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Press Releases
China Selects Westinghouse AP1000 Nuclear Power Technology
- Company committed to long-term, mutually beneficial relationship
- Award will have significant U.S. employment implications
PITTSBURGH, Dec. 16 /PRNewswire/ -- Westinghouse Electric Company and
its consortium partner, The Shaw Group, Inc., (NYSE: SGR) today thanked
China's State Nuclear Power Technology Company (SNPTC) for selecting the
Westinghouse AP1000 as the technology basis for four new nuclear power
plants to be constructed at the Sanmen and Yangjiang sites.
"Westinghouse is certainly pleased that China has selected the AP1000,
the very same advanced plant design that is the technology of choice for
most of the new plant programs announced to date in the United States,"
said Steve Tritch, Westinghouse President and CEO. "We now look forward to
working with our Chinese customer to negotiate final contract details so
that we can formally implement this forward-looking new build program."
Mr. Tritch also said that Westinghouse, a group company of Toshiba
Corporation, will work with SNPTC to forge a long-term relationship that
will be in the best interests of all parties, including the citizens and
governments of the Peoples Republic of China and the United States.
Westinghouse, with the world's largest installed base of operating
nuclear power plants, said the selection of the AP1000 would create or
sustain 5,000 well-paying design, engineering and manufacturing jobs
throughout the United States.
These jobs will help to load Westinghouse design and manufacturing
facilities in Pennsylvania, New England, South Carolina and Utah.
Additional jobs will be created at U.S.-based suppliers in at least 20
states, including at major architectural, design and construction
organizations. Included are projected jobs in Massachusetts, New Jersey,
North Carolina, and Louisiana for Shaw.
"This is truly a win-win for China and the United States," Mr. Tritch
continued. "China benefits because it will move closer to its goal of
energy independence through deployment of the AP1000 technology, which is
in our view the safest and most efficient nuclear power plant now available
in the worldwide marketplace. The United States benefits through both job
creation and the multi-billion dollar export of products, technology and
services."
Mr. Tritch also said the benefits are long-term in nature.
"Approximately one-half of the scope for these first four plants will be
sourced from within China," he said. "Over time, though, as Westinghouse
wins additional contracts for new plant work in China, additional scope
will be sourced in-country. However, Westinghouse, our U.S. supplier base
and our consortium partners will continue to benefit much as we do now in
the Republic of Korea, where recent new plant awards from that country's
maturing industry still provide about $100 million per plant in U.S.
scope."
The selection of Westinghouse to supply new nuclear plants in China is
the most recent in a series of positive announcements regarding the AP1000
and new construction. Previously, the AP1000 has been identified as the
technology of choice for no less than 12 new projected plants in the United
States.
Westinghouse believes the AP1000 is ideally suited for the worldwide
nuclear power marketplace. The AP1000 is:
-- The safest, most advanced, yet proven nuclear power plant currently
available in the worldwide marketplace
-- Based on standard Westinghouse pressurized water reactor (PWR)
technology that has achieved more than 2,500 reactor years of highly
successful operation
-- An 1100MWe design that is ideal for providing baseload generating
capacity
-- Modular in design, promoting ready standardization and high
construction quality
-- Economical to construct and maintain (less concrete and steel and fewer
components and systems mean there is less to install, inspect and
maintain)
-- Designed to promote ease of operation (features most advanced
instrumentation and control in the industry)
For more information about the Westinghouse AP1000, visit its Web site
at http://www.ap1000.westinghousenuclear.com. For images of the AP1000, visit
http://www.westinghousenuclear.com/D6.asp.
Westinghouse Electric Company is the world's pioneering nuclear power
company and is a leading supplier of nuclear plant products and
technologies to utilities throughout the world. Westinghouse, with Shaw,
supplied the world's first PWR in 1957 in Shippingport, Pa. Today,
Westinghouse technology is the basis for approximately one-half of the
world's operating nuclear plants, including 60 percent of those in the
United States.
The Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for certain forward-looking statements. The statements contained
herein that are not historical facts (including without limitation
statements to the effect that the Company or its management "believes,"
"expects," "anticipates," "plans," or other similar expressions) and
statements related to revenues, earnings, backlog, or other financial
information or results are forward-looking statements based on the
Company's current expectations and beliefs concerning future developments
and their potential effects on the Company. There can be no assurance that
future developments affecting the Company will be those anticipated by the
Company. These forward-looking statements involve significant risks and
uncertainties (some of which are beyond our control) and assumptions and
are subject to change based upon various factors. Should one or more of
such risks or uncertainties materialize, or should any of our assumptions
prove incorrect, actual results may vary in material respects from those
projected in the forward-looking statements. The Company undertakes no
obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise. A
description of some of the risks and uncertainties that could cause actual
results to differ materially from such forward-looking statements can be
found in the Company's reports and registration statements filed with the
Securities and Exchange Commission, including its Form 10-K and Form 10-Q
reports, and on the Company's web-site under the heading "Forward- Looking
Statements". These documents are also available from the Securities and
Exchange Commission or from the Investor Relations department of Shaw. For
more information on the company and announcements it makes from time to
time on a regional basis visit our web site at http://www.shawgrp.com.
SOURCE Westinghouse Electric Company
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