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GE Vice Chairman Sees Nuclear Sector Delays After Japan Crisis

By Bob Sechler Of DOW JONES NEWSWIRES The head of General Electric Co.'s (GE) energy business said Wednesday that he is optimistic on the long-term outlook for the nuclear-energy sector despite an obvious slowdown in the wake of the disaster in Japan. "There's going to be delays, because there is going to be lots of learning based on what happened," said GE Vice Chairman John Krenicki Jr. in an interview. Krenicki also said he expects nuclear power to be more expensive when the industry regains its footing "because there's going to be more redundancies in place" stemming from what are likely to be new regulatory requirements. GE competitor Siemens AG (SI) is considering whether to abandon its goal of becoming a major player in the atomic-power industry, several unconfirmed news reports have said in recent months. Siemens Chief Financial Officer Joe Kaeser fueled the speculation in April, when he told Germany's Der Tagesspiegel newspaper that "Fukushima has to be an occasion for taking stock [of nuclear energy]," referring to the nuclear accident in Japan. But Krenicki said Wednesday that GE takes a "decades-long" view of the nuclear sector and remains committed to it, adding that nations such as China and India "are going to continue to move forward" with nuclear power. "We view nuclear as a marathon," Krenicki said. GE runs its nuclear business through a joint venture with Hitachi Ltd. (HIT, 6501.TO). GE had a big role in designing and building some of the reactors at the heart of the Japan crisis earlier this year. Krenicki said GE has seen little tangible impact on its nuclear operations in the wake of the disaster, aside from a downturn for its nuclear-fuel business in Japan. -By Bob Sechler; Dow Jones Newswires; 512-258-1690; bob.sechler@dowjones.com

Stock News for Hitachi (HIT)
DateTimeHeadline
02/04/201506:13:00Hitachi to Establish Global Structure for the Social Innovation...
02/03/201505:50:00Hitachi Receives Large Power Transformer Order from US Power...
01/14/201503:33:00Utilizing a Self-steering Robotic Tractor in the Developmental...
01/09/201500:42:00Hitachi Wins an Additional Order for 16 Tilting Rail Cars for...
01/07/201503:43:00Hitachi Begins Shipment of Trains from Kasado Works for the UK...
11/18/201423:20:00Hitachi Secures Contract to Upgrade the Sentosa Express
11/18/201422:53:00Hitachi: Commencement of Feasibility Study on Development and...
11/12/201423:25:00Hitachi Unveils Train for the UK Intercity Express Programme
11/10/201420:35:00Hitachi Enters Agreement with Bonneville Power Administration...
11/10/201403:20:00MHPS Receives order for DeNOx System for Power Plant in Spain
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10/30/201401:30:00Fukushima Experimental Offshore Floating Wind Farm Project Second...
10/23/201422:35:00Hitachi and Veolia Win Contract to build Pretreatment Facilities...
10/22/201402:48:00MHPS Completes World-class Combustion Test Facility For Boilers...
10/09/201423:48:00Hitachi Rail Europe to Provide New Trains for Abellio Franchise...
10/09/201402:35:00Hitachi Hosts "Hitachi Innovation Forum 2014 Singapore"
10/08/201400:54:00Hitachi to Sponsor the Hitachi Scholarship Program for the Asian...
10/01/201402:02:00Hitachi Consulting Acquires Singapore Based Consulting Firm...
09/19/201402:38:00Hitachi Rail Announces Showcase at InnoTrans 2014
09/18/201403:48:00Hitachi Opens European Nuclear Research Centre

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