NRC Approves Westinghouse License Transfers

The Nuclear Regulatory Commission said this week it had approved the indirect transfer of Westinghouse Electric Co.’s licenses from Toshiba to Brookfield WEC Holdings, Inc., the investment company is reportedly seeking to buy Westinghouse for $4.6 billion.

WestinghouseReports from January first broke the news that Westinghouse, which declared bankruptcy in March 2017, would be sold. The federal regulator, however, must approve the license transfers as one of the steps required to complete the sale.

The NRC action covers Westinghouse’s licenses for the Columbia Fuel Fabrication Facility in Hopkins, S.C., and the Hematite Fuel Fabrication Facility in Festus, Mo., as well as 29 export licenses. The Hematite facility is in decommissioning, the NRC noted.

Westinghouse, currently a wholly owned subsidiary of Toshiba, although it filed for bankruptcy on March 29, 2017. Its sale was announced Jan. 12.

Brookfield WEC Holdings is a subsidiary of Brookfield Asset Management Inc., a Canadian investment firm. There will be no direct transfer of control involved with the transaction, as Westinghouse will continue to be the licensee.

There will also be no change in the management or technical personnel responsible for licensed activities. The current safety, security, and licensing organizations within Westinghouse will remain unchanged.

Additionally, there are no planned changes in the operational organization, location, facilities, equipment, or procedures associated with the NRC licenses, and there will be no changes in Westinghouse operating procedures, emergency procedures, or decommissioning financial assurance.

The NRC’s Order approving the transfer and the staff’s safety evaluation report are available in the NRC’s ADAMS online document database.  

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