put up for the Cabinet nod.' The government is keen to get the legislation through the Parliament in the current calendar year, he added. An inter-ministerial committee is firming up changes to the framework. The proposed recast would also take into account global best practices and conventions to which India is a signatory. While India has signed the Convention of Supplementary Compensation (CSC), it's yet to ratify the accord.
Yahoo
27-06-2025
- Business
- Yahoo
Amentum (AMTM) Strengthens North American Operations, Announces C$1.2 Billion Contract with AECL
Amentum Holdings, Inc. (NYSE:AMTM) is one of the 10 cheap Jim Cramer stocks to invest in. On June 12, the company announced a new contract from Atomic Energy of Canada Limited to deliver operations and management services for Canadian Nuclear Laboratories. The work will be carried out through Nuclear Laboratory Partners of Canada, Inc., a joint venture. The contract is valued at an average of CAD$1.2 billion per year. It includes a six-year base term with the possibility of extensions based on performance, for up to twenty years. The transition is expected to begin this summer. As this joint venture strengthens Amentum's (NYSE:AMTM) stronghold in North American nuclear, the company is already one of the UK's major players in the energy market. In May, the company was appointed as the program manager and lead design engineer for Sizewell C, a new nuclear power station intended to support the United Kingdom's energy infrastructure. According to the CEO's comments at the latest earnings call, the long-term contract involves the construction of a station featuring two 1.6-gigawatt reactors, with the capacity to supply electricity to six million homes annually. A professional investor in a bespoke suit calmly analysing a stock exchange chart. It is worth mentioning here that on June 11, Cramer extensively commented on the company when he said: 'Now, when Amentum reported its latest quarter in early May, the results were good, better than expected revenues, a healthy earnings beat, management reaffirmed the full year earnings and cash flow guidance. Not bad. Sounds good. Then how come the stock dropped 4.5% the next day? Well, it seems that the market wasn't overly impressed with Amentum's growth story. While the company beat estimates, [it] still only posted 1% revenue growth year over year, and the earnings were just up 4%. That's not good enough… Amentum (NYSE:AMTM) is a holding company with subsidiaries that provide services in environmental sustainability, intelligence, analytics, engineering, research, and citizen systems. While we acknowledge the potential of AMTM as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money. Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data


SBS Australia
22-06-2025
- Politics
- SBS Australia
Donald Trump describes US airstrikes on Iran as a "spectacular military success"
In a dramatic escalation in the Middle East, President Donald Trump says the United States has bombed three nuclear sites in Iran - Fordow, Isfahan and Natanz. Iranian State Television has confirmed the strikes. "At dawn today, the country's nuclear sites in Fordow, Natanz and Isfahan were attacked by enemies of the Islamic Iran in a barbaric move violating international regulations particularly the Non-Proliferation Treaty. This illegal move was unfortunately carried out amid the indifference, even the complicity of the IAEA." President Trump says he felt it was necessary to have the US directly join Israel's effort, saying the strikes are a response to a long-held fears of Iran developing a nuclear arsenal. He says this matter has now been dealt with. "Our objective was the destruction of Iran's nuclear enrichment capacity and a stop to the nuclear threat posed by the world's number one state sponsor of terror. Tonight I can report to the world that the strikes were a spectacular military success. Iran's key nuclear enrichment facilities have been completely and totally obliterated." Iran's nuclear agency has confirmed the attacks on the three nuclear sites. But it says its work will not be stopped. Iran's Atomic Energy Organisation has reportedly confirmed the attacks issuing the following statement. "Iran's nuclear sites in Fordow, Natanz, and Isfahan were targeted by the enemies at dawn today in a savage operation that violates international law, particularly the Treaty on the Non-Proliferation of Nuclear Weapons (NPT) Regrettably, this violation of international law has taken place under the indifference, and even complicity, of the International Atomic Energy Agency (IAEA)." Earlier, US media outlets reported B2 bomber aircraft had been moved from the US mainland to the Pacific island of Guam. Mr Trump has also confirmed that all US planes are safely on their way home after completing the mission. Israeli Prime Minister Benjamin Netanyahu has congratulated the US President for his decision to bomb Iran, claiming Mr Trump has changed history. The attacks come after Mr Netanyahu, who has rallied against the Iranian government and its potential for developing nuclear weapons since the 90s, launched a surprise Israeli assault on Iran earlier this month. Israel itself is believed to have about 90 nuclear warheads of their own. The Israeli leader claims President Trump's military intervention has created a path for peace. 'Your bold decision to target Iran's nuclear facilities with the awesome and righteous might of the United States will change history. It has done what no other country on earth could do. His leadership today has created a pivot of history that can help lead the Middle East and beyond to a future of prosperity and peace. President Trump and I often say, 'Peace through strength'. First comes strength, then comes peace. And tonight, President Trump and the United States acted with a lot of strength.' Questions remain about how the Iranian government will respond to the strikes and whether this could be the beginning of a new US war in the Middle East. President Trump has warned Iran against any retaliation. "This cannot continue. Iran the bully of the Middle East must now make peace. If they do not, future attacks will be far greater and a lot easier. There will be tragedy for Iran, far greater than we have witnessed over the last eight days." The Albanese government has called for de-escalation, dialogue and diplomacy as fears of all out war between the United States and Iran take hold. A spokesperson for the federal government did not comment directly on the unprecedented strikes but, in a statement, says: "We have been clear that Iran's nuclear and ballistic missile program has been a threat to international peace and security. We note the US President's statement that now is the time for peace." They have also suggested that Australians in Israel and Iran should listen to warnings from local authorities, and the government will be communicating directly with registered Australians about preparations for assisted departures.