The Shaw Group Inc.
NYSE : SGR

The Shaw Group Inc.
Duke Energy Corp.
NYSE : WE
TSX : W
NYSE : DUK

Duke Energy Corp.

October 26, 2005 09:36 ET

Shaw Joins Westinghouse in Supporting Duke Power Licensing Process for Two New Nuclear Power Units

BATON ROUGE, La.--(CCNMatthews - Oct 26, 2005) -

The Shaw Group Inc. (NYSE:SGR) today announced that its Shaw Stone & Webster Nuclear Services unit will partner with Westinghouse Electric Company to provide engineering support for Duke Energy's (NYSE:DUK) combined construction and operating license (COL) application for two Westinghouse Advanced Passive 1000 (AP 1000) reactors. The COL application is a part of Duke Power's long-term power generation planning process, and will allow Duke Power to keep new nuclear generation as an option for meeting its customers' future energy needs. The construction site for the reactors has not yet been selected by Duke Power.

J. M. Bernhard, Jr., Chairman and Chief Executive Officer of Shaw, said, "Shaw is extremely pleased to join Westinghouse in supporting the COL process for our long-term and highly-valued client, Duke Power. Shaw and Westinghouse are already working together, along with Mitsubishi Heavy Industries, in a proposal to provide complete engineering, procurement, and construction services, including the installation of Westinghouse's AP 1000 reactor technology, for four generating units in China. Duke Power has long been regarded as an industry leader in providing environmentally sound and cost effective power solutions to their customers. This significant project joins the combined forces of the nuclear industry's two leading technology and engineering organizations with the vision of Duke Power, one of the nation's premier and most respected power companies."

Shaw is currently engaged in a comprehensive air emissions reduction program for Duke Power's coal powered generating plants, with construction of flue gas desulphurization units or "scrubbers" in progress at Duke Power's Marshall Steam Station and its Belews Creek Steam Station. The program also includes scrubbers planned for the Cliffside Steam Station and Allen Steam Station.

As reported earlier this year, Shaw has joined Westinghouse Electric Company and Mitsubishi Heavy Industries in the AP 1000 Consortium in a proposal to provide comprehensive design, engineering, procurement, and construction services for four nuclear generating plants utilizing AP 1000 reactor technology to be built in China. Shaw and Westinghouse have a long history of working together on many nuclear projects including Shippingport Atomic Power Station, the first commercial nuclear reactor in the United States.

The Shaw Group Inc. is a leading global provider of technology, engineering, procurement, construction, maintenance, fabrication, manufacturing, consulting, remediation, and facilities management services for government and private sector clients in the energy, chemical, environmental, infrastructure and emergency response markets. Based in Baton Rouge, Louisiana, with over $3.3 billion in annual revenues, Shaw employs approximately 20,000 people at its offices and operations in North America, South America, Europe, the Middle East and the Asia-Pacific region. The Company was recently named to Fortune magazine's annual list of "America's Most Admired Companies" for the second consecutive year. For further information, please visit Shaw's website at www.shawgrp.com.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. The statements contained herein that are not historical facts (including without limitation statements to the effect that the Company or its management "believes," "expects," "anticipates," "plans," or other similar expressions) and statements related to revenues, earnings, backlog, or other financial information or results are forward-looking statements based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those anticipated by the Company. These forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions and are subject to change based upon various factors. Should one or more of such risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in the forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. A description of some of the risks and uncertainties that could cause actual results to differ materially from such forward-looking statements can be found in the Company's reports and registration statements filed with the Securities and Exchange Commission, including its Form 10-K and Form 10-Q reports, and on the Company's web-site under the heading "Forward-Looking Statements". These documents are also available from the Securities and Exchange Commission or from the Investor Relations department of Shaw. For more information on the company and announcements it makes from time to time on a regional basis visit our web site at www.shawgrp.com.

Contact Information

  • The Shaw Group Inc., Baton Rouge
    Chris D. Sammons, 225-932-2546