What you can do
Sample Letter
What's wrong with MOX?
In an effort to control and dispose of excess plutonium from dismantled nuclear warheads, the Department of Energy (DOE) has launched a program to use the plutonium in commercial nuclear power reactors. On the surface, the program appears to be "swords into ploughshares," but the reality is much more dangerous.
Weapons-grade plutonium can be mixed with uranium to form mixed-oxide fuel (MOX) which is slated to be manufactured at the Savannah River Site (Aiken, SC) and tested in Duke Energy's McGuire reactors (NC) around 2005.
The problems with MOX are numerous and activists are trying new creative approaches to stopping it.
Last Spring, anti-MOX activists filed a shareholders' resolution opposing Duke Energy's planned use of MOX in commercial reactors. The resolution received 7% favorable vote, which was a huge success for this type of action. Activists hope to build on the success of last year by submitting a similar resolution to be voted on at the Duke annual meeting in Charlotte, NC, April 20, 2000.
This time, however, we can organize around the shareholders' initiative to make it an even bigger success. In addition to individual stockholders, some of the top shareholders in Duke Energy are large mutual funds. These funds each have a fund manager who is responsible for voting a proxy on the MOX resolution for the shares owned by the fund.
Lobbying mutual funds is legal, so activists who own mutual funds are encouraged to send a letter to their fund managers urging them to vote their proxy in favor of the MOX resolution. If the resolution gets solid support at the stockholders meeting, Duke Energy may rethink its plan to burn MOX fuel.
- If you are a stockholder-- watch for a proxy on the resolution, to be mailed in late February early March. Cast your vote for the anti-MOX resolution.
- If you have money in a mutual fund that includes Duke Energy stock, (click here to check) you can help defeat MOX by writing a letter to the manager of your mutual fund urging them to vote their shares in favor of the anti-MOX resolution. You can use our Top Duke Shareholders list to write your own letter, or use the sample letter below.
- If you don't have stock in Duke Energy, you can still help. See below!
With your help we can defeat this dangerous program!
Ms. Fund Manager
Really Big Mutual Fund
Moneyville, $$ 12345
Dear Ms. Manager:
As an investor in your [insert name] mutual fund, I am writing today with a serious concern. I understand that this mutual fund holds stock in Duke Energy. Because of this, I urge you to vote your shares in favor of a resolution calling for the end to Duke's involvement in dangerous plan to put plutonium in commercial nuclear reactors.
The US Department of Energy (DOE) has launched a project to dispose of plutonium from dismantled nuclear weapons. According to the DOE plan, this excess "weapons-grade" plutonium will be mixed with uranium oxide to form "mixed-oxide" or MOX fuel.
There are many problems associated with MOX fuel that make it a potentially costly mistake for Duke Energy. The most serious is that MOX made from weapons-grade plutonium (distinct from commercial-grade plutonium) has never been tried in a commercial reactor. This experimental fuel may challenge the standard operations of nuclear power plants that use low-enriched uranium (LEU) as fuel which could decrease the safety and reliability of a reactor. Also, a recent study shows that in the event of an accident there would be a 30 to 40 percent increase in the number of cancer deaths - deaths for which Duke Energy would be responsible.
Furthermore, in addition to the potential costs of accidents, the Department of Energy themselves say "In no case can MOX fuel compete economically with LEU fuel." I don't want my safe investments making risky investments of their own!
The resolution urging Duke Energy to stop pursuing MOX fuel was introduced last year and received over 7 percent of the shareholder vote. This indicates that Duke's own stockholders are concerned about this program - and you should be too! Please vote your proxy in favor of stopping MOX before it becomes a costly mistake for all of us.
Sincerely,
Joe Bottomline
Concerned Investor
you can still help!
Many fund managers rely on services to recommend action on specific shareholder actions. Letters to these services could potentially have a significant impact since several fund managers may contact them seeking advice on the proxy. Send a letter today urging a YES vote on the Duke Energy MOX resolution to:
Social Investment Research Service
ATTN: Suzanne Harvey
1455 Research Blvd
Rockville, MD 20850
Phone: 301-545-4555
or:
Council of Institutional Investors
ATTN: Sophia Lynn
1730 Rhode Island Ave. NW, Suite 512
Washington, DC 20036
Phone: 202-822-0800
See copy of anti-MOX resolution
See list of Top Duke Investors
WAND's Nix MOX Bulletin Board
Problems with MOX
MOX ("mixed oxide") is nuclear reactor fuel made from a mixture of plutonium and uranium. The US Department of Energy is proposing to use plutonium from dismantled nuclear warheads to make MOX fuel for use in commercial reactors. To learn more about MOX, see "The MOX Box" link at www.wand.org/getfacts/index/index.html.