20 January 2015
Babcock International Group PLC (Babcock or the Group):
Cavendish Nuclear signs EDF Energy Lifetime Enterprise Agreement and Strategic Partnership
Babcock today announces that, Cavendish Nuclear, its wholly owned subsidiary, has renewed its long-term agreements to support the operation of EDF Energy's nuclear power stations in the UK.
Cavendish Nuclear has signed a Lifetime Enterprise Agreement (LEA) and Strategic Partnership for Lifetime Interface Agreement with EDF Energy. The agreements cover the continuation of fuel route and other services to the EDF fleet of Advanced Gas-cooled Reactor (AGR) and Pressurised Water Reactor (PWR) stations, currently worth over £40 million per year. It also creates the potential for growth through the provision of additional services.
These agreements will be in place until the last of the AGR stations stop generating electricity, currently estimated to be in 16 years.
The agreements confirm Cavendish Nuclear's role as a key strategic partner to EDF Energy capable of meeting the company's long-term operating needs.
Peter Rogers, Babcock International Group CEO, said: "I am delighted that Cavendish Nuclear has signed these agreements today, supporting and strengthening its long-term relationship with EDF Energy. These agreements provide a structure that will safely maximise the output from EDF Energy's existing fleet of nuclear stations."
Enquiries
Babcock International Group PLC |
020 7355 5300 |
Franco Martinelli - Group Finance Director Terri Wright - Head of Investor Relations |
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FTI Consulting |
020 3727 1340 |
Nick Hasell |
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