PITTSBURGH, Dec. 16 /PRNewswire/ -- Westinghouse Electric Company and its consortium partner, The Shaw Group, Inc., 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/.
