Today President Bush signed new energy legislation into law that will make American manufactured nuclear components, parts and service-related jobs available to foreign markets for building new nuclear power plants. This legislation is anticipated to spur growth in U.S. manufacturing for new international commercial nuclear power plants, create highly skilled jobs across the U.S. and provide American companies and workers access to foreign markets that have long been dominated by foreign competitors.
“The Babcock & Wilcox Company commends the House and Senate for passing this landmark energy legislation and President Bush for signing it into law. This new legislation includes a significant provision to advance safe and emission-free, American-built nuclear power into key international energy markets,” said John A. Fees, chief executive officer of The Babcock & Wilcox Company (B&W). “We commend Senator Voinovich and Senator Carper, in particular, for their leadership in originating this legislation in the Senate. We look forward to continuing to work with the Administration and Congress to assure that overseas opportunities are made available so that the American nuclear manufacturing industry can better expand to worldwide markets.”
B&W recently announced the consolidation of its commercial nuclear capabilities under Babcock & Wilcox Nuclear Power Generation Group, Inc. (B&W NPG), an operating group of B&W. B&W NPG provides engineering, manufacturing, construction, laboratory analyses and field service capabilities to the commercial nuclear industry.
“For decades, B&W has been one of the premier technology developers and suppliers of both nuclear and fossil-fueled electric generation technologies,” said Richard E. Reimels, president of B&W NPG. “We are optimistic about the growth anticipated for the world-wide nuclear industry, and believe B&W NPG has existing resources and capabilities that could be well-suited to participate in these international activities as a result of this legislation.”
U.S. companies have been limited in their ability to export commercial nuclear electric power technologies due to the lack of a U.S. treaty protecting U.S. exporters from overseas liability. Many foreign countries have such treaties, enabling them to export commercial nuclear power technologies to generate electricity. The legislation signed by President Bush accompanies an International Atomic Energy Agency treaty known as the Convention on Supplementary Compensation for Nuclear Damage or CSC. Once the CSC treaty takes effect, U.S. companies will be better able to compete globally and benefit from growth in the nuclear industry worldwide.
Over 100 new commercial nuclear power plants have been announced overseas as countries seek to meet their growing electricity demand. These electric power projects and forthcoming exports from the U.S. are expected to create many thousands of highly skilled, long-term jobs in U.S. engineering and manufacturing.
The Babcock & Wilcox Company is a subsidiary of McDermott International, Inc., an engineering and construction company with specialty manufacturing and service capabilities focused on energy infrastructure. McDermott’s customers are predominantly utilities and other power generators, major and national oil companies, and the U.S. government. The Babcock & Wilcox Company is located on the Internet at www.babcock.com.
This press release contains forward-looking statements regarding the affect of the energy legislation on growth in U.S. manufacturing for new international commercial nuclear power plants, access to foreign markets and the creation of U.S. jobs, our optimism about the growth of the world-wide nuclear industry and our belief that we are well-suited to participate in new international activities. These statements involve risks and uncertainties, including without limitation, adverse changes to the nuclear industry, the inability of B&W or other U.S. companies to compete in foreign markets or our inability to dedicate resources and capabilities to international activities. If one or more of these risks materialize, actual results may vary materially from those expressed in these statements.