Westinghouse Disappointed in ČEZ Tender Cancellation; Reasserts the Strength of its Proposal, Technology and Business Model

PRAGUE, April 14, 2014 -- Westinghouse Electric Company is deeply disappointed in the decision by ČEZ, a.s. to cancel the Temelín tender in the very final stages of the process. The company also stated that the termination negates the significant safety, environmental and economic benefits that are inherent to the Westinghouse AP1000® technology and the company’s “Buy Where We Build™” business model.

In commenting on the cancellation, Westinghouse Nuclear Power Plants Sr. Vice President Jeff Benjamin said: “The local scope in the Westinghouse proposal represents a significant percentage of the total plant construction and would have resulted in billions of Czech crowns and sustained work for thousands of workers from the Czech Republic. Furthermore, ČEZ’s cancellation will delay the development of Czech suppliers that would have enabled them to also participate in new plant projects elsewhere in Europe, again impacting thousands of jobs.”

Westinghouse optimistically looks forward to continued discussion in regard to alternative options that would allow the Czech Republic to realize the benefits that Westinghouse is able to deliver to other markets. “The Westinghouse AP1000 design takes safety, constructability and operational efficiency to their highest levels yet. We continue to see excellent progress on the eight units currently under construction in China and the United States, and we are in active, good-faith discussions regarding new AP1000 units in virtually every part of the world, including Europe,” Mr. Benjamin said.

Westinghouse Electric Company, a group company of Toshiba Corporation (TKY:6502), is the world's pioneering nuclear energy company and is a leading supplier of nuclear plant products and technologies to utilities throughout the world. Westinghouse supplied the world's first pressurized water reactor in 1957 in Shippingport, Pa., U.S. Today, Westinghouse technology is the basis for approximately one-half of the world's operating nuclear plants, including more than 50 percent of those in Europe. AP1000 is a trademark of Westinghouse Electric Company LLC. All rights reserved.