2007 Top 10 Stories: No. 4: Roller-coaster year for EnergySolutions
Jan 01, 2008 | 708 views | 0 0 comments | 10 10 recommendations | email to a friend | print


2007 was, in many ways, the best and worst of times for EnergySolutions. After wrangling with legislators and the governor at the beginning of the year over oversight and operational issues, the company hit a high point with a successful initial public offering in November, then became embroiled in controversy again following the announcement that it wanted to import nuclear waste from Italy for storage at its Clive facility in the west desert.

In March, after the legislature adjourned, Governor John Huntsman allowed Senate Bill 155 to become law without his signature. The bill exempted EnergySolutions from changes in Utah's radioactive waste disposal laws made in 2004. The changes would have required approval of local government planning and zoning departments, as well as legislative and gubernatorial approval, before EnergySolutions could make any changes in its current operation.

At the time, the company had plans to increase its capacity for waste from 8.8 million cubic yards to 13.1 million cubic yards by piling the waste higher on its currently approved site.

Tooele County Commission Chair Colleen Johnson testified in favor of Senate Bill 155 while representatives of the Healthy Environment Alliance of Utah opposed the bill, claiming it would take elective officials out of the approval process.

At the end of March, the governor and EnergySolutions announced a deal. EnergySolutions abandoned its plan to pile an additional 4.3 million cubic yards of waste on its current one-square-mile plot in exchange for the governor's approval for EnergySolutions to use another piece of its land to store 3.6 million cubic yards. EnergySolutions also had to vow not to seek approval to bring hotter waste to Utah.

In October, the Utah Radiation Control Board announced an agreement with EnergySolutions to provide a guarantee of $13.6 million for the perpetual care of the Clive facility after it closes or if EnergySolutions should go out of business prior to the facility reaching capacity.

Then, early in November, EnergySolutions announced plans to go public with an initial offering of stock. The company sold 30 million shares, which traded at an opening-day high of $23.48. As of last Friday, Energy Solutions stock was selling at $27.44 per share.

A week after going public, EnergySolutions announced plans to import 20,000 tons of nuclear waste from Italy. Company officials estimated 1,600 tons would end up in Tooele county at the Clive facility.

It was a busy year for a company that started out 20 years ago storing tailings from the clean up of the Vitro mill in Salt Lake Valley and now does over $2 billion of business annually.

tgillie@tooeletranscript.com

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