GE Hitachi Nuclear Energy, and Polish power company Polska Grupa Energetyczna SA, Friday said they have signed a new agreement to collaborate on Poland's initiative to build next-generation commercial nuclear power plants. GE Hitachi Nuclear Energy is a nuclear alliance formed by General Electric Co. (GE) and Hitachi Ltd. (HIT).
Through this alliance, Poland plans to build two nuclear power plants that would help the country diversify its energy production, which currently relies heavily on coal-based technologies.
Poland's dreams to harness nuclear energy by developing a plant near to its village Zarnowiec was left unfinished during the 90's pressurized by public outrage and in wake of disasters occurred in the Russian Chernobyl power plant. Now with growing demand for electricity, Poland, however, has reinvigorated its nuclear power dreams. The country now intends to develop at least two nuclear power plants by 2020.
Though Poland is yet to become a nuclear island, it is now surrounded by at least 26 nuclear reactor located in its neighboring countries.
The current development can also be viewed as an attempt of the non-nuclear island to reduce its dependence on coal-based technologies, which in turn will help lower its emission levels. In fact, European Union member states have agreed to reduce EU greenhouse gas emissions by at least 20% below 1990 levels by 2020.
Today, about 90% of Poland's electricity comes from domestic coal-fired power plants. Poland's first nuclear reactor targets completion in 2020.
Under the new agreement, GE Hitachi will help Polska Grupa study the feasibility of building up to four reactors based on one of GEH's reactor designs: the 1,350-MWe ABWR or the 1,520-MWe ESBWR. An ESBWR or ABWR would avoid annual emissions equivalent to approximately 1.3 million cars.
GE Hitachi's ABWR is a commercially proven Generation III reactor design with successful construction and operational experience. The first of four ABWRs in service today went online in Japan in 1996, and four additional units are being built.
GE is currently trading at $16.33, up $0.22 or 1.33%, on a volume of 12.48 million shares.
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