GE (GE) Goes On Offensive for Nuclear Industry

General Electric (NYSE:GE) CEO Jeffrey Immelt went on the offensive concerning the nuclear industry today, noting the approximate 50-year history of the industry and its record.

All the usual people tormented with fear are attempting to use the earthquake in Japan as a reason to cut back on the nuclear sector, even though the nuclear story there hasn't been clear by any means.

"Clearly we are offering any kind of technical assistance to our customer TEPCO and the government of Japan as they go through the recovery efforts with the nuclear power plants," Chief Executive Jeff Immelt said to reporters. "Our first priority is to support the government and people of Japan.''

"It's early days. Let people do exploration of what happened (in Japan) and let it take its course," said Immelt. "We are still only 72 hours from this earthquake and tsunami. A lot is still being understood."

General Electric was trading at $19.71, down $0.65, or 3.19 percent, as of 12:24 PM EDT.

Bank of America (BAC) Cuts Entergy (ETR), Scana (SCG) on Japan Nuclear Issues

Challenges from the earthquake in Japan to its nuclear reactors has put pressure on a number of stocks with exposure to the industry, and Bank of America (NYSE:BAC) downgraded Entergy (NYSE:ETR) and Scana (NYSE:SCG) as a result, although numerous other companies with nuclear exposure are down today.

Cuts to Entergy and Scana were based upon the probability they'll have to pay higher approval and relicensing costs in light of the nuclear power crisis and focus in Japan, said the giant bank.

Other stocks being strong affected today are General Electric (NYSE:GE), Edison International (NYSE:EIX), PG&E, Exelon (NYSE:EXC) and Xcel Energy (NYSE:XEL).

Entergy is trading at $69.94, down $3.75, or 5.09 percent, as of 11:55 AM EDT. Scana was at $38.85, down $1.20, or 3.00 percent.

Exelon (NYSE:EXC) Says Closing Nuclear Plant in NJ

Rather than pay prohibitive amounts to build expensive cooling towers, Exelon Corp. (NYSE:EXC) has decided to close their nuclear power plant in 2019, ten years before the expiration of their current license.

Dubbed the 'Oyster Creek Nuclear Generating Station,' it provides New Jersey with 9 percent of their electricity, or close to 600,000 homes.

In an agreement with New Jersey, in return for closing a decade early they won't have to invest about $800 million to build the cooling towers, which would be more than the value of the nuclear plant.

Exelon was granted a new 20-year license in 2009 by the U.S. Nuclear Regulatory Commission for Oyster Creek.

Oyster Creek is considered the oldest nuclear reactor in the United States, based on being granted a license before Nine Mile Point Nuclear Generating Station near Oswego, New York. Both went online December 1, 1969.

Exelon closed Wednesday at $39.61, up $0.15, or 0.38 percent. Volume was close to the daily 3-month average.