Thursday, August 31, 2006

TXU Announces Plans For 2-6 GW of New Nuclear Capacity

More good news just off the wire from TXU:

To help meet Texas'’ need for power beginning in the latter part of the next decade, TXU Corp. (NYSE: TXU) announced today that it plans to develop applications to file with the U.S. Nuclear Regulatory Commission (NRC) for combined Construction and Operating Licenses (COLs) for two to six gigawatts (GW) of new nuclear-fueled power generation capacity at one to three sites. TXU expects to submit the COL applications in 2008, which would facilitate bringing the new capacity on line between 2015 and 2020. Combined with its previously announced 9.1 GW of coal power generation capacity that is expected to be on line by 2010, the nuclear power generation capacity would allow TXU to continue to deliver the dependable energy supply, low prices and cleaner environment its Texas consumers demand.

"“While new nuclear generation cannot come on line in time to meet the growing power needs of Texas for the next 10 years, TXU continues to aspire to be a leader in the commercialization of the next generation of low-cost, clean technology,"” said C. John Wilder, TXU Corp. chairman and CEO. "Nuclear generation offers the potential to deliver our customers lower, stable prices and continue to reduce Texas'’ over-reliance on natural gas. Based on top decile performance at our Comanche Peak nuclear power facility and strong knowledge of the Texas market and customers, TXU is uniquely positioned to commercialize this technology in Texas."” TXU Power'’s Comanche Peak is an industry leader in nuclear operations and is a recipient of the "“Clean Texas, Cleaner World --National Leader Award" from the Texas Commission on Environmental Quality and the U.S. Environmental Protection Agency for its efforts above and beyond compliance in environmental excellence and overall environmental stewardship.

TXU plans to partner with others to take full advantage of the benefits of scale while sharing the risk of such large investments with long-term investors. TXU has had preliminary discussions with the Lower Colorado River Authority and the City of San Antonio'’s CPS Energy, and will also invite other electric cooperatives and municipalities to partner in the plan.
As for the timeline, TXU says that it will have chosen a reactor design and identified potential sites by the end of the year, with a COL application scheduled to be filed with NRC in the fourth quarter of 2008. TXU is currently projecting that the first COLs would be completed in the 2010-2011 time frame.

More later, as the coverage breaks.

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