WILMINGTON, N.C.--(BUSINESS WIRE)--May 6, 2005--GE Energy has signed an agreement with NuStart Energy Development LLC, under which GE will design and seek an NRC license for its next-generation ESBWR (Economic Simplified Boiling Water Reactor) for one of two proposed projects to be sited at existing U.S. nuclear power plants.
NuStart, a U.S. nuclear industry consortium comprised of nine leading utilities and two nuclear suppliers, is one of several industry groups working with the U.S. Department of Energy to test the NRC's streamlined process to obtain the joint construction and operating license (COL) required for the construction of a new nuclear reactor.
If the two NuStart nuclear projects are approved, the units would be among the first ordered in the United States since the early 1970s.
"This agreement with NuStart is the latest in a string of strong signals that many key players in the U.S. recognize the time has come to make certain nuclear energy remains a significant part of our country's energy mix," said Andy White, president and CEO of GE Energy's nuclear business. "This agreement is a major step forward in helping make the building of new nuclear facilities in the United States a reality."
The Department of Energy's "Nuclear 2010" initiative is designed to help accelerate new reactor construction in the United States by providing a 50 % cost-share for preparation of construction operating license applications necessary for the development of new nuclear plants.
After signing the agreement with GE Energy and another nuclear supplier, NuStart signed its formal cooperative agreement with DOE to implement the cost-sharing agreement.
The ESBWR offered by GE Energy is a new class of "Generation III+" reactor, designed to be safer, more cost-effective to operate and faster to build, due to "passive" safety systems, simplified design and a smaller footprint.
In addition to the design and licensing of the ESBWR, GE Energy is also constructing two Advanced Boiling Water Reactors (ABWRs) in Taiwan.
GE Energy's nuclear business, headquartered in Wilmington, N.C., 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 is one of the world's leading suppliers of power generation and energy delivery technology, with 2004 revenues of $17.3 billion. Based in Atlanta, Georgia, GE Energy provides equipment, service and management solutions across the power generation, oil and gas, distributed power and energy rental industries.
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