GE Energy Views NuStart Funding as Boost for Nuclear Industry
ATLANTA, Nov 4, 2004 (BUSINESS WIRE)
Earlier today, the U.S. Department of Energy announced its funding approval for a new, streamlined process for obtaining a nuclear reactor construction and operating license (COL), to be led by NuStart Energy Development LLC.
"This decision by the Department of Energy is clearly a step forward for our country's future energy plans," stated John G. Rice, President and CEO, GE Energy. "The federal cost-sharing plan of the DOE's Nuclear Power 2010 program indicates that the U.S. believes nuclear is a viable generation source-one that helps reduce emissions and does not rely on foreign supplies of oil, gas or coal. GE looks forward to participating in this very important program."
The DOE's Nuclear Power 2010 program will share industry costs for preparing an advanced reactor design for license approval by Nuclear Regulatory Commission (NRC). The DOE's goal is to be ready to begin construction on the first U.S. advanced reactor by 2010.
NuStart is evaluating two reactor designs, including GE Energy's ESBWR, an advanced next generation BWR design that features system simplifications that not only create a higher level of safety (through passive safety systems), but also a more economic solution that, based on initial evaluations, will allow faster construction and lower costs, of up to 20%. The NuStart consortium includes Constellation Generation Group, Duke Energy, EDF International North America, Entergy Nuclear, Exelon Nuclear, Florida Power and Light, Progress Energy, Southern Company, and Tennessee Valley Authority (TVA.). GE Energy is one of two equipment vendors participating in the NuStart venture.
GE Energy's ESBWR recently cleared an important hurdle by passing its federal safety methodology reviews needed for NRC pre-application. Meanwhile, GE continues to deploy its Advanced Boiling Water Reactors (ABWR) in Asia, helping to maintain the core intellectual property and work force that would be required to build new plants in the United States.
Currently there are 103 licensed reactors operating in the United States that generate 20 percent of the nation's energy supply.
GE's nuclear business, headquartered in Wilmington, North Carolina, develops advanced light water reactors and provides a wide array of technology-based products and services to help owners of both boiling and pressurized water reactors safely operate their facilities with greater efficiency and output.
About GE Energy
GE Energy (www.gepower.com) is one of the world's leading suppliers of power generation and energy delivery technology, with 2003 revenues of nearly $18.5 billion. Based in Atlanta, Georgia, GE Energy provides equipment, service and management solutions across the power generation, oil and gas, transmission and distribution, distributed power and energy rental industries.
SOURCE: GE Energy
GE Energy, Atlanta Dennis Murphy, +1 678 844 6948 dennis.murphy@ps.ge.com or Masto Public Relations Ken Darling or Tom Murnane, + 1 518 786 6488 kenneth.darling@ps.ge.com or tom.murnane@mastopr.com
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