Westinghouse Lauds Efforts of U.S. Government in Support of New Nuclear Construction in India

PITTSBURGH – June 25, 2013 – Westinghouse Electric Company today lauded the efforts of a range of United States government officials and agencies in helping Westinghouse and other U.S.-based companies pursue business in the global commercial nuclear energy market, citing Secretary of State John Kerry’s efforts this week in India as the most recent example of this support.

“Secretary Kerry’s efforts to move discussions forward with an announced goal of reaching commercial agreement in the September timeframe to support licensing and site development of AP1000® reactors in India are proving to be invaluable,” said Westinghouse President and CEO Danny L. Roderick. “We have also had strong U.S. government support for our efforts in the Czech Republic, where our AP1000 nuclear technology has been ranked number one in the bidding process.”

Mr. Roderick said that U.S. government support helps to keep the playing field level for U.S. companies in global markets. “Often, U.S.-based companies must compete globally with companies that are either state owned or heavily state affiliated, meaning those governments are actual participants in the bidding process,” he said. “U.S. government support, therefore, helps us to drive home the mutually beneficial nature of our business model.

Toward that end, Westinghouse and Nuclear Power Company of India Limited signed a Memorandum of Understanding (MOU) last year to negotiate an Early Works Agreement (EWA) supporting future construction of AP1000 nuclear power plants at the Mithivirdi site in Gujarat. The agreement represents significant progress toward the realization of the India – U.S. Civil Nuclear Agreement signed in 2008. The Early Works Agreement includes preliminary licensing and site development work. The expectation is that this agreement will be finalized by this September.

"Westinghouse and our partners within India are committed to providing the large amounts of safe, clean and reliable baseload electricity that India will need as its economy expands. Our agreement with Nuclear Power Company of India is one of many we will undertake as we move forward toward contract finalization and actual construction,” said Gary Urquhart, vice president and managing director of Westinghouse in India. “It is also reflective of our proven track record in working with local partners to create and sustain infrastructure while also supporting growth within our industry and throughout Westinghouse.”

In China, for example, Westinghouse is currently supplying four of its AP1000 nuclear units, with an additional eight units expected to begin there soon. In addition four AP1000 units are being built in the U.S., two in Georgia and two in South Carolina. These projects have created over 50,000 direct and indirect U.S. jobs. These new international opportunities add a potential to grow another 200,000 U.S. direct and indirect jobs over the next five to eight years.

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. Today, Westinghouse technology is the basis for approximately one-half of the world's operating nuclear plants.