[cdn-nucl-l] Cameco buys 25% of South Texas Project

["Jerry Cuttler" <jerrycuttler@rogers.com>]

A quarter of 2 x 1250 MW for U$333M sounds like a very good deal.
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CAMECO BUYS SHARE OF TWO U.S. NUCLEAR REACTORS
Cameco Corporation announced on March 1 that it has purchased through a U.S.
subsidiary a 25.2 per cent share of the South Texas Project (STP), for $333
million U.S. from American Electric Power. The South Texas Project located
90 miles southwest of Houston consists of two pressure vessel type nuclear
reactors, each of 1250 MW. The two nuclear reactors entered service in 1988
and 1989 and have valid operating licences to 2027 and 2018. "This is a
quality acquisition in two of the newer U.S. nuclear reactors," said Cameco
President Jerry Grandey. "STP has a history of solid operating performance,
with dedicated employees led by a strong and experienced management team."
The transaction is expected to close in the second half of 2004. STP employs
1200 workers. Its reactors have had an average capacity factor of 84 per
cent over the past five years. The reactors are operated on an 18-month fuel
cycle with refueling outages of typically less than one month.
Cameco Corporation 03/01/04