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SaskPower, Westinghouse and Cameco Sign MOU to Explore Reactor and Fuel Supply Potential
SASKATOON, Saskatchewan–(BUSINESS WIRE)–Saskatchewan Power Corporation (SaskPower), Westinghouse Electric Company (Westinghouse) and Cameco (NYSE:) Corporation (Cameco) (TSX: CCO; NYSE: CCJ) have signed a memorandum of understanding (MOU) to evaluate the potential of Westinghouse’s nuclear reactor technology and the associated nuclear fuel supply chain required for Saskatchewan’s future clean power needs.
The MOU will explore technical and commercial pathways to deploy Westinghouse’s reactor technology, including the advanced AP1000 ® reactor and AP300™ small modular reactor (SMR), for long-term electricity supply planning. The framework includes evaluation of a Saskatchewan-based nuclear supply chain to support nuclear energy projects, including fuel. It also identifies opportunities to collaborate on nuclear research, development and workforce training in partnership with Saskatchewan’s post-secondary institutions.
SaskPower is expected to make its final investment decision in 2029 whether to proceed with constructing Saskatchewan’s first SMR facility. The utility intends to use Saskatchewan uranium in any reactor constructed in the province.
Leveraging knowledge from organizations that have significant expertise in the nuclear industry is critical to ensure we make responsible, informed decisions around our power future, said Rupen Pandya, President and CEO of SaskPower. Collaborating on nuclear fuel supply and evaluating various technologies will only serve to enhance our current small modular reactor development work and planning around workforce and the future of Saskatchewan’s power system.
The AP1000 reactor is in operation in the U.S. and China, where it is setting operational performance and availability records. It has been selected for the nuclear energy programs in Poland, Ukraine and Bulgaria, and is also under consideration at multiple other sites in Central and Eastern Europe, the United Kingdom (UK), India and North America.
The AP300 modular reactor is the only SMR based on an advanced, large Generation III+ reactor already in operation globally. Westinghouse is targeting design certification by 2027 and for first construction to begin by 2030, with the operating unit planned to be available in the early 2030s. The AP300 SMR has been selected by the UK’s Great British Nuclear program and is under further customer consideration in Europe and North America.
Westinghouse is proud to work with SaskPower to share our industry-leading nuclear technology expertise in support of the province’s clean energy needs, said Patrick Fragman, Westinghouse President and CEO. Our globally deployed advanced AP1000 reactor provides demonstrated superior economic performance and availability, and our AP300 small modular reactor is based on this proven and licensed technology. We look forward to helping SaskPower bring carbon-free electricity to Saskatchewan for generations to come.
Cameco has a proud history and a significant presence in Saskatchewan, from our world-class uranium operations to our large and growing provincial workforce to our long-standing partnerships with northern Indigenous communities, said Tim Gitzel, President and CEO of Cameco. We look forward to assessing the potential role Cameco and Westinghouse could play in decarbonizing Saskatchewan’s power grid, an ambitious and important goal for the province’s future.
About SaskPower
Recognized as one of Saskatchewan’s Top Employers and one of Canada’s Best Diversity Employers, SaskPower is the principal electrical utility for Saskatchewan, serving over a half million customers across an extensive geographic area. Founded in 1929, SaskPower is headquartered in Regina and employs over 3,000 employees across Saskatchewan. SaskPower is committed to enabling growth in the province and continuing economic reconciliation with Indigenous Peoples “ winning several awards and achieving the Canadian Council for Aboriginal Business Progressive Aboriginal Relations (PAR) Gold Status multiple times.
About Westinghouse
Westinghouse Electric Company is shaping the future of carbon-free energy by providing safe, innovative nuclear technologies to utilities globally. Westinghouse supplied the world’s first commercial pressurized water reactor in 1957 and the company’s technology is the basis for nearly one-half of the world’s operating nuclear plants. Over 135 years of innovation makes Westinghouse the preferred partner for advanced technologies covering the complete nuclear energy life cycle. For more information, visit www.westinghousenuclear.com and follow us on Facebook (NASDAQ:), LinkedIn and Twitter.
About Cameco
Cameco is one of the largest global providers of the uranium fuel needed to energize a clean-air world. Our competitive position is based on our controlling ownership of the world’s largest high-grade reserves and low-cost operations, as well as significant investments across the nuclear fuel cycle, including ownership interests in Westinghouse Electric Company and Global Laser Enrichment. Utilities around the world rely on Cameco to provide global nuclear fuel solutions for the generation of safe, reliable, carbon-free nuclear power. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan, Canada.
Caution Regarding Forward-Looking Information and Statements
This news release includes statements and information about the expectations of SaskPower, Cameco and Westinghouse for the future, which we refer to as forward-looking information. Forward-looking information is based on our current views, which can change significantly, and actual results and events may be significantly different from what we currently expect. Examples of forward-looking information in this news release include: the expectation that under the MOU the parties will explore pathways to deploy Westinghouse’s reactor technology, including evaluation of a Saskatchewan-based nuclear supply chain; expected opportunities to collaborate on nuclear research, development and workforce training with Saskatchewan’s post-secondary institutions; the expected timing of SaskPower’s final investment decision whether to proceed with constructing the SMR facility, and its intention to use Saskatchewan uranium in any reactor constructed in the province; SaskPower’s expectation that collaboration will enhance its small modular reactor development work, and planning around workforce and the future of Saskatchewan’s power system; the expected dates for design certification, commencement of construction and operating unit availability for the AP300 modular reactor; the anticipated ability of SaskPower to bring carbon-free electricity to Saskatchewan for generations to come; and the assessment of the role that Cameco and Westinghouse could play in decarbonizing Saskatchewan’s power grid. Material risks that could lead to different results include: the risk that the MOU will not result in a successful exploration of pathways to deploy Westinghouse’s reactor technology; the risk that expected opportunities to collaborate on nuclear research, development and workforce training with Saskatchewan’s post-secondary institutions may not be realized; the risk that SaskPower’s final investment decision regarding the SMR facility may not be made when expected; the possibility that SaskPower may not be able to use Saskatchewan uranium to the extent expected; the possibility that collaboration may not enhance SaskPower’s small modular reactor development work and planning to the extent expected; the risk that expected dates for design certification, commencement of construction and operating unit availability for the AP300 modular reactor may not be achieved; the risk that SaskPower may not be able to provide carbon-free electricity to the extent expected; and the risk that Cameco or Westinghouse may not be able to play their expected roles in decarbonizing Saskatchewan’s power grid. In presenting the forward-looking information, we have made material assumptions which may prove incorrect about: our ability to work collaboratively to complete the evaluations and other goals of the MOU; SaskPower’s ability to achieve its various expected target dates and utilize Saskatchewan uranium; and the ability of SaskPower to provide carbon free electricity to the extent expected, and of Cameco and Westinghouse to play their expected roles in decarbonizing Saskatchewan’s power grid. Forward-looking information is designed to help you understand our current views, and it may not be appropriate for other purposes. We will not update this information unless we are required to by securities laws.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240616503146/en/
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
Source: Cameco
(Reuters) -Private equity firm Insight Partners is on the brink of closing a new $10 billion-plus fund, roughly half the amount originally targeted, the Financial Times reported on Sunday, citing five people with knowledge of its plans.
Insight will not formally close its 13th fund until early next year, the report said, adding that the final figure may be closer to $12 billion.
Insight Partners declined to comment on the report.
The report said Insight is using a private equity-style structure to sell more than $1 billion worth of stakes in start-ups and to free up cash to return to investors.
One of the start-ups is Israeli cybersecurity firm Wiz, which had called off a $23 billion deal with Google parent Alphabet (NASDAQ:) in July, the report said.
New York-based Insight raised $20 billion for its 12th flagship fund in 2022, aiming to ramp up investments in software and technology companies.
JERUSALEM (Reuters) -Prime Minister Benjamin Netanyahu said Israel would inflict a “heavy price” on the Iran-aligned Houthis who control northern Yemen, after they reached central Israel with a missile on Sunday for the first time.
Houthi military spokesman Yahya Sarea said the group struck with a new hypersonic ballistic missile that travelled 2,040 km (1270 miles) in just 11 1/2 minutes.
After initially saying the missile had fallen in an open area, Israel’s military later said it had probably fragmented in the air, and that pieces of interceptors had landed in fields and near a railway station. Nobody was reported hurt.
Air raid sirens had sounded in Tel Aviv and across central Israel moments before the impact at around 6:35 a.m. local time (0335 GMT), sending residents running for shelter. Loud booms were heard.
Reuters saw smoke billowing in an open field in central Israel.
At a weekly cabinet meeting, Netanyahu said the Houthis should have known that Israel would exact a “heavy price” for attacks on Israel.
“Whoever needs a reminder of that is invited to visit the Hodeida port,” Netanyahu said, referring to an Israeli retaliatory air strike against Yemen in July for a Houthi drone that hit Tel Aviv.
The Houthis have fired missiles and drones at Israel repeatedly in what they say is solidarity with the Palestinians, since the Gaza war began with a Hamas attack on Israel in October.
The drone that hit Tel Aviv for the first time in July killed a man and wounded four people. Israeli air strikes in response on Houthi military targets near the port of Hodeidah killed six and wounded 80.
Previously, Houthi missiles have not penetrated deep into Israeli air space, with the only one reported to have hit Israeli territory falling in an open area near the Red Sea port of Eilat in March.
Israel should expect more strikes in the future “as we approach the first anniversary of the Oct. 7 operation, including responding to its aggression on the city of Hodeidah,” Sarea said.
The deputy head of the Houthi’s media office, Nasruddin Amer, said in a post on X on Sunday that the missile had reached Israel after “20 missiles failed to intercept” it, describing it as the “beginning”.
The Israeli military also said that 40 projectiles were fired towards Israel from Lebanon on Sunday and were either intercepted or landed in open areas.
“No injuries were reported,” the military said.
PARIS (Reuters) – Eight people have died trying to cross the Channel from France to England, French authorities said on Sunday, confirming earlier media reports.
This latest incident follows the deaths of 12 people earlier this month when their boat capsized in the Channel on its way to Britain and highlights the pressure on the British and French governments to find ways to tackle the boat crossings.
Jacques Billant, the Prefect of the Pas-de-Calais region, said that rescue crews were alerted that a boat with 59 people onboard was in difficulty in waters off the coast of Ambleteuse in the Pas-de-Calais area.
“A new drama took place around one in the morning and we deplore the death of eight people,” he told a news conference, adding that the other 51 onboard were now in the care of rescue and medical crews.
The dead were men from Eritrea, Sudan, Syria, Egypt, Iran and Afghanistan, he added.
The Channel is one of the world’s busiest shipping lanes and currents are strong, which makes crossing on small boats dangerous.
The latest incident brings to 46 the number of people who have died trying to cross the Channel from France since the start of the year, Billant said.
On September 14 alone there were eight attempts to cross the Channel from France and some 200 migrants were rescued, he said.
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