HANCOCKS BRIDGE, N.J., Aug. 12, 2002 — PSEG Nuclear LLC, and Framatome ANP Inc. have agreed to form a strategic partnership with incentives linked to improvements in performance at PSEG Nuclear’s Salem and Hope Creek Nuclear units.
“We are making progress each year towards achieving top quartile performance in our industry, and each of our past four years has been our best year ever”, said Harry Keiser, President and Chief Nuclear Officer, PSEG Nuclear.
“But the best way to reach the top, is to surround yourself with excellence, and that is what we did when we formed this partnership. Framatome ANP is one of the premier nuclear services companies in the world and I am excited about the potential this brings to both organizations and I am confident in the success we will achieve.”
The first objective of the Partnership will be the fall 2002 refueling outage. This is an extension of services that Framatome ANP has been providing for PSEG Nuclear. Over the next few months, the details will then be worked out to have the Partnership include:
&8226; Management of outage & inspection services
&8226; Outage optimization & operations efficiency efforts
&8226; Management of major capital projects
&8226; Fabrication of major new components
“We are privileged that PSEG Nuclear has chosen us as their long-term strategic partner in their pursuit of the highest levels of operating performance at Salem and Hope Creek,” said Tom Christopher, President and CEO of Framatome ANP, Inc. “We are confident that this partnership will achieve great results.”
PSEG Nuclear operates Salem Units 1 and 2, two 1,100 megawatt pressurized water reactors, and Hope Creek, a 1,050 megawatt boiling water reactor. The three units are located on one site in Salem County, NJ, and together comprise the second largest nuclear site in the country.
PSEG Nuclear is a subsidiary of PSEG Power, one of the largest independent power producers and energy trading companies in the U.S., and an affiliate of Public Service Electric and Gas Company (PSE&G), New Jersey’s largest electric and gas utility. PSEG Power currently has more than 17,000 megawatts of electric generating capacity in operation, construction, acquisition, or advanced development.
In addition to PSEG Nuclear, PSEG Power’s subsidiaries include PSEG Fossil, which owns and operates fossil-fueled generating facilities and PSEG Energy Resources and Trade, responsible for all trading for PSEG Power. PSEG Power and PSE&G are subsidiaries of Public Service Enterprise Group Incorporated (NYSE: PEG – News), a diversified energy holding company with headquarters in Newark, NJ. For further information, visit: http://www.pseg.com.
Framatome ANP (Advanced Nuclear Power), an AREVA and Siemens company, is a nuclear supplier. Framatome ANP’s focus includes comprehensive engineering, instrumentation and control, nuclear services, heavy component manufacture, modernization, fuel assemblies for many reactor designs, including those supplied by other vendors, and the development and construction of nuclear power plants and research reactors.
Framatome ANP is headquartered in Paris, France with principal subsidiaries in the U.S. and Germany. In the company, AREVA has a 66% shares and Siemens 34%. Framatome ANP has a total workforce of approximately 14,000 worldwide and posts annual revenues totaling more than $2.2 billion in 2001.
The AREVA Group, which combines the forces of Cogema, Framatome ANP and Framatome Connectors International, has sales around $8 billion and more than 50,000 employees in 2001. The AREVA Group is the world leader in nuclear power and the second largest group worldwide in connectors.
For further information, visit: http://www.framatome-anp.com.