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SASKATOON, Saskatchewan — Saskatchewan Energy Company (SaskPower), Westinghouse Electrical Firm (Westinghouse) and Cameco Company (Cameco) (TSX: CCO; NYSE: CCJ) have signed a memorandum of understanding (MOU) to guage the potential of Westinghouse’s nuclear reactor know-how and the related nuclear gasoline provide chain required for Saskatchewan’s future clear energy wants.
The MOU will discover technical and industrial pathways to deploy Westinghouse’s reactor know-how, together with the superior AP1000® reactor and AP300™ small modular reactor (SMR), for long-term electrical energy provide planning. The framework contains analysis of a Saskatchewan-based nuclear provide chain to help nuclear power tasks, together with gasoline. It additionally identifies alternatives to collaborate on nuclear analysis, improvement and workforce coaching in partnership with Saskatchewan’s post-secondary establishments.
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SaskPower is predicted to make its remaining funding choice in 2029 whether or not to proceed with setting up Saskatchewan’s first SMR facility. The utility intends to make use of Saskatchewan uranium in any reactor constructed within the province.
“Leveraging data from organizations which have vital experience within the nuclear {industry} is crucial to make sure we make accountable, knowledgeable selections round our energy future,” mentioned Rupen Pandya, President and CEO of SaskPower. “Collaborating on nuclear gasoline provide and evaluating numerous applied sciences will solely serve to reinforce our present small modular reactor improvement work and planning round workforce and the way forward for Saskatchewan’s energy system.”
The AP1000 reactor is in operation within the U.S. and China, the place it’s setting operational efficiency and availability data. It has been chosen for the nuclear power applications in Poland, Ukraine and Bulgaria, and can be into consideration at a number of different websites in Central and Jap Europe, the UK (UK), India and North America.
The AP300 modular reactor is the one SMR based mostly on a complicated, massive Technology III+ reactor already in operation globally. Westinghouse is concentrating on design certification by 2027 and for first development to start by 2030, with the working unit deliberate to be obtainable within the early 2030s. The AP300 SMR has been chosen by the UK’s Nice British Nuclear program and is below additional buyer consideration in Europe and North America.
“Westinghouse is proud to work with SaskPower to share our industry-leading nuclear know-how experience in help of the province’s clear power wants,” mentioned Patrick Fragman, Westinghouse President and CEO. “Our globally deployed superior AP1000 reactor gives demonstrated superior financial efficiency and availability, and our AP300 small modular reactor relies on this confirmed and licensed know-how. We look ahead to serving to SaskPower convey carbon-free electrical energy to Saskatchewan for generations to come back.”
“Cameco has a proud historical past and a major presence in Saskatchewan, from our world-class uranium operations to our massive and rising provincial workforce to our long-standing partnerships with northern Indigenous communities,” mentioned Tim Gitzel, President and CEO of Cameco. “We look ahead to assessing the potential position Cameco and Westinghouse might play in decarbonizing Saskatchewan’s energy grid, an bold and essential objective for the province’s future.”
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About SaskPower
Acknowledged as one among Saskatchewan’s High Employers and one among Canada’s Finest Variety Employers, SaskPower is the principal electrical utility for Saskatchewan, serving over a half million clients throughout an in depth geographic space. Based in 1929, SaskPower is headquartered in Regina and employs over 3,000 staff throughout Saskatchewan. SaskPower is dedicated to enabling development within the province and persevering with financial reconciliation with Indigenous Peoples – profitable a number of awards and reaching the Canadian Council for Aboriginal Enterprise Progressive Aboriginal Relations (PAR) Gold Standing a number of occasions.
About Westinghouse
Westinghouse Electrical Firm is shaping the way forward for carbon-free power by offering secure, modern nuclear applied sciences to utilities globally. Westinghouse equipped the world’s first industrial pressurized water reactor in 1957 and the corporate’s know-how is the idea for practically one-half of the world’s working nuclear vegetation. Over 135 years of innovation makes Westinghouse the popular companion for superior applied sciences protecting the whole nuclear power life cycle. For extra info, go to www.westinghousenuclear.com and observe us on Fb, LinkedIn and Twitter.
About Cameco
Cameco is among the largest international suppliers of the uranium gasoline wanted to energise a clean-air world. Our aggressive place relies on our controlling possession of the world’s largest high-grade reserves and low-cost operations, in addition to vital investments throughout the nuclear gasoline cycle, together with possession pursuits in Westinghouse Electrical Firm and International Laser Enrichment. Utilities all over the world depend on Cameco to offer international nuclear gasoline options for the technology of secure, dependable, carbon-free nuclear energy. Our shares commerce on the Toronto and New York inventory exchanges. Our head workplace is in Saskatoon, Saskatchewan, Canada.
Warning Concerning Ahead-Trying Data and Statements
This information launch contains statements and details about the expectations of SaskPower, Cameco and Westinghouse for the long run, which we discuss with as forward-looking info. Ahead-looking info relies on our present views, which may change considerably, and precise outcomes and occasions could also be considerably completely different from what we at present anticipate. Examples of forward-looking info on this information launch embrace: the expectation that below the MOU the events will discover pathways to deploy Westinghouse’s reactor know-how, together with analysis of a Saskatchewan-based nuclear provide chain; anticipated alternatives to collaborate on nuclear analysis, improvement and workforce coaching with Saskatchewan’s post-secondary establishments; the anticipated timing of SaskPower’s remaining funding choice whether or not to proceed with setting up the SMR facility, and its intention to make use of Saskatchewan uranium in any reactor constructed within the province; SaskPower’s expectation that collaboration will improve its small modular reactor improvement work, and planning round workforce and the way forward for Saskatchewan’s energy system; the anticipated dates for design certification, graduation of development and working unit availability for the AP300 modular reactor; the anticipated means of SaskPower to convey carbon-free electrical energy to Saskatchewan for generations to come back; and the evaluation of the position that Cameco and Westinghouse might play in decarbonizing Saskatchewan’s energy grid. Materials dangers that might result in completely different outcomes embrace: the chance that the MOU is not going to lead to a profitable exploration of pathways to deploy Westinghouse’s reactor know-how; the chance that anticipated alternatives to collaborate on nuclear analysis, improvement and workforce coaching with Saskatchewan’s post-secondary establishments might not be realized; the chance that SaskPower’s remaining funding choice relating to the SMR facility might not be made when anticipated; the likelihood that SaskPower might not be capable to use Saskatchewan uranium to the extent anticipated; the likelihood that collaboration might not improve SaskPower’s small modular reactor improvement work and planning to the extent anticipated; the chance that anticipated dates for design certification, graduation of development and working unit availability for the AP300 modular reactor might not be achieved; the chance that SaskPower might not be capable to present carbon-free electrical energy to the extent anticipated; and the chance that Cameco or Westinghouse might not be capable to play their anticipated roles in decarbonizing Saskatchewan’s energy grid. In presenting the forward-looking info, we’ve made materials assumptions which can show incorrect about: our means to work collaboratively to finish the evaluations and different targets of the MOU; SaskPower’s means to realize its numerous anticipated goal dates and make the most of Saskatchewan uranium; and the flexibility of SaskPower to offer carbon free electrical energy to the extent anticipated, and of Cameco and Westinghouse to play their anticipated roles in decarbonizing Saskatchewan’s energy grid. Ahead-looking info is designed that can assist you perceive our present views, and it might not be applicable for different functions. We is not going to replace this info except we’re required to by securities legal guidelines.
View supply model on businesswire.com: https://www.businesswire.com/information/house/20240616503146/en/
Contacts
Inquiries
SaskPower:
Scott McGregor
media line: 306-536-2886
mediarelations@saskpower.com
Westinghouse:
Brian McCrone
445-289-0409
Brian.McCrone@westinghouse.com
Cameco (investor inquiries):
Rachelle Girard
306-956-6403
rachelle_girard@cameco.com
Cameco (media inquiries):
Veronica Baker
306-385-5541
veronica_baker@cameco.com
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