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US-based SNC-Lavalin JV affiliate signs multi-year contract with Holtec to decommission US nuclear power plant

Montreal July 31, 2018

Comprehensive Decommissioning International, LLC (CDI), a joint venture company of SNC-Lavalin (TSX: SNC) and Holtec International, has been awarded a nuclear decommissioning contract, worth hundreds of millions of dollars, by Holtec Decommissioning International.

Earlier today, Exelon Generation and Holtec International announced the conditional sale of the Oyster Creek Nuclear Generating Station located in Ocean County, New Jersey to a Holtec subsidiary. 

Under the contract, CDI will be responsible for decommissioning the plant beginning in 2019, pending transaction closure. This will include the demolition and cleanup of the site. CDI will seek to perform the decommissioning faster and more cost effectively than the original decommissioning plan proposed by Exelon Generation.

"We have taken our first major step forward today in building CDI’s decontamination and decommissioning business,” said Mark Morant, President, US Nuclear, SNC-Lavalin. “This project is vitally important to the local community in the Lacey Township region and we look forward to accelerating the safe clean-up of the shuttered nuclear plant site to restore most of the land to unrestricted use and in the shortest time possible,” added Dr. Krishna P. Singh, President and CEO of Holtec International.

CDI was formed earlier this year with the goal of performing accelerated decommissioning of retired nuclear power plants using innovative technologies to cut the total time elapsed to release plant sites for unrestricted use to eight years or fewer, leaving only the spent fuel (ISFSI) on site, pending local regulatory approvals (with the exception of the temporary dry storage installation).

Exelon Generation announced in February, its decision to retire the Oyster Creek facility no later than October 2018. Under the terms of the Holtec and Exelon Generation agreement, which is subject to regulatory approvals, a Holtec subsidiary will assume ownership of the site, real property and used nuclear fuel after the plant has permanently shut down. The transaction is expected to close in the third quarter of 2019.

About CDI

Comprehensive Decommissioning International (CDI) is an international decommissioning company based in the US, providing comprehensive project solutions for the accelerated retirement of nuclear power plants. CDI’s global operations provide expertise and technological innovation to protect the public in an environmentally responsible, safe and ethical manner. CDI is committed to the enrichment of the communities in which it operates, employing financially sustainable business practices that ensure the upholding of obligations made as a trusted steward of legacy nuclear materials. Cdi-decom.com

About SNC-Lavalin

Founded in 1911, SNC-Lavalin is a global fully integrated professional services and project management company and a major player in the ownership of infrastructure. From offices around the world, SNC-Lavalin's employees are proud to build what matters. Our teams provide comprehensive end-to-end project solutions – including capital investment, consulting, design, engineering, construction, sustaining capital and operations and maintenance – to clients across oil and gas, mining and metallurgy, infrastructure, clean power, nuclear and EDPM (engineering design and project management). On July 3, 2017, SNC-Lavalin acquired Atkins, one of the world’s most respected design, engineering and project management consultancies, which has been integrated into our sectors. www.snclavalin.com

About Holtec International

Holtec International is a privately held energy technology company with operation centers in Florida, New Jersey, Ohio and Pennsylvania in the US, and globally in Brazil, Dubai, India, South Africa, Spain, UK and Ukraine. Holtec’s principal business concentration is in the nuclear power industry. Holtec has played a preeminent role since the 1980s by densifying wet storage in nuclear plants’ spent fuel pools deferring the need for and expense of alternative measures by as much as two decades at over 110 reactor units in the US and abroad. Dry storage and transport of nuclear fuel is another area in which Holtec is recognized as the foremost innovator and industry leader with a dominant market share and an active market presence in eighteen countries. Among the Company’s pioneering endeavors are the world’s first below-ground Consolidated Interim Storage Facility being developed in New Mexico and a 160-Megawatt walk away safe small modular reactor, SMR-160. The SMR-160 is developed to bring cost competitive carbon-free energy to all corners of the earth including water-challenged regions. Holtec is also a major supplier of special-purpose pressure vessels and critical-service heat exchange equipment such as air-cooled condensers, steam generators, feedwater heaters, and water-cooled condensers.  Virtually all products produced by the Company are built in its three large manufacturing plants in the US and one in India. Thanks to a solid record of consistent profitability and steady growth since its founding in 1986, Holtec has no history of any long-term debt and enjoys a platinum credit rating from the financial markets. Nearly 100 US and international patents protect the Company’s intellectual property from predation by its global competitors and lend predictable stability to its business base. To learn more about Holtec International, visit: www.holtecinternational.com

About Exelon Generation

Exelon Generation, a subsidiary of Exelon Corporation (NYSE: EXC), is one of the largest, most efficient clean energy producers in the U.S., with a generating capacity of more than 32,700 megawatts.  Exelon Generation operates the largest U.S. fleet of carbon-free nuclear plants with 20,300 megawatts of capacity from 23 reactors at 14 facilities in Illinois, Maryland, New Jersey, New York and Pennsylvania.  Exelon Generation also operates a diverse mix of wind, solar, landfill gas, hydroelectric, natural gas and oil facilities in 17 states with more than 12,400 megawatts. Exelon Generation has an industry-leading safety record and is an active partner and economic engine in the communities it serves by providing jobs, charitable contributions and tax payments that help towns and regions grow. Follow Exelon Generation on Twitter @ExelonGen, view the Exelon Generation YouTube channel, and visit http://www.exeloncorp.com/companies/exelon-generation

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