HANCOCKS BRIDGE, N.J.,
July 20, 2011 /PRNewswire/ -- The
Nuclear Regulatory Commission (NRC) approved PSEG Nuclear's request
today to extend the operating license of Hope Creek Generating
Station an additional 20 years. Last month, the NRC announced the
license renewal of PSEG Nuclear's Salem Generating Station Units 1
and 2.
"The license renewal of Hope
Creek, as well as Salem
last month, ensures clean nuclear energy is available for
New Jersey and the region for
years to come," said Tom Joyce,
president and chief nuclear officer of PSEG Nuclear. "With the
support of our employees, we will build upon our strong operating
history of providing safe, reliable energy and continue to play a
major role in supporting our local community who has supported us
all these years."
Under the Atomic Energy Act, the NRC originally issued licenses
for commercial nuclear reactors for 40 years. This timeframe
was based on the amortization period generally used by electric
utility companies for large capital investments.
PSEG Nuclear filed its request for license renewal in
August 2009. During the past two
years, a dedicated team coordinated site inspections and audits by
the NRC, provided volumes of additional information to the
regulator and participated in several meetings where the public was
provided with opportunities to offer comment on the proposed
license extension.
Hope Creek has a net generating
capacity of approximately 1216 megawatts. The station's previous 40
year operating license was set to expire in 2026 and will now be
licensed through 2046. Salem Units 1 and 2 are now licensed through
2036 and 2040 respectively.
Salem and Hope Creek are subject to an ongoing, rigorous
program of oversight and inspection by the NRC, led by four
full-time inspectors onsite, as well as supplemental inspectors
from the NRC regional headquarters. The plants also have
their own extensive programs in preventive and corrective
maintenance, equipment testing and monitoring and equipment
replacement.
Over the past five years, PSEG Nuclear has invested more than
$231 million in equipment upgrades
and enhancements to ensure the continued safe operation of
Hope Creek.
In New Jersey, nuclear power
has played a leading role in meeting the state's energy needs.
In fact, more than 50 percent of the state's electricity
comes from nuclear power. Located together on a 740-acre site
in Lower Alloways Creek, Salem
County, Hope Creek and the
two Salem units comprise the
second largest commercial nuclear power facility in the United States. Together the three nuclear
units generate enough power for approximately three million homes
each day.
In addition to license renewal, PSEG Nuclear continues to
explore the possibility of building an additional nuclear plant in
Salem County. In May 2010, the company filed an application for an
early site permit (ESP). Though not a commitment to build, the ESP
would recognize the proposed location to be suitable from a safety,
environmental and emergency planning standpoint. An NRC
decision on the ESP is not expected until late 2013.
FORWARD-LOOKING STATEMENT
The statements contained in this communication about our and our
subsidiaries' future performance, including, without limitation,
future revenues, earnings, strategies, prospects, consequences and
all other statements that are not purely historical, are
forward-looking statements for purposes of the safe harbor
provisions under The Private Securities Litigation Reform Act of
1995. Although we believe that our expectations are based on
reasonable assumptions, we can give no assurance they will be
achieved. There are a number of risks and uncertainties that could
cause actual results to differ materially from what may actually
occur. A discussion of some of these risks and uncertainties is
contained in our Annual Report on Form 10-K and subsequent reports
on Form 10-Q and Form 8-K filed with the Securities and Exchange
Commission (SEC). These documents address in further detail our
business, industry issues and other factors that could cause actual
results to differ materially from those indicated in this
communication. Forward looking statements made in this
communication only apply as of this date. While we may elect to
update forward-looking statements from time to time, we
specifically disclaim any obligation to do so, even if our internal
estimates change, unless otherwise required by applicable
securities laws.
PSEG Nuclear is a part of PSEG Power, one of the nation's
largest independent power producers and a subsidiary of Public
Service Enterprise Group Incorporated (PSEG)(NYSE:PEG), a
diversified energy holding company. PSEG's other primary
subsidiaries are Public Service Electric and Gas Company
(PSE&G), New Jersey's oldest
and largest energy distribution utility company, and PSEG Energy
Holdings, a holding company for other non-regulated
businesses.
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SOURCE PSEG Nuclear