法国核能

　　Under pressure

　　压力之下

　　France wants to export nuclear reactors. Who will buy them?

　　法国想出口核反应堆，谁人将买？

　　FOR France, nuclear power has long been a source of national pride. Its European Pressurised Reactor (EPR) is the world’s most advanced nuclear reactor and some consider it the safest. But since the nuclear accident at Fukushima in Japan, potential buyers have been having second thoughts (although the plant in question was not French.)

　　核能已经让法国引以为豪多年。法国第三代反应堆（ＥＰＲ）被认为是目前世界上最先进核反应堆，有些人认为也是最安全的。但自日本福岛核电站事故发生后，潜在的买家已经开始重新考虑这一想法了（尽管出问题的不是法国核电站）。

　　On December 12th Areva, France’s state-owned nuclear champion, said it would take a €2.4 billion ($3.1 billion) charge against profits. This will give the firm its first ever operating loss, of perhaps €1.6 billion for 2011. That hurts.

　　12月12号，阿海珐——这家法国国有一流核能企业，冲抵受益为€24 亿欧元（31亿美元）。这会将是该公司有史以来第一笔运营亏损，２０１１亏损额大约为１６亿欧元。这可伤大了。

　　Areva is the world’s only one-stop nuclear shop, selling everything from uranium to fuel recycling. Much of the charge came from a slump in the value of UraMin, a uranium-mining firm bought for a giddy price in 2007, when nuclear power was surging. The price of uranium, which fuels reactors, tumbled afterwards (see chart).

　　阿海珐是目前世界上唯一的一站式核反应车间，销售范围包括从铀矿石到能源回收。多数亏损是由于UraMin身价猛跌导致的，UraMin是2007年，当这家核能企业业务扩张时，斥巨资收购的铀矿石生产公司，铀核反应堆的燃料价格随即受到重创（见图表）。

　　Before Fukushima, Areva’s managers went on a hiring binge, expecting rapid growth in sales to rich and emerging markets alike. Now the firm will cut costs and investment, fire workers and sell assets.

　　在福岛核电站之前，阿海珐的经理们进行了大规模的招聘，期望其业务能同时在发达国家市场和新兴市场上都迅速增长。而现在，在这家公司将要削减成本和投资，裁员以及出售资产了。

　　In Europe, Areva’s most profitable market, people are newly nervous about nuclear power. Germany, Switzerland and Belgium have all opted to abandon it. Lower natural-gas prices have made it less competitive. And serious carbon curbs, which would boost a business that emits virtually no carbon dioxide, are nowhere in sight.

　　在欧洲，这块阿海珐利润最高的市场上，人们最近开始对核能不放心了。德国，瑞士和比利时皆已抛弃了核能。更低的天然气价格已经让核能失去了以往的竞争力。加上现在还没有出台的碳排放惩罚，这可能会催生零排放的新生意。