Nuclear power reactor project plans defined in letter of intent

The Babcock & Wilcox Co. (B&W) (NYSE:BWC) announced that Generation mPower LLC (GmP), a majority-owned subsidiary of Babcock & Wilcox Nuclear Energy, Inc., has signed a letter of intent with the Tennessee Valley Authority (TVA) that defines the project plans and associated conditions for designing, licensing and constructing up to six B&W mPower small modular reactors (SMRs) at TVA’s Clinch River site in Roane County, Tenn. The project is expected to include joint development and pursuit of a construction permit from the Nuclear Regulatory Commission (NRC). The project would also include engineering, procurement and construction (EPC) activities leading to receipt of an operating license from the NRC, assuming certain preconditions are met.

GmP is a company formed by affiliates of B&W and Bechtel Power Corp. to design, license and build the one of the world's first commercially viable Generation III++ small modular nuclear power plant based on B&W mPower SMR technology.

GmP remains on track to deploy the first B&W mPower reactor by 2020 at TVA’s Clinch River site. The B&W mPower Integrated System Test facility in Virginia is expected to begin a three-year project later this summer to collect data to verify the reactor design and safety performance in support of licensing activities. TVA plans to submit a Construction Permit Application to the NRC in 2012, and GmP plans to submit a Design Certification Application to the NRC in 2013.

The letter of intent specifies the division of responsibilities between GmP and TVA for the preparation and NRC review of a construction permit application. The letter also describes the timing of the project’s activities for successful completion of major EPC milestones.

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