Westinghouse Welcomes European Commission's 2030 Framework for Climate and Energy Policies

BRUSSELS, January 22, 2014 -- Westinghouse Electric Company, a leading voice for the nuclear industry in Europe and worldwide, welcomes the European Commission’s 2030 Framework for Climate and Energy Policies, which aims to establish a more competitive, sustainable and energy-secure European economy. Nuclear-generated electricity is virtually carbon-free, affordable and sustainable – it promotes security of supply in Europe and makes a significant contribution to achieving the three key objectives outlined by the European Commission (EC) in the run up to 2050.

Outlining the key role nuclear can play in helping to deliver on the EU’s ambitions, Westinghouse President for Europe, Middle East and Africa Yves Brachet said: For the most part, the Commission’s proposal sends clear signals and sets the right long-term policy framework for all actors to contribute to making Europe’s low carbon future a reality. We remain convinced that technology neutrality is the best way forward. Generating more than 25 percent of EU electricity today, nuclear energy plays a key role in meeting Europe’s low-carbon and energy-security objectives in the long term.

Westinghouse has a long and distinguished history in the nuclear industry across Europe. We are proud of our European heritage and are committed to pioneering value-added engineering and services for the benefit of businesses, consumers and governments in Europe."

Westinghouse’s key points on the Commission’s proposals are:

Europe needs a 40 percent binding target for greenhouse gas emissions reduction.

Westinghouse supports an ambitious and binding target of 40 percent greenhouse gas (GHG) emissions reduction by 2030. This is the most effective way of ensuring that the EU meets its climate and energy goals in the long term. The 40 percent target is needed to promote innovation and investment in low-carbon technologies in the most cost-effective and non-discriminatory approach.

Europe needs a technology-neutral climate and energy policy.

Westinghouse expresses concern over the potential unintended consequences of the proposed 27 percent renewable energy target. A technology-neutral climate and energy policy is the most effective way for Europe to achieve its objectives. It would help to avoid problems resulting from multiple targets and inconsistencies between greenhouse gas and Renewable Energy Sources (RES) policies, such as unfair competition for low-carbon technologies, unworkable market mechanisms, higher costs and a malfunctioning Emissions Trading Scheme.

A strong EU Emissions Trading Scheme (ETS) is the cornerstone of Europe’s climate and energy policy.

Westinghouse remains convinced that a strong ETS, delivering valid investment signals, is the core instrument for achieving a low-carbon energy sector. A well-functioning ETS, with required structural reform, will help avoid market fragmentation, particularly when complemented with an EU-wide carbon tax.

Europe’s low-carbon future must deliver affordable energy, promote jobs and support growth.

With consumers across Europe facing increasingly high electricity prices, and wholesale electricity prices and CO2 prices being low, Europe needs an integrated energy and climate approach which combines both economic growth and decarbonization objectives. Nuclear energy provides Europe with affordable and sustainable energy. Westinghouse’s latest project in the United Kingdom, which includes the construction of three Westinghouse AP1000® nuclear reactors, will create up to 21,000 jobs and deliver about seven percent of the U.K.’s projected electricity requirement.

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.