Westinghouse, Toshiba and Exelon Nuclear Partners to Collaborate on Nuclear Project in Saudi Arabia

Westinghouse, Toshiba and Exelon Nuclear Partners to Collaborate on Nuclear Project in Saudi Arabia

9 Sep, 2013

Exelon Nuclear Partners

Westinghouse Electric Company

Toshiba Corporation

TOKYO, September 9, 2013 Toshiba Corporation, Westinghouse Electric Company and Exelon Nuclear Partners (ENP), the largest nuclear power fleet operator in the U.S., today announced that they have signed a memorandum of understanding (MoU) to create a joint proposal for the construction of nuclear power plants for King Abdullah City for Atomic and Renewable Energy (K.A.CARE), the government body established to develop alternative energy sources in Saudi Arabia.

Toshiba and Westinghouse will provide world-leading nuclear expertise related to their advanced reactors. ENP will provide operations and associated services for the project.

This joint promotion, bringing together Toshiba and Westinghouses proven technologies and Exelons operating know-how, allows us to develop proposals for Saudi Arabia for the most advanced and safest nuclear energy technologies in the world today, said Yasushi Igarashi, Corporate Executive Vice President of Toshiba. We are confident that we can support the Kingdom in its efforts to diversify its energy mix and ensure long-term energy security.

Toshiba and ENP were partners in an earlier team formed in July 2010. The new partnership, adding Westinghouse, will be strengthened by its ability to draw on Westinghouses AP1000 plant technology and engineering expertise, and will target winning multiple orders for nuclear power plants in Saudi Arabia.

We are excited to join a team that gives us an opportunity to provide our cutting-edge technology and innovative passive safety systems, said Danny Roderick, Westinghouse president and CEO. We are confident that this project will go well, as we already have a deep working relationship with Toshiba and with Exelon, which is a long-standing customer and business partner.

Interest in nuclear power is rising in Saudi Arabia. K.A.CARE was established in April 2010 to promote alternative energy sources to oil, and the country plans to construct as many as 16 nuclear power reactors by 2032.

Amir Shahkarami, CEO of Exelon Nuclear Partners said Exelon Nuclear Partners is excited about the prospect of collaborating with Toshiba and Westinghouse to help Saudi Arabia achieve its goals of developing alternative energy resources that will help the Kingdom to reduce its reliance on oil and strengthen its position as a regional energy supplier.

Westinghouse Electric Company, majority owned by Toshiba Corporation (TKY:6502), is the worlds pioneering nuclear energy company and is a leading supplier of nuclear plant products and technologies to utilities throughout the world. Westinghouse supplied the worlds first pressurized water reactor in 1957 in Shippingport, Pennsylvania, U.S. Today, Westinghouse technology is the basis for approximately one-half of the worlds operating nuclear plants, including more than 50 percent of those in the EMEA region.

The AP1000 plant is the first Generation III+ design to receive design certification from the U.S. Nuclear Regulatory Commission (NRC). In addition to the United States, the AP1000 plant has undergone detailed reviews in Canada, China and the United Kingdom. Eight AP1000 units are currently under construction worldwide, with four units each in the United States and in China.

Toshiba is a world-leading diversified manufacturer, solutions provider and marketer of advanced electronic and electrical products and systems. Toshiba Group brings innovation and imagination to a wide range of businesses: digital products, including LCD TVs, notebook PCs, retail solutions and multifunction printers; electronic devices, including semiconductors, storage products and materials; industrial and social infrastructure systems, including power generation systems, smart community solutions, medical systems and escalators & elevators; and home appliances.

Toshiba was founded in 1875, and today operates a global network of more than 590 consolidated companies, with 206,000 employees worldwide and annual sales surpassing 5.8 trillion yen (US$61 billion).

The Toshiba ABWR represents the sophistication and culmination of Toshibas long experience of BWR construction and excellent, proven BWR technologies around the world. Using low-enriched uranium with water as a moderator and coolant, the BWR directly boils water at its core and generates steam. This is one of several mainstream reactor power plants.

Exelon Nuclear Partners is 100% owned by Exelon Generation. Exelon Generation is the largest operator of nuclear generating stations in the United States with over 17,000 megawatts of capacity. Exelon Generation is owned by Exelon Corporation, a publicly-traded utility services holding company engaged, through its subsidiaries, in generation and energy delivery businesses. The generation business consists of nuclear, fossil, and renewable electric generating facilities.

AP1000 is a trademark or registered trademark of Westinghouse Electric Company LLC, its affiliates and/or its subsidiaries in the United States of America and may be registered in other countries throughout the world. All rights reserved. Unauthorized use is strictly prohibited. Other names may be trademarks of their respective owners.

Information in the press releases, including product prices and specifications, content of services and contact information, is current on the date of the press announcement, but is subject to change without prior notice.

LINK:	http://www.toshiba.co.jp/about/press/2013_09/pr0901.htm...
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