SOURCE: EnergySolutions

November 24, 2008 17:53 ET

EnergySolutions Signs Agreement to Dispose of Large Components

Contract Valued at $23.8 Million

SALT LAKE CITY, UT--(Marketwire - November 24, 2008) - EnergySolutions, Inc. (NYSE: ES) today announced it has signed a contract with a major east coast nuclear utility company to package, transport and dispose of eight retired steam generators from its site, a project valued at $23.8 million.

EnergySolutions worked together with its customer to identify and secure an appropriate funding mechanism for the disposal of these large components that does not rely on NRC-regulated decommissioning trust funds. The state utilities commission approved the use of funds from a decommissioning trust fund under its purview for this project.

"Working with our utility customers to accelerate the safe and economical disposal of steam generators and other large components is an important growth initiative for our company," said Steve Creamer, CEO and Chairman of EnergySolutions.

EnergySolutions will perform the engineering, processing, packaging, transport and disposal of the steam generators. The utility customer will provide oversight, primarily in the areas of project management and coordination, security, radiation protection and personal safety. The project will start immediately and is expected to be completed in 2009.

According to the recent order issued by the state utilities commission, the accelerated approach proposed by EnergySolutions provides permanent disposal of the steam generators at a known, available disposal location, at a known cost. Additionally, permanent disposal will allow beneficial reuse of the steam generator retirement facility.

EnergySolutions offers customers a full range of integrated services and solutions, including nuclear operations, characterization, decommissioning, decontamination, site closure, transportation, nuclear materials management, processing, recycling, and disposition of nuclear waste, and research and engineering services across the nuclear fuel cycle.

Statements in this news release may contain forward-looking statements that involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Forward-looking statements are not guarantees of future performance and the Company's actual results may differ significantly from the results discussed in the forward-looking statements.

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