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Researched by Industrial Info Resources (Sugar Land, Texas)--As a large portion of the world seeks to rein in emissions generated by the power industry, nuclear power as a possibility for potential emissions-free baseload power is gaining ground. Two firms are seeking to capitalize on this renewed interest by agreeing to purchase nuclear equipment manufacturer Westinghouse Electric Company (Cranberry Township, Pennsylvania).
Uranium miner Cameco Corporation (NYSE:CCJ) (Saskatoon, Saskatchewan) and Brookfield Renewable Partners LP (NYSE:BEP) (Toronto, Ontario) have agreed to pay $7.9 billion for the company, including debt, giving Westinghouse a $4.5 billion equity value. Cameco will take a 49% stake, while Brookfield will have 51%.
Cameco is one of the world's top uranium miners, and Brookfield Renewable owns hundreds of hydroelectric plants, windfarms and solar facilities. The companies' move to purchase Westinghouse shows their optimism for the future of nuclear energy and how nuclear is increasingly sitting shoulder-to-shoulder with renewables as a cleaner form of energy.
According to news media, Westinghouse services about half of the nuclear generation sector and is the original equipment manufacturer to more than half the global reactor fleet.
Cameco Chief Executive Officer Tim Gitzel said in a press release, "We're witnessing some of the best market fundamentals we've ever seen in the nuclear energy sector. As one of the few forms of electricity generation capable of safely, reliably and affordably producing emissions-free, baseload power, nuclear energy is becoming increasingly important in a world that prioritizes electrification, decarbonization and energy security."
The consortium says it expects more than 60 gigawatts of new-build reactors to be constructed between 2020 and 2050.
Westinghouse is involved in projects throughout the world, including the U.S. Among these is Southern Company's (NYSE:SO) (Atlanta, Georgia) addition of units 3 and 4 at the Vogtle nuclear plant in Waynesboro, Georgia, which will feature Westinghouse AP1000 pressurized water reactors. While the project has seen scheduling delays and cost overruns, Southern is now anticipating an in-service date for Unit 3 of late 2022 or early 2023, and the third or fourth quarter of 2023 for Unit 4. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can click here for the detailed report.
At its own facilities, Westinghouse is improving its uranium rod assembly plant in Hopkins, South Carolina, by performing various upgrades that include pollution prevention systems and controls. The project is expected to be completed in early 2026. Subscribers to Industrial Info's Chemical Processing Project Database can click here for more details.
In addition to the expansion of its value with the purchase of Westinghouse, Cameco seems ready to capitalize on a nuclear renaissance with the restart and upgrade of a uranium mill and mine in Saskatchewan that have been on care and maintenance since 2018. The mine and mill are expected to produce 5 million pounds per year this year, ramping up to 15 million tons per year by 2024. Subscribers to Industrial Info's Metals & Minerals Project Database can click here for the report on the mill and here for the mine restart.
The mine and mill restart projects kicked off shortly after Russia's invasion of Ukraine, which heightened geopolitical issues in the nuclear sector. In a release regarding the Westinghouse purchase, Cameco said among the benefits hopefully obtained by the purchase will be "the opportunity to win new business supporting dozens of nuclear facilities across Eastern European countries traditionally served by Russia."
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
Uranium miner Cameco Corporation (NYSE:CCJ) (Saskatoon, Saskatchewan) and Brookfield Renewable Partners LP (NYSE:BEP) (Toronto, Ontario) have agreed to pay $7.9 billion for the company, including debt, giving Westinghouse a $4.5 billion equity value. Cameco will take a 49% stake, while Brookfield will have 51%.
Cameco is one of the world's top uranium miners, and Brookfield Renewable owns hundreds of hydroelectric plants, windfarms and solar facilities. The companies' move to purchase Westinghouse shows their optimism for the future of nuclear energy and how nuclear is increasingly sitting shoulder-to-shoulder with renewables as a cleaner form of energy.
According to news media, Westinghouse services about half of the nuclear generation sector and is the original equipment manufacturer to more than half the global reactor fleet.
Cameco Chief Executive Officer Tim Gitzel said in a press release, "We're witnessing some of the best market fundamentals we've ever seen in the nuclear energy sector. As one of the few forms of electricity generation capable of safely, reliably and affordably producing emissions-free, baseload power, nuclear energy is becoming increasingly important in a world that prioritizes electrification, decarbonization and energy security."
The consortium says it expects more than 60 gigawatts of new-build reactors to be constructed between 2020 and 2050.
Westinghouse is involved in projects throughout the world, including the U.S. Among these is Southern Company's (NYSE:SO) (Atlanta, Georgia) addition of units 3 and 4 at the Vogtle nuclear plant in Waynesboro, Georgia, which will feature Westinghouse AP1000 pressurized water reactors. While the project has seen scheduling delays and cost overruns, Southern is now anticipating an in-service date for Unit 3 of late 2022 or early 2023, and the third or fourth quarter of 2023 for Unit 4. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can click here for the detailed report.
At its own facilities, Westinghouse is improving its uranium rod assembly plant in Hopkins, South Carolina, by performing various upgrades that include pollution prevention systems and controls. The project is expected to be completed in early 2026. Subscribers to Industrial Info's Chemical Processing Project Database can click here for more details.
In addition to the expansion of its value with the purchase of Westinghouse, Cameco seems ready to capitalize on a nuclear renaissance with the restart and upgrade of a uranium mill and mine in Saskatchewan that have been on care and maintenance since 2018. The mine and mill are expected to produce 5 million pounds per year this year, ramping up to 15 million tons per year by 2024. Subscribers to Industrial Info's Metals & Minerals Project Database can click here for the report on the mill and here for the mine restart.
The mine and mill restart projects kicked off shortly after Russia's invasion of Ukraine, which heightened geopolitical issues in the nuclear sector. In a release regarding the Westinghouse purchase, Cameco said among the benefits hopefully obtained by the purchase will be "the opportunity to win new business supporting dozens of nuclear facilities across Eastern European countries traditionally served by Russia."
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
