LONDON, Sept. 9 /PRNewswire/ -- Westinghouse Electric Company will announce that it is in advanced discussions with the Nuclear Decommissioning Authority (NDA) concerning a new organizational arrangement for the UK Fuel site at Springfields near Preston. These arrangements are looking at the introduction of a long-term lease when the current site management contract ends on March 31, 2010 together with the permanent transfer of ownership of Springfields Fuels Ltd, the company managing the site.
Speaking September 10 in London at the annual World Nuclear Association Conference, Aris Candris, President and CEO of Westinghouse, will announce: "This arrangement would give Westinghouse the opportunity to consider significant investment in the site as we continue to see strong signs of a nuclear renaissance, bringing with it increased demand for fuel supplies. It offers longer term security of employment to current employees, as well as the potential for new jobs in the future.
If a successful arrangement can be agreed, then the outcome will represent a positive benefit for the NDA, for Westinghouse, for the current and future employees of the site, and for the UK's nuclear industry as a whole. Furthermore, it will cement Westinghouse's position at the heart of the UK nuclear industry. In the meantime the Westinghouse site management at Springfields will remain fully committed to the highest standards of safe operation and regulatory compliance for which they already have an exemplary track record."
John Clarke, NDA Commercial Director said: "The NDA has enjoyed a successful five-year relationship with Westinghouse as the M&O contractor for Springfields. Their long term understanding of the site together with their experience as a nuclear fuel vendor makes Westinghouse a good partner to exploit the potential of the site. The NDA will work hard to ensure that this great opportunity to ensure continued employment and a long term platform for increased investment is a success. We will, of course, continue to deliver our Energy Act obligations in terms of the current nuclear liabilities in relation to the site."
Discussions between Westinghouse and the NDA will now take place over the coming months to finalise the details of the new arrangement.
Notes to Editors:
Westinghouse Electric Company, a group company of Toshiba Corporation (TKY:6502), is the world's pioneering nuclear power company and is a leading supplier of nuclear plant products and technologies to utilities throughout the world.
Westinghouse supplied the world's first PWR in 1957 in Shippingport, Pennsylvania. Today, Westinghouse technology is the basis for approximately half of the world's operating nuclear plants.
In the UK, Westinghouse currently runs the Springfields site in Preston, Lancashire (where around 1350 people are employed by Springfields Fuels Limited), on behalf of the Nuclear Decommissioning Authority. The vast majority of the UK's nuclear fuel has been made at Springfields over the past 50 years. A new arrangement would allow Westinghouse to consider investing in new plant and equipment to ensure the site can take advantage of any potential new business arising from the nuclear renaissance both in the UK and overseas.
The length of the lease arrangement will be determined as part of the detailed discussions now taking place.
For more information on Westinghouse, visit:
www.Westinghousenuclear.com or www.ukap1000application.com
For more information on Springfields, visit: www.nuclearsites.co.uk
SOURCE Westinghouse Electric Company
