French electric utility firm EDF has signed an exclusive agreement to acquire GE Steam Power’s nuclear power activities.
The transaction includes the firm’s conventional island equipment for new nuclear power plants, including the Arabelle turbine and the maintenance and upgrades for its existing nuclear power plants. It will also include steam turbine technology for future application, like the next-generation European pressurized reactors and small modular reactors.
GE will retain the services-focused Steam Power business and provide best-in-class services for more than 100 GW of nuclear turbine islands in the Americas region. GE will also retain GE Hitachi Nuclear Energy.
Financial details of the proposed transaction remain undisclosed and subject to consultation with employee representatives and other customary closing conditions. The transaction is expected to complete in the first half of next year.
The nuclear activities and teams included in the proposed transaction are based in around 15 countries, with 70% of the workforce in France.
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GE Chairman and CEO H. Lawrence Culp, Jr., said, “This plan supports GE’s efforts to focus our portfolio to be a best-in-class services partner to our Steam Power customers through the energy transition. Nuclear plays an important role in the energy transition, and GE will continue to support the industry through servicing our nuclear steam turbine fleet in the Americas as well as through GE Hitachi Nuclear Energy’s nuclear reactors, fuels, and services, including our SMR technology.”
Jean-Bernard Lévy, Chairman and Chief Executive Officer of EDF, said: “The climate emergency is reaffirming the role of nuclear energy. EDF is proud to contribute to the achievement of carbon neutrality by preserving this technology. This plan to acquire part of GE Steam Power’s nuclear activities including the Arabelle turbine will enable EDF to strengthen its key technologies and skills for the nuclear fleet in operation and for new nuclear projects in France and worldwide.”
