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Exelon, Entergy Sign Letters of Intent with GE-Hitachi for Uranium Laser Enrichment Services

WILMINGTON, N.C. - October 3, 2007 : - Exelon and Entergy, two of the United States' largest nuclear utilities, have signed non-binding letters of intent to contract for uranium enrichment services from GE-Hitachi Nuclear Energy (GEH), which is working to develop its next-generation, Global Laser Enrichment (GLE) technology to produce enriched uranium for fuel used in commercial nuclear reactors.

As part of the letters of intent, the two utilities also may provide GEH with facility licensing and public acceptance support needed for the development of a commercial-scale, GLE production facility.

GEH has begun preparing its GLE test loop at the nuclear fuel manufacturing facility operated by Global Nuclear Fuel (GNF), a global joint venture owned by GE, Hitachi and Toshiba that is co-located at GEH's nuclear energy headquarters site in Wilmington, N.C.

Before moving ahead with full-scale production plans, GEH will first evaluate results of the testing, select a location for the proposed facility, and obtain an NRC license to build and operate the commercial plant. Site selection and commercial licensing activities are currently underway to support a projected start-up date of 2012.

GEH's commercial GLE facility would have a target capacity of between 3.5 and 6 million separative work units (SWUs).

"We are thrilled to sign these letters of intent with Exelon and Entergy, which demonstrate the nuclear industry's interest in the commercial development of our next-generation laser enrichment technology," said Andy White, president and CEO of GEH. "We are investing in GLE to help ensure that a consistent and secure supply of enriched uranium is available to our customers in the coming decades."

Exelon and Entergy are the first companies to sign letters of intent with GEH's GLE unit. Both utilities are long-time nuclear reactor technology and services customers of both GEH and GNF.

"Globally, the nuclear industry needs to add enrichment production capacity to keep pace with a projected increase in demand for enrichment services, especially as first-generation enrichment technology gradually phases out and a growing number of countries continue to explore the feasibility of building new reactor fleets," White noted.

Illinois-based Exelon operates 10 nuclear stations, with 17 reactors generating approximately 17,000 megawatts (MW) of electricity. It is the third largest nuclear fleet in the world and the largest in the United States, comprising nearly 20 percent of the nation's nuclear generating capacity.

New Orleans-based Entergy Corporation subsidiary companies own nine nuclear power plants with 11 reactor units and operate a 12th unit under contract, generating approximately 11,000 megawatts (MW) of electricity and supplying about 13 percent of the country's nuclear generating capacity.

About GEH Nuclear Energy
Based in Wilmington, North Carolina, GEH is a world-leading provider of advanced reactors, nuclear fuel and nuclear services.

Established in June 2007, GEH is a global nuclear alliance created by GE and Hitachi to serve the global nuclear industry outside Japan. The new nuclear alliance executes a single, strategic vision to create a broader portfolio of solutions, expanding its capabilities for new reactor and service opportunities. The alliance offers customers around the world the technological leadership required to effectively enhance reactor performance, power output and safety.

For more information, contact:
Elizabeth Kuronen
GEH Nuclear Energy
+1 910 675 6121

Tom Murnane or Howard Masto
Masto Public Relations
+ 1 518 786 6488

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