BATON ROUGE, La.--(BUSINESS WIRE)--The Shaw Group Inc. (NYSE:
SGR -
News) announced today that the Nuclear Division of its Power Group and Westinghouse Electric Company have entered into an agreement with South Carolina Electric & Gas Company (SCE&G), principal subsidiary of SCANA Corporation (NYSE:
SCG -
News), to take the next step toward delivering new nuclear electric power generation.
Under this agreement, Shaw, Westinghouse and SCE&G will work to finalize terms of an engineering, procurement and construction (EPC) contract for up to two new Westinghouse AP1000™ nuclear units planned for co-location at the existing V.C. Summer Nuclear Station in Jenkinsville, S.C. The agreement also authorizes the procurement of long lead-time materials to be undertaken by Westinghouse. Shaw has been engaged in engineering and construction planning for this proposed nuclear generation expansion project at the V.C. Summer Station for the past two years.
“With this agreement, we have reached a significant milestone in the process to deliver new nuclear power generation in the United States,” said J.M. Bernhard Jr., Shaw's chairman, president and chief executive officer. “Now, Shaw will continue to work with South Carolina Electric & Gas and Westinghouse to finalize the EPC contract as soon as possible.”
On March 31, SCE&G submitted a combined construction and operating license application to the U.S. Nuclear Regulatory Commission for up to two new AP1000 units at the V.C. Summer site.
“We are honored to proceed, alongside Westinghouse, in the development of the world’s most advanced, emission-free power plants during this historic time for the power industry,” Bernhard continued. “The AP1000 design offers a number of advantages that will benefit South Carolina Electric & Gas and its customers, including a simplified design that will deliver efficient and cost-effective operation and maintenance, passive operating systems that will provide a new standard in safety and an advanced standardized design that already has been approved by the Nuclear Regulatory Commission.”
The Shaw Group Inc., a 20 percent owner of Westinghouse Electric Company, is a leading global provider of technology, engineering, procurement, construction, maintenance, fabrication, manufacturing, consulting, remediation and facilities management services for government and private sector clients in the energy, chemicals, environmental, infrastructure and emergency response markets. A Fortune 500 company with nearly $6 billion in annual revenues, Shaw is headquartered in Baton Rouge, La., and employs approximately 27,000 people at its offices and operations in North America, South America, Europe, the Middle East and the Asia-Pacific region. For further information, please visit Shaw's Web site at www.shawgrp.com.
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements. The statements contained herein that are not historical facts (including without limitation statements to the effect that the Company or its management “believes,” “expects,” “anticipates,” “plans” or other similar BLOCKED EXPRESSION and statements related to revenues, earnings, backlog or other financial information or results are forward-looking statements based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those anticipated by the Company. These forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions and are subject to change based upon various factors. Should one or more of such risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in the forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. A description of some of the risks and uncertainties that could cause actual results to differ materially from such forward-looking statements can be found in the Company’s reports and registration statements filed with the Securities and Exchange Commission, including its Form 10-K and Form 10-Q reports, and on the Company's Web site under the heading "Forward-Looking Statements.” These documents are also available from the Securities and Exchange Commission or from the Investor Relations department of Shaw. For more information on the company and announcements it makes from time to time on a regional basis, visit our Web site at www.shawgrp.com.