Westinghouse and Shaw Group Sign Framework Agreement

Westinghouse Electric Company and its consortium partner, The Shaw Group, Inc., have successfully negotiated a framework agreement on February 28, 2007 with China's State Nuclear Power Technology Company (SNPTC) to provide four AP1000 nuclear power plants in China. For the media and press, a formal signing of the framework agreement was held on March 1 with senior Chinese government officials in attendance.

The framework agreement confirms the basic requirements and obligations of all parties involved and includes significant funding for long lead materials and early engineering. The agreement follows the selection of the Westinghouse Consortium as the technology partner for the next generation of nuclear power plants that was announced 10 weeks ago. The selection of the Westinghouse consortium by SNPTC was the result of an extensive and rigorous two-year competitive bidding process.

Final contracts for the four plants, to be constructed at the Sanmen and Haiyang sites, will be finalized by mid year. Construction is expected to begin in 2009, with the first plant becoming operational in 2013.

Jim Fici, Sr. Vice President of Customer Relations and Sales, signed the framework agreement for Westinghouse: "This is a very significant milestone in the process that will result in the introduction of the Westinghouse AP1000 to China," he said. "More importantly, reaching the framework agreement in such a timely manner demonstrates the positive and growing relationships between SNPTC and the Westinghouse consortium. It also proves the commitment of all parties to bring these first four plants on line in a timely and efficient manner."

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Posted 09/03/07

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