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上外完型填空.docx

上外完型填空

上外英语专业考研试题

TEXT1

NEXTweekHenriProgliowillbecomethebossofEDFGroup,thestate-controlledFrenchfirmwhichistheworld’sbiggest1utilityandoperatorofnuclearreactors.Withitsproudcorporateculture,its2tolong-termplanninganditspowerfulunions（theConfédérationGénéraleduTravailjointlyrunsthefirm,ineffect）,EDFissometimesdescribedasaminiature3ofFranceitself.Lastyearitbegana4campaigntobuildnuclearplantsaroundtheworld.Buttothedismayofadvocatesofanuclearrenaissance,thecostandcomplexityofembarkingonseveralbigprojectsatonceisweighingonthefirm,despiteitssizeandgovernmentbacking.

EDFhaslongexporteditsnuclear-energyexpertise,butearnedonlyadvisoryfeesforitsefforts.IthelpedbuildChina’snuclearfleet,forexample,forafewmillioneuros.Now,asgrowthathomeslows,itwantstomakebigger5bybuildingand6nuclearplantsofitsownabroad.Afterall,itisoneofveryfewutilitiesthatcan7tobuildseveralreactorsbyitself,withoutsharingtheriskwithpartnersorgovernments.AndinanindustrywhichatrophiedafteraccidentsatThreeMileIslandinAmericaandChernobylin8isnowUkraine,ithasrelativelyextensiverecentexperienceofbuildingandoperatingmodernnuclearplants.

EvenforEDF,however,thecostsare9.In2008itboughtBritishEnergy,autilitywhichownseightnuclearplants,for£12.5billion（$22.5billion）.Earlierthismonth,afteralongwaitforregulatory10,itconcludeda11tobuyhalfofthenuclearassetsofConstellationEnergy,anAmericanutility,for$4.5billion.Ontopoftheseacquisitionsitplanstobuild11newreactors（fourinBritain,fourinAmerica,twoinChinaandoneinFrance）.ItalsowantstobuildfourplantsinItalyandis12tobuildseveralintheUnitedArabEmirates,aspartofaconsortiuminbothplaces.Theseinvestmentswillstretchthefirm’sbalance-sheet.Debtnowstandsat€37billion（$53billion）andcouldriseto€65billionby2017-18,accordingtoareportfromHSBC,abank.Tohelp13itsdebt,thefirmplanstomakedisposalsworth€5billionbytheendof2010.

EDFisalsofacingoperationaltroubles.Francehashadtoimportlargequantitiesofelectricitythisyearbecausealmostathirdofitsnuclearplantswentoutof14atsomepoint,eitherbecauseofstrikesorfor15.France’sgridoperatorrecentlywarnedthatthecountrycouldevensufferpower16thiswinter.One17cause,saysSofiaSavvantidouofCitigroup,aninvestmentbank,ismanyyearsofunderinvestment.Aswellasspendingmoreoneverydaymaintenance,EDFwillneedtoinvesttoextendthelifeofitsFrenchreactorsfrom40to60years.Afewyearsagoitthoughtthecostwouldbe18,butnowitreckonsitwillneedtospend€400moneachplant.

Accordingtooneadviser,theproblemswithEDF’sfleetthisyearshowtherehasbeen“toomuchattentiongiventofinancinginternational19andnotenoughtothebasicsofrunningtheplantsathome.”SomegovernmentofficialswantEDFtorestrictitselfmainlytoEurope.Suchachangeofstrategywoulddoubtlesspleasethefirm’sunions,whichfearthatexpandingabroadwillencourageitto20morelikealistedcompanyandlesslikeagovernmentbureaucracy.

MrProglioappearstoagreewithEDF’s21.HetoldFrance’sparliamentthismonththathewasunsurewhetherEDFshouldexpandtoAmericabycompletingthedealwithConstellation.“Hedoesn’twantEDFto22toomanyharesatthesametime,”saysapersonclosetothegovernment.YetMrProglioseemstohavegrandioseideasofhisown.EDF’snext-generationreactor,calledtheEPR,isdesignedbyAreva,anotherstate-controlledFrenchfirm.ArevaisindifficultybecausethefirstEPR,underconstructioninFinland,iswellbehind23andfaroverbudget.ThisweekMrProgliosaidthatEDFshouldtakecontrolofthebitofArevathatbuildsreactors.Theideaisaradicalone,andArevawillcertainlyresistit—butitindicatestheuncertaintysurroundingEDF’sstrategy.

Therisingcostofbuildingnewnuclearplantsisanotherworry.Higherpricesforcementandsteel,thecomplexityofbuildingnewdesignsforthefirsttimeandoneroussafetyrequirementsarealladdingtoEDF’sbillsandthreateningprofits.“Everymorningwegetanewsafetyrequest,”complainsoneexecutive.The24ofthenuclearsupply-chainoverrecentdecades（thereisonlyonesupplierintheworldforsomecomponents）andthesuddenrushbymultiplegovernmentstospurconstructionarealso25ofinflation.

EDFhaskeptcostsundercontrolbetterthanAreva,butitmaystillstruggletosticktothe€4billionbudgetithassetfortheEPRitisbuildingatFlamanvilleonFrance’snortherncoast（pictured）.WhereasEDF’sexistingfleetofplantsproducespoweratanaveragecostofaround€30permegawatthour（MWh）,saysMsSavvantidou,thecostofenergyfromitsnewplantswillbearound€55-60/MWh,andcouldriseashighas€70ifprojectsrunoverbudget.EDF26sellspowerforabout€39/MWhonaverage,accordingtoCitigroup.

Frenchregulatorswill27toensurethatEDFcanmakeaprofitfromthenewplantsitbuildsathome.Electricitypricesareexpectedtogoupovertimeasfixedtariffsarephasedout.Butreachingaveragepricelevelsof€60/MWhormorewillbepoliticallydifficultandwilltakealongtime,saysMsSavvantidou.Indeed,MrProglio’spredecessor,PierreGadonneix,causeda28whenhesaidpriceswouldhavetoriseby20%.Abroad,inlessregulatedmarkets,EDFwillfaceevengreateruncertaintyaboutfuturereturns.IthascalledontheBritishgovernmenttosupportnewnuclearplantstospeedtheirconstruction.

OnewaytokeepcostsdowncouldbeforEDFtoencouragecompetitionamongreactorsuppliersby29itsreflexiveuseoftheEPR.MrProglioissaidtofavourofferingforeignutilitiesotherdesigns,forinstancefromWestinghouse,aunitofToshibaofJapan.Somecustomers,especiallyinAmerica,maywantsmaller,cheaperreactorsthantheEPR,whichisverybigandthusexpensive.ButEDFwouldcauseapoliticalfurorebyendingitsallegiancetohome-grownFrenchtechnology.Itwouldalso30itseffortstoincreaseefficiencyandcutcostsbybuildingthesamedesignmanytimesover.

FewminorityinvestorsforesawEDF’shugeprogrammeofinvestmentwhentheFrenchgovernmentsold15%ofthefirminapublicofferingin2005.Theyfearthefirmwillpayoutsharplylowerdividendsinfuture.Shareholdershadhopedforlesspoliticalinterference,butthelevelofstateinvolvementhashardlychangedandmayincreasewiththearrivalofMrProglio,afriendofFrance’spresident,NicolasSarkozy.MrProgliohasalreadycausedcontroversybyinsistingthatheremainchairmanofhisoldfirm,Veolia,despitehisdemandingnewjob.HeisalsothoughttowantVeoliaandEDFtodeepentheirtiesbeyondanexistingjointventure—anideainwhichmostanalystsseelittlemerit.EDFmayyetbecomethedominantglobalsupplierofnuclearenergy,butforthemomentthecompanyislookingveryFrench.

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Keys:

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TEXT2

MUTUALsuspicionandmutual1arepowerfulandcompetingforcesintherelationshipbetweenChinaandAmerica.PresidentBarackObamahopeshisfirstvisittoChina,whichbeganonSundayNovember15th,will2thetwocountriestoworkmorecloselyon3problems,fromclimatechangetotheeconomy.Hishostsappeartoagree,butmisgivingsarestillabundant.

MrObamabeganhistripinShanghai,China’s4capital.Partofhis5wastoreassurecityleadersthatAmericawouldbeanenthusiastic6intheWorldExpowhichis7tobeheldtherenextyear.TheAmericangovernment—asisits8forsuchevents—willnot

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