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From oil fields to wind turbines to coal mines, size and scale rule the economics of energy.

But the nuclear industry is thinking small these days.

The latest evidence came last week when Ameren Missouri and Westinghouse Electric Co. announced plans to pursue a $452 million federal subsidy to advance development of small modular reactors that could be built alongside the utility’s much larger Callaway nuclear plant near Fulton, Mo.

While some utilities are still pursuing full-scale plants, there is a parallel push for smaller reactors that could be easier for utilities to finance and minimize sticker shock for regulators and consumers. But despite a lower total cost, there’s no evidence yet that tiny fission factories would be able to produce electricity at a competitive cost in an era of abundant, cheap natural gas.

“There just isn’t any proof that small reactors are going to be any more economic than larger ones,” said Peter Bradford, an adjunct law professor at Vermont Law School and a former Nuclear Regulatory Commission member. “At this point, it’s all about hype and hope.”

The so-called small nuclear reactors promise the same benefits as larger ones: namely, an option for around-the-clock, low-carbon electric generation that could be a key in replacing aging coal plants.

For utilities considering nuclear technology, the smaller size means a smaller price. Even using the most generous cost estimates, a new nuclear plant the size of Ameren Missouri’s existing Callaway plant could rival or exceed the $7.5 billion market value of the utility’s entire parent company.

But the differences go beyond size. For one, the small reactors envisioned would be modular, able to be manufactured at a central factory, shipped by rail, ships or truck and assembled on site. That means a potentially larger market for vendors like Westinghouse.

“This (small) plant will appeal to a very broad market,” Kate Jackson, a Westinghouse senior vice president and chief technology officer said last week.

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The pursuit of small reactors represents a new path to the oft-referenced nuclear renaissance.

It was only a few years ago that the industry focused strategy on certification of a few large reactor designs that would, in theory, eliminate the risk and uncertainty, cost overruns and construction delays that tainted the last nuclear plant boom.

While new reactors are going forward in Georgia and South Carolina, a full-tilt nuclear revival hit a wall for several reasons. Among them: the inability of utilities to finance projects that cost multiple billions of dollars.

In fact, more than half of the new reactors for which construction and operating licenses were sought have been deferred or cancelled, including Ameren Missouri’s proposed 1,600-megawatt Callaway 2 plant.

Andrew Klein, a nuclear engineering professor at Oregon State University, sees small reactors as part of a new strategy that could help utilities get over the hump by adding new capacity in small bites. They could then use revenue from the first small reactors to help finance subsequent units as more generating capacity is needed.

“It’s an entirely different business model,” he said.

The Obama administration, which is pushing for development of low-carbon energy technologies, sees potential, too. And the president wants the United States to take the lead in developing the industry.

Last month, Obama proposed $452 million to help speed up development of small modular reactors. The funding availability would come on top of $8 billion in loan guarantees for the Vogtle twin-reactor nuclear project in Georgia low fee payday loans.

The federal funding, which has yet to be appropriated by Congress, would support engineering, design certification and licensing of up to two plant designs that have the potential to be licensed and in commercial operation in a decade.

Westinghouse says it believes it has an advantage because the 225-megawatt reactor it’s developing is an offshoot of the company’s full-size AP1000 reactor that has already been certified by the Nuclear Regulatory Commission.

“The path from here to the end is shorter for us than anyone else,” Jackson said. No other vendor has been through the new licensing process and has technology that’s already been licensed.”

PIECE OF THE PIE

At least two other groups have indicated they will seek a share of the federal grant. Both are eyeing the Department of Energy-owned Savannah River site in South Carolina, and are being backed by NuHub, an economic development initiative in South Carolina.

Holtec International Inc. on Tuesday said it intends to seek a share of the federal funding to speed up development of its 160-megawatt small modular reactor. Two weeks ago, NuScale Power, based in Corvalis, Ore., announced plans to seek funding to accelerate development of its 45-megawatt nuclear modules at Savannah River site.

Other nuclear industry players are pursuing modular designs. And at least one other utility has publicly expressed interest in small reactors.

The Tennessee Valley Authority has said it is looking at Babcock & Wilcox’s small reactor design for a project on a utility-owned site near the Energy Department’s Oak Ridge National Laboratory.

For all the hype, small reactors, are still at least a decade away. And that’s if design, licensing and commercial development go at the pace hoped for by the nuclear industry.

And even then, the potential for small reactors hinges on how they compete in the energy marketplace. More than concerns about nuclear safety in the wake of Fukushima disaster in Japan or the dilemma of where to dispose of highly radioactive spent nuclear fuel, the technology’s future will be dictated by economics.

Jackson said Westinghouse aspires to make small reactors whose costs are equal to or less than full-size reactors.

For now, there’s no cost data for small reactors, and no firm evidence they will produce electricity at a lower price than larger plants.

“It’s too early to determine that,” Klein said. “We’re going to have to see some built.”

Ameren Corp. CEO Thomas Voss said at Tuesday’s shareholder meeting that if a new power plant was needed today, the lowest cost option would be a natural gas-fired power plant, not nuclear.

But gas prices have been especially volatile over the past several years. After spiking to more than $14 per thousand cubic feet in mid-2008, prices have plunged to less than $2 — the lowest level in about a decade.

That kind of volatility makes utilities hesitant to commit to natural gas-fueled power over the long haul, so Ameren continues to pursue nuclear development in Missouri to keep the option available in years to come, Voss said.

“We continue to believe nuclear power will to play a role in meeting Missouri’s energy needs,” he said.

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European Central Bank officials led by President Mario Draghi resisted calls from the International Monetary Fund and U.S. Treasury to do more to stem the debt crisis roiling the euro-area economy.

As talks of global finance chiefs ended yesterday in Washington, euro-area central bankers from Draghi to Bundesbank President Jens Weidmann argued they have done enough by cutting interest rates and issuing more long-term bank loans.

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A Japanese utility sought government approval Monday to restart two nuclear reactors even though some key upgrades to prevent another nuclear crisis will take three years.

All but one of Japan’s 54 reactors are offline for regular safety checks, and the last will be shut down in May. Residents fear another disaster like the Fukushima crisis, but Japan faces a severe power shortage if reactors are not restarted.

The government issued new safety guidelines to address residents’ worries, but it gave no deadline for when the improvements must be finished. Utility officials say the full upgrades will take three years.

Kansai Electric Power Co. submitted its safety plans for two reactors in Fukui prefecture, and the government’s final decision on whether to restart the reactors is reportedly expected later this week.

“We’ll aim to achieve the world’s top-class safety at our plants,” said Kansai Electric President Makoto Yagi as he handed the safety improvement roadmap to Economy and Industry Minister Yukio Edano.

However, more than one third of the necessary upgrades on the list are still incomplete, utility officials said.

Filtered vents that could substantially reduce radiation leaks in case of an accident threatening an explosion, a radiation-free crisis management building, and fences to block debris washed up by a tsunami won’t be ready until 2015 faxless pay day loans. This means the plant, as well as plant workers and residents won’t be fully protected from radiation leaks if a Fukushima-class accident occurs while the measures are being taken.

Currently, the crisis management headquarters at the Ohi plant is in the basement. The plant is relocating the function to a room next to the control room for the two reactors. None of Japan’s 54 nuclear reactors are equipped with filtered vents, although their operators are moving to install them in coming years.

“The operators are expected to take initiative to improve safety and reliability, and never dwell on the safety myth,” Edano told Yagi, urging the utility to expedite the process.

The startup guidelines are based on recommendations adopted last month by the Nuclear and Industrial Safety Agency. The most crucial measures to secure cooling functions and prevent meltdowns as in Fukushima were incorporated in the government’s guidelines, but the rest were not.

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Asian stock markets rose Monday after a Chinese survey showed that manufacturers in the world’s No. 2 economy boosted production for a fourth straight month.

Japan’s Nikkei 225 index gained 0.8 percent to 10,163.59 despite businesses remaining pessimistic in the central bank’s latest “tankan” survey.

South Korea’s Kospi added 0.2 percent to 2,017.89 and Australia’s S&P/ASX 200 gained 0.1 percent to 4,341.20. Benchmarks in Indonesia and Singapore also rose.

Hong Kong’s Hang Seng fell 0.7 percent to 20,419.84. Markets in mainland China are closed for a public holiday.

Chinese manufacturing gained momentum for a fourth straight month in March, helped by a recovery in the auto, tobacco and electronics sectors, though analysts said conflicting data suggest lingering weakness.

The state-affiliated China Federation of Logistics and Purchasing said Sunday that its purchasing managers index, or PMI, rose 2.1 points to 53.1 in March, up from February’s 51.0 and January’s 50.5. A reading above 50 signifies expansion.

A rise in new factory orders suggests a recovery in some industries, though a second set of data, from HSBC, said that after adjusting for seasonal factors, its PMI index for China for March was 48.3, down from 49.6.

HSBC’S index, which tends to reflect trends in the export sector more strongly than the official index, has remained below 50 for five straight months, and recorded its lowest average reading in three years in the first quarter, HSBC said.

Analysts at Credit Agricole CIB in Hong Kong said called the official reading on China manufacturing “surprisingly upbeat” and said set the stage for a strong week in stock markets fast cash advance.

“Investors will watch PMI readings from other regional economies, including Korea, Taiwan and India. If they also improve, the story of Asia regaining momentum … would provide more lasting support for markets,” Credit Agricole said in a report.

The data from China boosted Australia’s raw materials sector, whose fortunes are largely tied to Chinese demand. BHP Billiton, the world’s largest mining company, jumped 2.3 percent. Fortescue Metals Group gained 1.7 percent. Rio Tinto Ltd. rose 1.6 percent.

Rising consumer spending boosted U.S. stocks on Friday, and Wall Street closed its best first quarter since 1998.

The Dow Jones industrial average rose 0.5 percent to close at 13,212.04. The Standard & Poor’s 500 index rose 0.4 percent to close at 1,408.47. The Nasdaq composite fell 0.1 percent to 3,091.57.

For the quarter, the Dow posted an 8 percent gain and the S&P a 12 percent gain, the best for those indexes in 14 years. The gain was 19 percent for the Nasdaq, its best since 1991.

Benchmark oil for May delivery was up 31 cents to $103.33 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 24 cents to settle at $103.02 per barrel in New York on Friday.

In currencies, the euro rose to $1.3341 from $1.3334 late Friday in New York. The dollar fell to 83.15 yen from 82.86 yen.

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The number of first-time filers for unemployment benefits fell to a four-year low last week, hinting that solid job growth likely continued in March.

About 348,000 people filed for initial jobless claims in the week ended March 17, down from the previous week’s 353,000 claims, the Labor Department reported Thursday.

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Obama battles job crisis

Before Obama even took office, America had lost 4.4 million jobs. Track his progress since then.

Economists surveyed by Briefing.com had predicted the newly unemployed would file 355,000 claims payday loans for bad credit.

Unemployment claims are considered a key indicator of the job market’s strength, and recently they have fallen back to levels consistent with a healthier labor market.

Check the unemployment rate in your state

Even when the economy was stronger in 2005 and 2006, it was not uncommon to see Americans file around 350,000 new claims a week, due to usual turnover.

Employers have now added more than 200,000 jobs each month since December, and a decline in unemployment claims suggests job growth may have continued at that pace in March, said Jennifer Lee, senior economist with BMO Capital Markets.

Since the initial claims number can be volatile from week to week, economists often look to the four-week moving average as a broader gauge of the labor market’s health. Lately, that figure has also been on a gradual decline.

Meanwhile, continuing claims fell. About 3.35 million people filed for their second week of unemployment benefits or more in the week ended March 3, the most recent data available. That’s down 9,000 from the previous week.  

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Markets reacted cautiously Tuesday to the news that Greece finally secured its second massive bailout in less than two years, which is aimed at giving the debt-ridden country the breathing room to enact widespread economic reforms and set it back on the path to growth and prosperity.

That is the most optimistic hope in Europe’s capitals but with many hurdles still to be cleared and the country still lumbered with massive amounts of debt even after its private creditors agreed to a huge writedown of debt, the prevailing view in the markets is that Greece remains insolvent and that its debt crisis still has a few more chapters to run.

“This deal clearly does not solve Greece’s problems or that of the rest of the eurozone. What it does do is buy some time,” said Louise Cooper, markets analyst at BGC Partners. “This deal does not rule out a breakup of the eurozone. It does not rule out a Greek default in the future, it does not prevent contagion and does not help the wider eurozone indebtedness problem.”

The heart of the deal that emerged after 12 hours or so of wrangling in Brussels is that Greece’s partners in the 17-country eurozone have agreed to hand over another euro130 billion ($170 billion) to the country in the hope that it will avoid a potentially disastrous default as soon as next month, and secure the euro currency.

On top of the new rescue loans, Athens will also ask banks and other investment funds to forgive it some euro107 billion ($142 billion) in debt, while the European Central Bank and national central banks in the eurozone will forgo profits on their holdings.

However, the pieces of the jigsaw have yet to be put in place and many in the markets think that there will be more high-wire acts in the Greek debt drama. Perhaps most important of all will be Greek elections, due in April, which will take place at a time when the country’s economy is in freefall and unemployment is standing at a record rate above 20 percent.

With the parties of the governing coalition struggling to get a combined 30 percent in opinion polls, there are real fears in the markets that anti-bailout forces may win the day, or at least hold the balance of power.

“With the recession thwarting debt reduction efforts and public outrage growing, we still see Greece leaving the eurozone before the year is out,” said Jennifer McKeown, senior European economist at Capital Economics bad credit pay day loans.

Over recent days, stocks have rallied in the hope that a deal would be secured and that Greece would avoid defaulting on its debts in a disorderly fashion that could hobble a tentative improvement in the global economy.

The eurozone _ and Greece _ had been under pressure to reach an accord quickly to prevent Athens from defaulting on a euro14.5 billion ($19.2 billion) bond payment on March 20. The fear has been that an uncontrolled bankruptcy even of relatively small Greece could unleash market panic across the rest of the continent. That would further unsettle other struggling countries like Ireland, Portugal or the much bigger Italy or Spain.

Despite the promise of new rescue loans, which come on top of a euro110 billion ($146 billion) bailout granted in 2010, the other 16 euro countries made clear that their trust in Greece is running low. Before Athens will see any new funds, it has to put into practice a whole range of previously promised cuts and reforms.

With the deal agreed, many investors took profits on the gains they have mustered over recent days.

In Europe, the FTSE 100 index of leading British shares was down 0.4 percent at 5,919 while the CAC-40 in France fell 0.9 percent to 3,441. Germany’s DAX was 0.8 percent lower at 3,890.

The euro was faring slightly better, trading 0.2 percent higher on the day at $1.3230.

Wall Street was poised for a modest advance later as it returns from a long holiday weekend _ Dow futures were up 0.3 percent at 12,969 while the broader Standard & Poor’s 500 futures rose 0.2 percent to 1,363.

Earlier, Asian shares were mixed as they awaited the developments in Brussels.

Japan’s Nikkei 225 index closed down 0.2 percent at 9,463.02 while Hong Kong’s Hang Seng rose 0.3 percent to 21,478.72

In the oil markets, the attention was as much on Iran as on Greece. Earlier, Iran has laid out conditions for future oil exports to European countries after halting sales to Britain and France earlier this week.

Benchmark crude was up $1.49 to $104.73 a barrel in electronic trading on the New York Mercantile Exchange.

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President Barack Obama called for $1.4 trillion in fresh revenue from Americans at the top of the income scale, proposing higher taxes on wages and investments and limiting breaks for retirement savings and health insurance.

The tax proposals in the administration

BOSTON • The Federal Reserve is making it increasingly hard for investors to earn anything, unless they’re willing to accept plenty of risk. Ben Bernanke and his Fed are playing the role of adviser, encouraging Americans to get a little more adventurous by shifting savings out of low-yielding bonds and putting it to work in stocks.

The latest nudge came last month when the Fed said it doesn’t expect to raise its benchmark rate until late 2014, at the earliest. Rates have been near zero since December 2008. The latest extension means borrowers can expect another three years of low-cost loans and mortgages.

It’s more bad news for savers and retirees depending on investment income, particularly when there’s 3 percent inflation. Investors who value earning stable returns from Treasury bonds end up with little more than satisfaction that they’re faring better than people keeping money in savings accounts.

Consider that investors committing to lock up their money for a full decade were only being paid 1.8 percent for buying U.S. Treasurys last week. And yields have turned negative for investors trading 10-year Treasury Inflation-Protected Securities, or TIPS. On Wednesday, the yield was negative 0.28 percent. In essence, investors are willing to pay Uncle Sam to borrow their dollars for 10 years, because the opportunity to minimize losses is attractive compared with other options.

Here’s a look at three relatively low-risk alternatives to generate some income in this environment:

DIVIDEND STOCKS

Dick Bristol, 74, a retired Air Force major from Biloxi, Miss., counts on dividend-paying stocks for his retirement security. His investment portfolio is nearly 100 percent in stocks that make regular payouts, and he and his wife count on a few hundred dollars of dividends coming in each month quick payday loans.

Of course, dividend-paying stocks are not immune from market drops. And companies often cut dividends when the economy skids. But Bristol is convinced the potential returns are worth the risks.

“Keep in mind that if you invest in something that’s earning 1 to 2 percent, you’re losing out to the 3 inflation we’ve got now,” Bristol says. “Over the long run, nothing pays like dividend stocks.”

HIGH-YIELD BONDS

These bonds are issued by companies with credit problems. High-yield investors expect higher returns because there’s a greater risk of default. And they’ve gotten them recently. Mutual funds specializing in high-yield bonds have produced an average annualized return of 19 percent over the last three years.

Anne Lester, lead manager of JPMorgan Income Builder, has recently been adding to the fund’s holdings in high-yield bonds. They now make up 44 percent of a portfolio. Corporate default rates remain low and high-yields are attractively priced compared with Treasurys and other bonds, Lester says.

MUNICIPAL BONDS

Investments in the bonds of state and local governments won’t make you rich because returns are generally low. But muni bond interest payments are exempt from federal taxes. That protection may extend to state taxes if the munis are issued by the state in which the investor lives. Investors can pocket attractive returns even after taxes, because the tax hit can be sizeable for those in higher income brackets.

“Munis give an investor opportunity,” said Jim Colby, a muni bond analyst with Van Eck Associates.

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Stocks rose early Friday as spending cuts by Italy lifted traders’ hopes about Europe’s progress toward taming its debt crisis. A flat reading on U.S. inflation sent bond yields lower.

World markets rose Friday after Italy’s lower house of parliament approved an austerity package in hopes of lowering the country’s escalating borrowing costs.

The Dow Jones industrial average is up 58 points, or 0.5 percent, at 11,926 in the first half-hour of trading. The Standard & Poor’s 500 index is up 8, or 0.7 percent, at 1,224. The Nasdaq composite index is up 22, or 0.9 percent, at 2,563.

The gains were broad. Nine of the 10 industry groups in the S&P 500 index rose, led by industrial and technology companies. Telecommunications was the only sector to fall, by 0.3 percent.

The yield on the 10-year Treasury note plunged to 1.88 percent from 1.93 percent earlier Friday after the government said consumer prices were unchanged last month, suggesting that inflation remains low. Low inflation makes bonds more attractive because it doesn’t diminish the buying power of the fixed return a bond provides over time.

BlackBerry maker Research In Motion Ltd. plunged 12 percent after the company said late Thursday that new phones seen as critical to the company’s future will be delayed until late next year. The company is also taking a big loss on unsold tablet computers and predicted that its BlackBerry sales will fall sharply during the holiday period.

If stocks hold their gains, it will be only be the second up day this week. Indexes rose Thursday after positive economic news brought relief to choppy markets. The Dow rose 45 points after separate reports showed sharply fewer layoffs and better business conditions for factories on the Eastern seaboard.

World markets followed U cash advance.S. markets higher Friday as the European debt crisis failed to produce any worrying headlines. Bad news out of Europe has overshadowed positive economic news for months.

Italy’s austerity measures are seen as a crucial step toward soothing fears about Europe. The nations’ borrowing costs have risen in recent weeks to levels at which other nations, such as Greece, were forced to take bailouts.

The cuts are aimed at persuading bond traders that Italy can emerge from the widening crisis without defaulting on its debts. The nation still sits on a $2.5 trillion powder keg of debt that could cause a global economic recession if it defaults.

Stocks mostly rose in Europe following gains in Asia. Britain’s FTSE added 0.5 percent and Italy’s benchmark index rose 0.4 percent.

Online game developer Zynga Inc. begins trading later Friday on the Nasdaq. The San Francisco company, which specializes in Facebook games, priced its initial public offering late Thursday at $10 per share, raising $1 billion. It’s the largest Internet IPO since Google Inc. went public in 2004.

Among companies making big moves:

_ New York-area cable TV provider Cablevision Systems Corp. plunged 14 percent, the most in the S&P 500, following the sudden departure of its chief operating officer, Tom Rutledge.

_ Adobe Systems Inc. jumped 8.4 percent, the most in the S&P 500, after the software maker reported earnings and revenues that were far ahead of what analysts were expecting. Analyst Walter Pritchard at Citigroup said the quarter was a “blow-out when most expected weakness.”

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Asian stock markets fell Tuesday after Standard and Poor’s warned 15 countries using the euro currency that their credit ratings are at risk of a downgrade.

Japan’s Nikkei 225 dropped 0.8 percent to 8,628.73. South Korea’s Kospi dipped 0.7 percent to 1,908.75 and Hong Kong’s Hang Seng lost 1 percent to 18,988.82. Australia’s S&P/ASX 200 shed 0.6 percent to 4,293.90. Benchmarks in Singapore, Taiwan and New Zealand also gave up ground.

The S&P announcement came only hours after French President Nicolas Sarkozy and German Chancellor Angela Merkel on Monday unveiled sweeping plans to change the European Union treaty in an effort to keep tighter checks on overspending nations.

The S&P warning left out only two of 17 countries that use the euro: Cyprus, whose bonds have near-junk status, and Greece, which already has ratings low enough to suggest that it’s likely to default soon anyway. The inclusion on the list of Germany, Europe’s strongest economy, was the biggest surprise.

The Franco-German plan, which would tie the 17 euro nations closer together, would likely also result in heavier financial burdens for Germany and other stronger economies that have already put up billions of euros to rescue Greece, Ireland and Portugal no fax payday loans.

Sarkozy and Merkel discussed several broad changes for the EU treaty, including the introduction of a penalty for any government that allows its deficit to exceed 3 percent of gross domestic product. The penalty would be automatic _ unless a majority of nations opposed it, a loophole that drew sharp criticism from analysts.

Andrew Sullivan, principal sales trader at Piper Jaffray in Hong Kong, said the sanctions were “subject to political control” and in reality represent no change from mechanisms already in existence.

The French-German proposal will be taken up at a summit of EU leaders on Thursday and Friday aimed at fixing a debt crisis so severe that it threatens the viability of the euro currency.

On Wall Street, the Dow Jones industrial average rose 0.7 percent to 12,097.83. The S&P 500 rose 1 percent to 1,257.1. The Nasdaq added 1.1 percent to 2,655.76.

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