GE Applauds US-UAE Civilian Nuclear Energy Cooperation Agreement

WILMINGTON, N.C., Nov 04, 2009 (BUSINESS WIRE) -- GE applauds the U.S.-United Arab Emirates (UAE) civilian nuclear energy cooperation agreement that recently earned congressional approval. Commonly known as a "123 Agreement," this pact is legally required to allow U.S. companies to provide reactor technologies, fuel and nuclear energy services to other countries for civilian energy production.

GE has actively supported the historic U.S.-UAE agreement, which has been praised for its non-proliferation provisions that create a model for other countries in the region and around the world that are aspiring to address rising energy demands with clean-air nuclear energy.

"We applaud this landmark agreement, which marks a historic moment in the future development of civilian nuclear energy in the UAE and the region," said Jack Fuller, president and CEO of GE Hitachi Nuclear Energy (GEH), the global nuclear energy alliance formed by GE and Hitachi. "The UAE has shown strong leadership demonstrating the role nuclear energy plays in a diverse energy portfolio to address growing domestic demands for clean and cost-effective power generation for generations to come." The agreement is the latest step as the UAE moves forward with the development of its national civil nuclear energy program. The UAE recently put into place a law establishing the regulatory framework for a civilian nuclear energy program.

The UAE's domestic power demand is expected to increase to more than 40,000 MW by 2020. The country's rapid economic development has stretched existing energy resources, and nuclear energy can help fill the electricity demand gap with cost-effective power.

GEH is a world-leading provider of advanced boiling water reactor technology and power plant services for scores of nuclear power stations around the world.

Globally, dozens of new nuclear reactors are being constructed, adding to the 441 reactors currently operating in 31 countries, delivering 17 percent of worldwide electricity production. Global energy demand is expected to increase 44 percent by 2030, according to the U.S. Energy Information Administration.

Nuclear energy is a safe, affordable and virtually carbon-free energy solution.

GE has been a strong partner of the UAE and an active participant in the country's infrastructure growth for the past 40 years. Today, GE has six facilities and more than 600 employees throughout the UAE, supporting the growth of numerous sectors, including power, water, oil and gas, industrial, aviation, healthcare, finance, media and entertainment sectors. GE also is engaged in knowledge sharing and learning initiatives in the UAE, reflecting its continued commitment to the country and the region.

GE Hitachi Nuclear Energy Based in Wilmington, N.C., GE Hitachi Nuclear Energy (GEH) is a world-leading provider of advanced reactors and nuclear services. Established in June 2007, GEH is a global nuclear alliance created by GE and Hitachi to serve the global nuclear industry. The nuclear alliance executes a single, strategic vision to create a broader portfolio of solutions, expanding its capabilities for new reactor and service opportunities. The alliance offers customers around the world the technological leadership required to effectively enhance reactor performance, power output and safety.

SOURCE: GE CONTACT: GE Hitachi Nuclear Energy Ned Glascock, [phone] [e-mail] or Masto Public Relations Howard Masto / Tom Murnane, [phone] [e-mail] / [e-mail] Copyright Business Wire 2009 -0- KEYWORD: United States

North America

North Carolina INDUSTRY KEYWORD: Energy

Alternative Energy

Utilities

Other Energy

Public Policy/Government

Homeland Security

Urban Planning

Nuclear

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