|[June 30, 2014]
Toshiba and GDF SUEZ Complete NuGen Deal Europe's Largest New Nuclear Energy Project
LONDON --(Business Wire)--
Corporation (TOKYO:6502) and GDF
SUEZ have completed a deal that will boost development of the
Moorside new nuclear power project on the West Cumbria coast in
northwest England - the largest, single proposed nuclear power plant
construction project in Europe.
The agreement sees Toshiba (News - Alert) acquiring a 60-percent stake and GDF SUEZ
retaining a 40-percent holding in NuGeneration Ltd (NuGen), the
U.K.-based nuclear energy company that plans to build three Westinghouse
AP1000 reactors in West Cumbria. Each reactor will take approximately
four years to build. When fully operational, the Moorside site is
expected to deliver around seven percent of the U.K.'s future
A deal has also been concluded with the Nuclear Decommissioning
Authority (NDA) on the extension of a land option agreement for the
The Moorside plant is targeted to come online in 2024. When fully
operational, it will have a combined capacity of 3.4GW, enough to
deliver power to six million homes. The project supports the U.K.
Government's low-carbon and energy security objectives at a time
when existing power plants are retiring and low-carbon generation is
required to meet national and international commitments. The
Westinghouse AP1000 reactor - a pressurised water reactor - is licensed
by the U.S. Nuclear Regulatory Commission. Currently, eight AP1000
reactors are under construction globally.
Before the final investment decision which is forecast to be taken by
the end of 2018, NuGen will be undertaking a broad range of preparatory
works, including regulatory, permitting and commercial activities. The
management team's focus in 2014 will be on site investigations,
preliminary studies for site layouts and stakeholder engagement and
preparation for stakeholder consultations.
With 40 years of owner and operator expertise in nuclear energy, GDF
SUEZ will provide solid and proven skills as a nuclear power plant
operator in all the activities that are vital throughout the lifecycle
of a nuclear plant. Tractebel Engineering, a subsidiary of GDF SUEZ,
will act as the owner's engineer of NuGen. Its role will be to provide a
range of engineering services from feasibility studies through
construction, operation, maintenance and decommissioning.
Westinghouse intends to utilise its Springfields facility, a UK-licensed
fuel manufaturing facility near Preston to manufacture the fuel for
AP1000 reactors built in the UK, thereby securing indigenous fuel
supply. The facility currently manufactures fuel for the entire U.K.
fleet of advanced gas-cooled reactors, and pressurised water reactor
fuel for export.
The global expertise and commitment of Toshiba, GDF SUEZ's pioneering
expertise as a European nuclear operator, and Westinghouse's
world-leading technology are a powerful combination that will make a
significant contribution to energy security and long-term employment in
Commenting on the deal finalisation, Mr. Hisao Tanaka, President and
CEO, Toshiba Corporation, said: "We welcome the closing of the
contract, which reconfirms Toshiba's, GDF SUEZ' and Westinghouse's
commitment to build three AP1000 reactors at Moorside. We are confident
this project will support the U.K. in meeting the challenges of securing
a stable, affordable future energy supply and cutting CO2
GDF SUEZ Chairman and CEO, Gérard Mestrallet, stated: "The industrial
partnership with Toshiba and Westinghouse and the pursuit of the NuGen
project reflects GDF SUEZ' nuclear strategy and ambitions. GDF SUEZ has
a solid track record in developing and managing substantial energy
projects around the world, in-depth knowledge of diverse market models
and broad experience of all types of power generation, including nuclear
energy. We wish to mention and recognize the U.K.'s strong strategic
vision and political consensus which have enabled the framework designed
to ensure a secure, low-carbon electricity generation future - with
nuclear energy as part of it, while remaining attractive to investors."
Westinghouse President and CEO Danny Roderick recognised the momentous
occasion by saying: "Westinghouse is delighted that Europe's largest
AP1000 nuclear plant project to date will be constructed in the U.K.,
which already is home to one of our largest global operations. The local
economy will reap many benefits as a result of this project, including
calling upon the local supply chain, and creating thousands of skilled
jobs. We commend the U.K. on its decision to move forward with safe,
clean and affordable nuclear energy that will benefit the region for
decades to come."
Toshiba Corporation, a Fortune Global 500 company, channels world-class
capabilities in advanced electronic and electrical product and systems
into five strategic business domains: Energy & Infrastructure, Community
Solutions, Healthcare Systems & Services, Electronic Devices &
Components, and Lifestyles Products & Services. Guided by the principles
of The Basic Commitment of the Toshiba Group, "Committed to People,
Committed to the Future", Toshiba promotes global operations towards
securing "Growth Through Creativity and Innovation", and is contributing
to the achievement of a world in which people everywhere live in safe,
secure and comfortable society.
Founded in Tokyo in 1875, today's Toshiba is at the heart of a global
network of over 590 consolidated companies employing over 200,000 people
worldwide, with annual sales surpassing 6.5 trillion yen (US$63 billion).
To find out more about Toshiba, visit www.toshiba.co.jp/index.htm
About GDF SUEZ
GDF SUEZ develops its businesses (power,
natural gas, energy services) around a model based on responsible growth
to take up today's major energy and environmental challenges: meeting
energy needs, ensuring the security of supply, fighting against climate
change and maximizing the use of resources. The Group provides highly
efficient and innovative solutions to individuals, cities and businesses
by relying on diversified gas-supply sources, flexible and low-emission
power generation as well as unique expertise in four key sectors:
independent power production, liquefied natural gas, renewable energy
and energy efficiency services. GDF SUEZ employs 147,200 people
worldwide and achieved revenues of €81,3 billion in 2013. The Group is
listed on the Paris, Brussels and Luxembourg stock exchanges and is
represented in the main international indices: CAC 40, BEL 20, DJ Euro
Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe and Euronext Vigeo
(World 120, Eurozone 120, Europe 120 and France 20).
Westinghouse Electric Company, a group
company of Toshiba Corporation (TOKYO:6502), is the world's pioneering
nuclear energy company and is a leading supplier of nuclear plant
products and technologies to utilities throughout the world.
Westinghouse supplied the world's first pressurized water reactor in
1957 in Shippingport, Pa., U.S. Today, Westinghouse technology is the
basis for approximately one-half of the world's operating nuclear
plants, including more than 50 percent of those in Europe. AP1000 is a
trademark of Westinghouse Electric Company LLC. All rights reserved.
NuGen is a UK nuclear company owned by Toshiba
and GDF SUEZ. NuGen's Moorside project focuses on the development of a
new generation nuclear power station on land in West Cumbria, in the
North West of England.
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