Companies like Areva who build nuclear reactors, considered by some to produce cost-effective energy, have come under heavy attacks by environmentalists because of the inherent risks of building such nuclear reactors.

Scientists have said that nuclear reactors increase the chances of radioactive material being emitted into the earth's atmosphere, as well as the numerous risks associated with the disposal of radiological waste.

The reactor failure at Three Mile Island in Pennsylvania in 1979 also caused a major halt in the construction of reactors in the United States.

Because of such concerns, the nuclear industry has suffered a drought in parts of the world like North America and Western Europe, where corporations like General Electric and Bechtel have stayed away from bidding on controversial contracts to build nuclear reactors.

But these days, nuclear energy is seen as the future of energy production. Many believe it is the safest, cleanest and most cost-effective alternative to fossil fuels like coal, gas and oil. Britain, Turkey and India have all considered turning to such renewable energy resources.

Nuclear energy has been the largest single contributor to reduced air pollution in the world over the past 20 years.

And it promises to play an even greater role in the future, especially in developing countries, like India and China, which need to increase their electricity supplies to accommodate their expanding populations and economies, the Nuclear Energy Institute said in a recent report.

Multi-national companies began to stake claims in the nuclear-energy market in 2001, a vastly growing and competitive market, circulating billions of dollars between companies and countries.

Spearheading this market has been China, which is the largest nuclear-energy producer in the world and the second-largest consumer of energy next to the United States.

It has already built 13 reactors and plans on building 32 more by the year 2020 to meet their current electricity demands. Their target is to provide 4 percent of the power from nuclear plants by 2020.

With China and other Asian countries planning to build more than 70 nuclear plants in the next 25 years, the financial stakes are staggering. American companies ... desperately crave those multi-million dollar contracts, said the NEI in its report.

The French government has been working steadily on trying to get those multi-million dollar contracts, which will help it develop stronger commercial alliances, especially with countries like China.

In September, the Paris-based Areva bid on an $8 billion contract to build four nuclear generating units in Yangjian and Sanmen. Other bidders included Westinghouse Electric Company and Siemens AG.

But it still remains to be seen whether or not investors will be willing to take a gamble on nuclear energy. Analysts have said it would be a challenge to find investors willing to invest in nuclear power, if a switch to renewable energy from fossil fuels came on the scene.

The main reason that investors may end up stalling is the long-term commitment in a deregulated and uncertain energy market. The World Nuclear Association has suggested that cost reductions in nuclear investments may help to attract private investors or a stronger emphasis on learning rates rather than on fixed costs.

Nuclear energy programs imply long-term commitments from policy makers and investors, so financial risks and future liabilities arising from nuclear activities deserve careful consideration, Dr. Eveylne Bertel, member of the NEA Nuclear Development Division, said in a recent report.

Construction of these nuclear plants generally takes five or more years, and investors are not likely to see financial results until 20 years later, which is deterrent to many investors, the report said.

It would take more than two decades to amortize the capital invested in a nuclear power plant. The need to run the plant at a high rate of utilization for many years before the investment is paid back raises financial risks associated not only with potential technical failures, but also with uncertainties about the stability of regulation and the growth of market demand.

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