GSE receives payment for nuclear power plant simulator

GSE Systems Inc. (NYSE: GVP) on Sept. 28 said it received a $3.7 million payment from Slovenské elektrárne, a.s. (SE) for a full scope simulator at SE’s two-unit nuclear power plant in Slovakia.

As of June 30, 2012, GSE had a $5.6 million outstanding invoice related to the SE project included in contracts receivable. This $3.7 million payment will be reflected in GSE’s financial statements for the third quarter ending September 30, 2012.  SE has agreed to remit the $1.9 million balance at the project’s completion, which is currently estimated to be November 2013.

In May 2012, SE notified GSE of its decision to suspend work under the contract due to changes in the Slovakian regulation requiring SE to redesign certain aspects of the plant.

SE operates the Bohunice V2 nuclear power plant in western Slovakia. Electricity is generated with two VVER 440/V-213 pressurized water reactors, which were commissioned in 1984 and 1985.

SE also operates four VVER 440/V-213 pressurized water reactors at the Mochovce nuclear power plant in southern Slovakia. Unit 1 has been generating power since 1998, and Unit 2 since 1999.

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