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Toshiba to Participate in New Company Created by NRG Energy to Promote ABWR Nuclear Power Plants in North America

26 March, 2008

-Will Also be Prime Contractor for First ABWR Nuclear Power Plants in the United States-

TOKYO--Toshiba Corporation today announced that it will invest US$300 million in a new company formed by NRG Energy, Inc, one of the largest diversified energy providers in the United States. The recently formed company, Nuclear Innovation North America LLC, will promote the deployment of ABWR (advanced boiling water reactor) nuclear power plants in North America.

The Nuclear Innovation North America also will support the smooth development of the South Texas Project (STP) units 3 and 4 projects. NRG and CPS Energy, the electric utility for San Antonio, Texas, are currently developing STP units 3 and 4. These two plants, currently at the permitting and construction planning stage, will be the first ABWR nuclear power plants in the United States and are scheduled to start operation in 2015 and 2016, respectively.

Toshiba last year signed a project services agreement for STP units 3 and 4, under which the company is carrying out key pre-engineering work and procuring major components with long lead times. Toshiba was recently selected by NRG and CPS Energy to be the prime contractor for the development of the South Texas Project (STP) units 3 and 4 nuclear power plants. Toshiba is now responsible for all engineering work prior to the start of plant construction, for the procurement of major equipment and components, and for supporting the licensing process. The final contract for the two plants, including the construction phase, is expected to be finalized by this summer.

As a partner with the Nuclear Innovation North America, Toshiba will also serve as the prime contractor for all future Nuclear Innovation North America projects.

"Our partnership with NRG is an important step toward establishing Toshiba's presence in the US ABWR business," said Mr. Yasuharu Igarashi, Executive Vice President of Toshiba's Power Systems Company. "By combining the expertise in ABWR plant construction and project management know-how that we have cultivated in Japan with NRG's financial capabilities, and its experience in permitting and developing large-scale projects across the United States, plus its existing customer relationships, we look forward to establishing a strong, closely focused collaboration. We expect the new company to achieve a powerful synergy and carry forward the construction of new plants in North America."

Toshiba will also continue to promote the nuclear power business and its capabilities, and to support potential customers, through Toshiba America Nuclear Energy Corporation, the new US subsidiary that Toshiba established at the beginning of January this year.

Outline of New Company

Company name : Nuclear Innovation North America LLC
Chief Executive Officer : Steve Winn
Establishment : February 2008
Ownership : NRG 88%; Toshiba 12%
(effective upon closing anticipated in May)
Location : New York, New York, U.S.A. (plan)
Business : Development of STP 3 and 4 and additional ABWR nuclear power plant construction projects, including support for planning and licensing
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.

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