Westinghouse signs 4 new nuclear plant contracts in Korea

PITTSBURGH, Aug. 9, 2002 — Westinghouse Electric Company recently announced that it has signed contracts valued in excess of (US) $350 million to provide components, instrumentation and control equipment and technical and engineering support services to four new nuclear power plants to be built in the Republic of Korea.

The plants are Korea Standard Nuclear Plant Plus design, based on the proven Westinghouse System 80 technology design. They have a total cumulative construction value in excess of $6 billion.

The Westinghouse contracts are with DOOSAN Heavy Industries and Construction Company, Inc., and the Korea Power Engineering Company, Inc. The plants will be owned and operated by the Korea Hydro & Nuclear Power Company (KHNP), a subsidiary of Korea Electric Power Corporation. As of the end of 2001, KHNP operated 16 nuclear power plants with an availability factor of 92%. The role of Korea Hydro & Nuclear Power Company on the new projects is overall project management of Licensing, Procurement and Construction, as well as Start-up and Plant Operations.

In commenting on the contracts, Westinghouse President and CEO Steve Tritch lauded the Republic of Korea’s leadership position in the new plant segment of the worldwide commercial nuclear power industry. “The Republic of Korea’s forward-looking program will help ensure energy independence for years to come,” he said. “It also further proves the viability of nuclear power as an economically competitive energy source that produces no carbon emissions.”

For Westinghouse, these contracts solidify the company’s position as the leading supplier of new plant technology, said Jim Fici, senior vice president of Westinghouse Nuclear Plant Projects.

“Westinghouse supplied the first nuclear steam supply system to South Korea in the late 1970s. Since then, we have provided technology and equipment to 13 additional nuclear plants there, including three currently under construction,” he said

In making the announcement, Westinghouse said the contracts would provide work at a number of Westinghouse locations in the US, including:

* Windsor, Connecticut-project management and engineering
* Newington, New Hampshire-component manufacturing
* Monroeville/Plum, Pennsylvania-engineering and equipment manufacture
* New Britain, Connecticut – equipment manufacture

The Shin-Kori 1 and 2 plants and the Shin-Wolsong 1 and 2 plants will be located in Pusan Metropolitan City and Kyungju-City respectively. Work will begin almost immediately and will run to 2009 for Shin-Kori and 2010 for Shin-Wolsong.

Westinghouse Electric Company LLC, wholly owned by BNFL plc, offers a wide range of nuclear plant products and services to utilities around the world, including fuel, spent fuel management, service and maintenance, nuclear automation, and advanced nuclear plant designs. Westinghouse supplied the world’s first commercial pressurized water reactor nuclear power plant in 1957 and has designed the world’s largest installed base of operating nuclear power plants. Recently, approximately one-half of the world’s more than 430 operating plants are based on Westinghouse designs.

BNFL is a specialist in nuclear technology and a global supplier of nuclear fuel, products and services. Currently, around a third of BNFL’s sales comes from the Westinghouse business which manufactures fuel and services nuclear reactors around the world; a quarter comes from the recycling of UK and overseas customers’ fuel; a further quarter of sales comes from operating the UK’s Magnox power stations. The remainder of BNFL’s business is in waste management and decommissioning, which is expected to grow significantly in the years ahead.

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