GE and Toshiba Extend BWR Nuclear Technical Cooperation Agreement|
6 December, 2001
GE Nuclear Energy
Tokyo -- Thursday, December 6, 2001 -- GE Nuclear Energy and Toshiba Corporation announced today that they had extended their agreement for the development of advanced nuclear technology. The agreement continues for the next ten years the relationship that dates back to the mid-1960s and which has been instrumental in the global development of safe, inexpensive, and environmentally friendly nuclear power. This new agreement, recognizing the growth of the Japanese new plant capabilities over the past thirty years, leverages the strengths of the parties as equal partners. The companies said that this technology agreement represents a major step in ensuring that owners of Boiling Water Reactor (BWR) nuclear plants will continue to have access to the latest, state-of-the-art technology for the continued safe and efficient operation of their plants. The agreement will also strengthen the companies' joint efforts to be successful in the highly competitive global markets for supply of new nuclear power plants such as the Advanced BWR nuclear plant ( ABWR). It should be noted that BWR nuclear plants generate 4% of the world's electricity.
Individually, each company provides nuclear services to some of the 92 BWR nuclear plants worldwide, including 28 BWRs in Japan. Additionally, they provide nuclear fuel through a jointly owned company of GE, Toshiba and Hitachi, Ltd., Global Nuclear Fuel, LLC., which was formed in January 2000. For those utilities that are interested in adding new nuclear capacity, the companies offer the ABWR, two of which are in operation in Japan and four others under construction, two each in Taiwan and Japan. GE, Toshiba and Hitachi jointly designed and built the first two ABWRs for Tokyo Electric Power Company. They have been operating successfully in Japan for the last five years. As new plant market opportunities arise, the companies plan to utilize their individual and collective strengths in design, manufacturing, construction and maintenance to maximize the competitiveness of the ABWR and the strength of the BWR team. GE made success for the bid of Taiwan Power Company's Lungmen project in a highly competitive environment, where Toshiba's supply of several of the critical nuclear components contributed significantly to the competitiveness and ultimate success of the bid.
About General Electric
GE (NYSE: GE), with 2000 revenues of $130 billion, is a diversified technology, services and manufacturing company with a commitment to achieving customer success. GE operates in more than 100 countries and employs 313,000 people worldwide. For more information, visit the company's Web site at http://www.ge.com.
Toshiba Corporation is a leader in information and communications systems, electronic components, consumer products and power systems.
The company's integration of these wide-ranging capabilities assures its position as an innovator in advanced components, products and systems. Toshiba has 188,000 employees worldwide and annual sales of over US$47 billion. Toshiba's website at: www.toshiba.co.jp/index.htm.
|Information in the press releases, including product prices and specifications, content of services and contact information, is current on the date of the press announcement,but is subject to change without prior notice.|