Entergy, GE-Hitachi in development deal

Entergy Nuclear said today it has signed a project development agreement with GE-Hitachi Nuclear Energy.

The Jackson, Miss., unit of utility holding company Entergy (NYSE: ETR) said the deal includes a major, advanced reactor components order.

Entergy said the deal with GE-Hitachi will ensure timely delivery of schedule-critical parts should the company decide to build a new nuclear plant (see Nuclear power is particularly green energy: get used to it).

Financial terms of the project development agreement and the components order were not disclosed.

GE-Hitachi Nuclear is 60-percent owned by Fairfield, Conn.-based General Electric (NYSE: GE) and 40-percent owned by Tokyo's Hitachi (NYSE: HIT).

"We share a long history of working with Entergy and look forward to an expanded relationship that may include new unit construction," said Andy White, president and CEO of GE-Hitachi.

Entergy plans to submit a combined construction and operating license application for its Grand Gulf nuclear site in Mississippi by the end of 2007.

The company also expects to apply in mid-2008 for a combined construction and operating license for its River Bend site in Louisiana.

The two potential sites for new plants already each have a GE-Hitachi designed reactor operated by Entergy Nuclear.

The Grand Gulf Nuclear Station has a 1,266-megawatt boiling water reactor that entered service in 1985.

The River Bend Station has a 978-MW boiling water reactor that began commercial operation in 1986.

By ordering the components from GE-Hitachi now, Entergy said it is positioning itself to be able to build a new boiling water reactor by 2017.

The order includes large forgings as well as fabrication of several schedule-critical nuclear and turbine components.

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