DALLAS, TX -
New Study Projects More Than $22 Billion in Economic Benefit
Luminant will today submit an application to the Nuclear Regulatory Commission for the potential expansion of its Comanche Peak Nuclear Power Plant near Glen Rose, Texas.
“This application is an initial, but significant, step toward expanding the use of safe, dependable, clean nuclear power,” said Luminant Chief Executive Officer David Campbell. “While we are just at the beginning of a multi-year regulatory review process, we are focused on developing new generation resources for Texas.”
The application – called a Combined Operating License Application (COLA) – is about 7,500 pages in length and will be submitted by Luminant today to the NRC. The application requests approval for two new nuclear power generation units of 1,700 megawatts each. These new units (to be known as Comanche Peak Units 3 & 4) would produce enough nuclear electricity to power approximately 1.8 million average Texas homes.
“These potential new units would help address growing Texas electricity demand and contribute to needed fuel diversity while providing clean energy,” said Campbell. “We appreciate the continued community support for our current operations and look forward to the possibility of expanding our current investment and employment base.”
Luminant has submitted a loan guarantee application form to the Department of Energy. Luminant is finalizing the Phase I application information for submittal in accordance with the guidelines and timeframe established by the DOE.
New Economic Impact Study
Luminant also released today the results of a new economic impact analysis of the potential construction and operation of the new reactors.
“While specific construction costs are not yet available, the projected economic stimulus would be more than $22 billion dollars in expected economic development and more than 104,700 person-years of employment for the region,” said Ray Perryman, CEO of The Perryman Group, the research firm that conducted the analysis. “If built and operational, the facilities would be expected to directly employ hundreds of people and lead to economic impacts of billions in spending every year as well as thousands of jobs.”
The full economic impact study is available at http://www.perrymangroup.com/.
“Expanding nuclear power at plants such as Comanche Peak can help play an important role in increasing access to a safe, clean energy supply while creating new highly-skilled jobs that can boost the economy,” said U.S. Representative Chet Edwards (D-Waco), a senior member of the House Appropriations Subcommittee on Energy and Water Development. “Texas citizens need more clean power and I'm pleased that the application to potentially expand Comanche Peak Nuclear Power Plant is moving forward.”
“The Somervell County Commissioners have passed a resolution supporting the potential expansion of the Comanche Peak Nuclear Power Plant,” said Somervell County Judge Walter Maynard. “Luminant has been a good neighbor since the 1980s by consistently doing what they said they would do – taking care of the land, the air and the waterin partnership with thepeople of our County. They have also brought jobs, tax revenues and economic development that we wouldn't see otherwise. We hope this project moves forward.”
After an extensive evaluation of multiple prospective nuclear generating technologies, Luminant selected the 1,700-megawatt US-Advanced Pressurized Water Reactor, or US-APWR, designed by Mitsubishi Heavy Industries, Ltd. as its technology of choice. Mitsubishi submitted an application to have the US-APWR design certified by the NRC in December 2007 and the application is currently under review.
The US-APWR is an advanced design that includes automatic safety systems and other advanced design elements. Twenty-three similar units are currently operating in Japan with a fleet operating record of fewer than 0.1 unplanned shutdowns per year.
Joint Venture Business Structure
In conjunction with the filing of the application, Luminant and Mitsubishi entered intoan agreement to form a joint venture to further the development ofComanche Peak Units 3 & 4 using MHI's US-APWR technology.Closing of the joint venture is currently anticipated to occur prior to year end.
Luminant, a subsidiary of Energy Future Holdings Corp. (EFH), is a competitive power generation business, including mining, wholesale marketing and trading, construction and development operations. Luminant has over 18,300 megawatts of generation in Texas, including 2,300 megawatts of nuclear and 5,800 megawatts of coal-fueled generation capacity. Luminant is also the largest purchaser of wind-generated electricity in Texas and fifth largest in the United States. EFH is a Dallas-based energy holding company that has a portfolio of competitive and regulated energy subsidiaries, primarily in Texas. Visit www.luminant.com or www.energyfutureholdings.com for additional information.
About The Perryman Group
The Perryman Group is an economic research and analysis firm based in Waco, Texas. The firm has more than 25 years of experience in analyzing the Texas economy and assessing the economic impact of corporate expansions, regulatory changes, real estate developments, and myriad other types of events affecting business activity.