Below is a press release direct to APR from Babcock & Wilcox, courtesy Jud Simmons of Babcock & Wilcox.
--------------------
B&W
and FirstEnergy Announce MOU Regarding Economic, Site Selection and
Licensing Studies for B&W mPowerTM Small Modular ReactorSens. Sherrod Brown and Rob Portman Voice Support for Plans(CHARLOTTE,
N.C. – July 25, 2012) –The Babcock & Wilcox Company (B&W)
(NYSE: BWC) and FirstEnergy Corp. (NYSE: FE) announced today that
FirstEnergy and a B&W subsidiary, Generation mPower LLC (GmP), have
signed a Memorandum of Understanding regarding studies on the potential
deployment of the B&W mPowerTM small modular reactor in
FirstEnergy’s service territory.
FirstEnergy and GmP plan to work
together to perform an independent financial review of mPower
economics, evaluate several alternative potential sites for construction
of B&W mPower plants, complete a preliminary pre-licensing
analysis, and assess the need and timing for prospective deployment of
B&W mPower plants in the FirstEnergy generation fleet.
The
B&W mPower SMR is an advanced 180 MWe utility-scale nuclear reactor
that incorporates robust, inherently safe protection systems and a fully
underground containment structure. The mPower design maximizes the use
of proven, mature systems and components within an innovative plant
architecture that reduces construction risks and minimizes ownership
costs.
“Our agreement today is an outgrowth of the company's
involvement with B&W's consortium to promote the development of
small modular reactors," said James H. Lash, president of FirstEnergy
Generation and Chief Nuclear Officer. “Completing these studies will
help us determine how B&W small modular reactors may be part of our
long term generation planning.”
Christofer M. Mowry, President
and Chief Executive Officer of GmP said, “This cooperative effort with
FirstEnergy demonstrates growing interest in our B&W mPower SMR as a
clean, efficient and affordable power generation option. B&W has a
long history of working in Ohio, and our employees in the state have an
important role in the development of safer, more secure nuclear
technology. We appreciate FirstEnergy’s industry leadership, and look
forward to working closely with them to complete these studies.”
“This
agreement between FirstEnergy and Generation mPower represents another
significant step towards making Ohio a hub for advanced manufacturing
and next-generation energy,” Sen. Sherrod Brown (OH) said. “This
agreement, which will draw on highly skilled Ohio workers from design
and manufacturing to deployment, is critical to sustained job creation
and international competitiveness in clean energy. I applaud FirstEnergy
and Babcock & Wilcox, two companies with a significant presence in
Ohio, for moving forward on American-made advanced power generation
options for Ohio, the rest of the nation, and the world.”
“Sustained
economic growth and job creation in the United States will require a
domestic supply of safe, reliable, and cost-effective energy,” said Sen.
Rob Portman (OH). “One or more small modular reactors in our state
could not only provide this energy need, but would continue to support
advanced energy careers in Ohio. I applaud FirstEnergy and Generation
mPower for their commitment to advanced energy development and our
nation's energy security."
About B&W
Headquartered in
Charlotte, N.C., The Babcock & Wilcox Company is a leader in clean
energy technology and services, primarily for the nuclear, fossil and
renewable power markets, as well as a premier advanced technology and
mission critical defense contractor. B&W has locations worldwide and
employs approximately 12,700 people, in addition to approximately
10,400 joint venture employees. Learn more at
www.babcock.com.
About FirstEnergy
FirstEnergy
is a diversified energy company dedicated to safety, reliability and
operational excellence. Its 10 electric distribution companies comprise
one of the nation's largest investor-owned electric systems. Its diverse
generating fleet features non-emitting nuclear, scrubbed baseload coal,
natural gas, and pumped-storage hydro and other renewables, and has a
total generating capacity of nearly 23,000 megawatts.
Cautionary Statement Regarding Forward Looking Statements
B&W
cautions that this release contains forward-looking statements related
to the Memorandum of Understanding and GmP’s plans with FirstEnergy
thereunder. These forward-looking statements involve a number of risks
and uncertainties, including, among other things, that transactions
currently contemplated by GmP and FirstEnergy may change materially
during further good faith efforts to negotiate a mutually acceptable
definitive agreement or that a definitive binding agreement may not be
entered into if GmP and FirstEnergy fail to reach agreement on any
material term. If one or more of these or other risks materialize,
actual results may vary materially from those expressed. For a more
complete discussion of these and other risk factors, please see
B&W's filings with the Securities and Exchange Commission, including
its annual report on Form 10-K for the year ended December 31, 2011.
B&W cautions not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof, and undertakes no
obligation to update or revise any forward-looking statement, except to
the extent required by applicable law.
# # #
FirstEnergy Media Contact: Todd Schneider, Director, External Communications
330-384-5500 /
tmschneider@firstenergycorp.com FirstEnergy Investor Contact: Irene M. Prezelj, V.P. Investor Relations
330-384-3859 /
imprezeli@firstenergycorp.comB&W Media Contact: Jud Simmons, Public Relations Manager
434-522-6462 »
hjsimmons@babcock.com B&W Investor Contact: Michael P. Dickerson, V.P. and Investor Relations Officer
704-625-4944 »
investors@babcock.com--------------------
10:15 AN Eastern 7/25/2012
ATOMIC POWER REVIEW
No comments:
Post a Comment