MONTREAL, Aug. 8, 2024
/CNW/ - Candu Energy Inc., an AtkinsRéalis company [AtkinsRéalis
Group Inc.] (TSX: ATRL), has entered into an agreement with Third
Qinshan Nuclear Power Company Limited (TQNPC) to support the
ongoing 30-year life extension of the two CANDU® reactors at the
Qinshan Nuclear Generating Station, located in China. As part of the project for Phase III,
AtkinsRéalis will provide design, engineering, and procurement
services. This includes providing sophisticated reactor tooling,
training of TQNPC staff, and completing the necessary engineering
work to enable the prolonged operation of the plant.
"As a world-class engineering services and
nuclear organization, we are at the forefront of projects to
transform the world's infrastructure and energy systems," commented
Ian L. Edwards, President and Chief
Executive Officer, AtkinsRéalis. "We are entering a nuclear market
super cycle with significant demand to build new
reactors, but also to life extend those already in service.
AtkinsRéalis is uniquely positioned with the
scale, expertise and proven track record to deliver major nuclear
projects on time and on budget. It's a mandate that's well aligned
with our organizational purpose, and our focus on initiatives that
enhance the way we are all housed, connected, powered, and
protected."
CANDU Technology: Helping Engineer a Better Future
Qinshan's CANDU units began operating between 2002-2003. In
2024, TQNPC reached a milestone of continuous operation for one of
the units for 677 days, setting a national record. During this
period, the CANDU reactor generated electricity equivalent to 3.5
million tons of coal, achieving more than nine million tons of
carbon emissions reduction.1
The reactors are now approaching their scheduled date for
component replacement, which will facilitate a further 30 years of
operation. The life extension will utilize the latest technological
improvements to expedite the project. This contract follows
mandates in 2021 and 2022 for pre-project preparatory work, both of
which have now been completed on schedule.
As the sole commercial licensee of the Canadian-owned CANDU
intellectual property portfolio, AtkinsRéalis is the only
organization that has taken a leading role in all CANDU reactor
life extension projects to date globally. That includes those
successfully executed or underway in Asia, North
America, Europe and
South America.
"AtkinsRéalis is recognized as a world leader in reactor life
extensions," said Joe St. Julian,
President, Nuclear, AtkinsRéalis. "As outlined at AtkinsRéalis'
recent Investor Day, our CANDU life extension reactor support
business is a $15 billion total
addressable market between upcoming projects in China, Canada, Argentina, Romania, and South
Korea that could include 19 CANDU reactors over the next 10
years.2 With this latest mandate at Qinshan, we are
proud to uphold our reputation as the recognized leaders for CANDU
technology life extensions, maintaining a tradition of safety,
quality, and excellence in execution."
As the original equipment manufacturer and steward of CANDU
technology, AtkinsRéalis was a member of the project team which
originally built the reactors at Qinshan. They came into
service on schedule and on budget — as is the case for the last
seven CANDU units built around the world. The Qinshan generating
station has already successfully leveraged the capability of
CANDU technology to use feedstock sources besides natural uranium —
including recycled uranium. The CANDU reactors at Qinshan are also
used to produce isotopes for both industrial and life-saving
medical uses.
About AtkinsRéalis
Created by the integration of long-standing organizations
dating back to 1911, AtkinsRéalis is a world-leading professional
services and project management company dedicated to engineering a
better future for our planet and its people. We create sustainable
solutions that connect people, data and technology to transform the
world's infrastructure and energy systems. We deploy global
capabilities locally to our clients and deliver unique end-to-end
services across the whole life cycle of an asset including
consulting, advisory & environmental services, intelligent
networks & cybersecurity, design & engineering,
procurement, project & construction management, operations
& maintenance, decommissioning and capital. The breadth and
depth of our capabilities are delivered to clients in key strategic
sectors such as Engineering Services, Nuclear, Operations &
Maintenance and Capital. News and information are available at
www.atkinsrealis.com or follow us on
LinkedIn.
About
AtkinsRéalis' Nuclear Business
AtkinsRéalis has over 70 years of global nuclear expertise,
delivering nuclear technology products and full-service solutions
to nuclear utilities around the world. AtkinsRéalis is the steward
of CANDU® nuclear technology, operating on four continents, and
provides advisory and engineering services to other nuclear
developers. With an innovative technology portfolio, including
access to over 500 patented solutions, AtkinsRéalis solves
technically complex challenges across the whole nuclear lifecycle
from design and new build through asset management and from life
extension and late life management through decommissioning and
waste management. AtkinsRéalis operates and manages government
nuclear research sites, transforming ageing infrastructure and
safely managing legacy nuclear waste. AtkinsRéalis' CANDU
technology also allows for the co-production of medical
radioisotopes for cancer detection and treatment. The company also
supports cancer treatment through its partnership with TerraPower
to extract isotopes from legacy nuclear material. Learn
more on our Nuclear market page.
Forward-Looking Statements
References in this press release to the
"Company", "AtkinsRéalis", "we", us" and "our" mean, as the context
may require, AtkinsRéalis Group Inc.
or all or some of its subsidiaries or joint arrangements
or associates. Statements made in this press release that describe
the Company's expectations or strategies constitute
"forward-looking statements", which can be identified by the use of
the conditional or forward-looking terminology such as "estimates",
"expects", "forecasts", "intends", "may", "objective", "plans",
"projects", "should", "will", "likely", or other variations
thereon. Forward-looking statements also include any other
statements that do not refer to historical facts.
The Company cautions that, by their nature,
forward-looking statements involve risks and uncertainties, and
that its actual actions or results could differ materially from
those expressed or implied in such forward-looking
statements. Forward-looking statements are
presented for the purpose of assisting investors and others in
understanding certain key elements of the Company's current
objectives, strategic priorities, expectations and plans, and in
obtaining a better understanding of the Company's business and
anticipated operating environment. Readers are cautioned that such
information may not be appropriate for other purposes.
Forward-looking statements made in this press release are based on
a number of assumptions believed by the Company to be reasonable as
at the date hereof. The assumptions are set out throughout the
Company's 2023 annual management disclosure & analysis
("MD&A") (particularly in the sections entitled "Critical
Accounting Judgments and Key Sources of Estimation Uncertainty" and
"How We Analyze and Report our Results") filed with the securities
regulatory authorities in Canada,
available on SEDAR+ at www.sedarplus.com
and on the Company's website at
www.atkinsrealis.com under the "Investors" section. If
these assumptions are inaccurate, the Company's actual results
could differ materially from those expressed or implied in such
forward-looking statements. In addition, important risk factors
could cause the Company's assumptions and estimates to be
inaccurate and actual results or events to differ materially from
those expressed in or implied by these forward-looking statements.
Those risks are identified in the Company's 2023 annual MD&A
(particularly in the sections entitled "Risk and Un
certainties"), as updated in the first quarter
2024 MD&A, are not exhaustive. The
forward-looking statements herein reflect the Company's
expectations as at the date of this press release and are subject
to change after this date. The Company does not undertake to update
publicly or to revise any such forward-looking statements whether
as a result of new information, future events or otherwise, unless
required by applicable legislation or regulation.
The forward-looking information and statements contained
herein are expressly qualified in their entirety by this cautionary
statement.
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1
Information from the Third Qinshan Nuclear Power
Company
|
2 Based
on AtkinsRéalis' assessment
|
SOURCE AtkinsRéalis