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India ratifies nuclear liability convention, wishes to win foreign investment

By admin on May 18, 2016 in law
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India validated a global convention on atomic energy mishap liability, the government said on Thursday, and the last piece in its efforts to deal with the issues of foreign nuclear suppliers and draw them into a market worth billions of dollars.

Nuclear reactor makers such as General Electric (GE.N) have actually hesitated to establish plants in India because of a 2010 liability law that makes equipment suppliers potentially responsible for accidents, not simply the plant operators as is the worldwide standard.

Since then, India which wants to ramp up the share of nuclear power from barely 3 percent to 25 percent by 2050 has actually been attempting to mitigate the worries of the nuclear providers.

In 2014 it introduced an insurance pool with a liability cap of 15 billion Indian rupees ($225 million) to cover the suppliers’ danger of possible liability.

On Thursday, the Indian Foreign Ministry stated it had actually submitted the document to ratify the Convention of Supplementary Compensation for Nuclear Damage, which seeks to develop a consistent international legal regime for the compensation of victims in the event of a nuclear mishap.

“This marks a definitive action in the resolving of concerns related to civil nuclear liability in India,”

the Foreign Ministry said after the document was handed to the International Atomic Energy Agency in Vienna.

Energy-starved India strategies to build about 60 nuclear reactors and has been in talks with Westinghouse Electric Co LLC, GE along with France’s Areva (AREVA.PA) for setting them up at websites currently selected around the country.

Russia is individually building six reactors in southern India and remains in talks for another 6. The total size of the Indian market is estimated at $150 billion dollars, making it equal to or just behind China’s.

India expects to seal an arrangement with Westinghouse to develop six reactors by the very first half of this year, a government official stated in December, after it validated the worldwide convention on payment.

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