Poland has chosen to install three American nuclear reactors at the Lubiatowo-Kopalino site in the northern part of the country, ushering in a new era of nuclear power for the nation.
Westinghouse Electric Company, a subsidiary of Brookfield Business Partners (NYSE: BBUC, BBU) (TSX: BBUC, BBU.UN) will be supplying the eastern European country with its high-grade AP1000 pressurized water reactors.
“We welcome the decision by the Government of Poland to select Westinghouse as its technology partner for the construction of three U.S.-designed nuclear reactors,” said Antony J. Blinken, American Secretary of State.
“This agreement will ensure a decades-long strategic energy partnership between the United States and Poland and is a watershed moment in advancing European energy security.”
#TheCouncilOfMinisters adopted a resolution on the
implementation of a new nuclear energy project in partnership with @WECNuclear, using its reliable and safe technology. https://t.co/iCaOhpU1M4— Embassy of Poland U.S. (@PolishEmbassyUS) November 2, 2022
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According to a statement from the Polish minister of climate and environment on Wednesday, the invasion of Ukraine by Russia and the accompanying activities of an “economic and hybrid nature” has led to serious challenges within the European energy sector. Thus, the country confirms the necessity of urgent decisions in relation to selecting a partner for the Polish Nuclear Power Program.
“Poland has never been so close to building a nuclear power plant as it is today. The decision to confirm the strategic partnership with the U.S. brings us closer to the implementation of this project,” said Anna Moskwa, Polish Minister of Climate and Environment.
“The choice of technology for the first nuclear power plant in Poland effectively brings us closer to the implementation of this strategic project, and proper provision of financing for the construction of large-scale nuclear power plants in Poland will enable the reduction of electricity prices while taking into account the interests of end users,” added Moskwa.
U.S. Secretary Blinken also added that the project was a significant step forward in the fight against climate change internationally, that the reactors in Poland would reduce CO2 emissions by 26 million tons per year when fully operational and that the project will create thousands of high-paying jobs for both nations.
Westinghouse says the AP1000 reactors are the only operating Generation III+ reactors (state-of-the-art) with fully passive safety systems, modular construction design and the most minimal footprint per megawatt available in the market. The company also says the reactors have been setting operational performance records in China and that nine units are scheduled to be constructed in Ukraine.
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“This is a historic day for Poland and for Westinghouse. We are honoured to partner with the Polish government on the launch of a new era of energy security, one that will bring reliable, affordable carbon-free electricity and economic benefits to the people of Poland,” said Patrick Fragman, President and CEO of Westinghouse.
“This project will create thousands of jobs during construction and for many decades of operation of the plants.”
It should be noted that as of next year, Brookfield will be finalizing the sale of Westinghouse to a so-called strategic consortium led by Cameco Corporation (TSE: CCO) and Brookfield Renewable Partners L.P. (NYSE: BEP) (TSX: BEP.UN) for US$8 billion. The transaction is expected to close prior to the end of Q2, 2023.
