Exelon Nuclear Partners signs agreement with Lithuanian nuclear authority

Source: Exelon

Exelon Nuclear Partners, LLC (ENP)(NYSE:EXC), a subsidiary of Exelon Generation Company, LLC, announced the signing of a consulting agreement with Visagino atomine elektrine UAB (VAE), the government-owned company responsible for new nuclear power plant development in the Republic of Lithuania. 

Under the Owners Engineer Consultancy Agreement, ENP will support the project developers' efforts to put in place an engineering, procurement and construction contract and fuel supply contract, as well as consult on other technical matters. 

The value of the agreement remains confidential. The contract was subject to a competitive tendering process and public review under Lithuania 's public procurement process. 

"ENP is pleased to be selected as advisor to VAE and its regional partners from Estonia , Latvia and Poland as they move forward to build their new nuclear power plant," said Exelon Generation Senior Vice President and ENP Chief Executive Officer Amir Shahkarami . "Exelon's experience in developing nuclear programs will help VAE as it seeks to provide the Baltic region with safe, reliable and economic nuclear energy for generations to come." 

ENP President Thomas Mundy said, "We plan to begin work immediately to help VAE and its partners advance this very important project. We are honored to be a part of it." 

In connection with joining the European Union, Lithuania closed its last operating RBMK-1500 nuclear reactor, which had been generating 70 percent of the nation's electricity, at the end of 2009. Lithuania is undertaking new nuclear development in collaboration with Estonia , Latvia and Poland. The proposed facility, a Hitachi-GE Nuclear Energy Advanced Boiling Water Reactor, is to be built next to the closed reactors near the town of Visaginas in eastern Lithuania. 

Exelon is not an investor in the project. 

The contract is the second international consulting agreement announced by ENP in the past month. In November ENP signed a consulting services contract with the Chinese nuclear company China National Nuclear Power Co. Ltd. to deliver training on the Exelon Nuclear Management Model directly to more than 200 CNNP management personnel and plant operators in China .

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