Jacobs to Plan Dismantling of Soviet-era Nuclear Reactors

Rhea-AI Summary

Jacobs, in a consortium with Westinghouse Electric Spain and the Lithuanian Energy Institute, has been selected to oversee the dismantling and waste management at Lithuania's Ignalina Nuclear Power Plant. This project marks a significant step in decommissioning Soviet-era reactors, paving the way for methodologies applicable to U.K. nuclear plants. Jacobs' strategy includes expanding its decommissioning services in Europe, building on experience from complex sites like Sellafield and Fukushima. The Ignalina plant was closed in 2002, previously supplying 88% of Lithuania's electricity.

Positive

• Jacobs is expanding its decommissioning services in Europe, indicating a growth opportunity.
• Experience from complex sites like Sellafield and Fukushima enhances Jacobs' credibility in nuclear decommissioning.

Negative

• The Ignalina Nuclear Power Plant closure in 2002 resulted in significant energy supply loss for Lithuania.

Project in Lithuania could offer important lessons for U.K. power station cleanup

DALLAS, Jan. 5, 2023 /PRNewswire/ -- A consortium comprising Westinghouse Electric Spain, Jacobs (NYSE:J) and the Lithuanian Energy Institute was selected to plan dismantling and waste management at the Ignalina Nuclear Power Plant (INPP) in Lithuania.

Soviet-designed Ignalina could be the first graphite-moderated reactor plant to be dismantled, making it an important test bed for methodologies that could be used to decommission the U.K.'s Magnox and advanced gas-cooled reactors, which also have graphite cores.

"This project, on top of the recently announced contract with Norsk Nukleær Dekommisjonering, has advanced Jacobs' strategy to grow our decommissioning and regeneration solutions business in continental Europe," said Jacobs Energy, Security & Technology Senior Vice President Karen Wiemelt. "Our teams based in the U.K., France and Slovakia are applying decommissioning skills acquired through work on some of the world's most complex and challenging nuclear sites including Sellafield and Fukushima."

In 2002, the Lithuanian government decided to shut down Ignalina NPP, which supplied up to 88% of the country's electricity. Over the next 19 years, Jacobs formed part of the project management unit for a set of purpose-built facilities needed to decommission the plant, as part of a program led by the Ignalina International Decommissioning Support Fund and financed through the European Bank for Reconstruction and Development.

At Jacobs, we're challenging today to reinvent tomorrow by solving the world's most critical problems for thriving cities, resilient environments, mission-critical outcomes, operational advancement, scientific discovery and cutting-edge manufacturing, turning abstract ideas into realities that transform the world for good. With approximately $15 billion in annual revenue and a talent force of approximately 60,000, Jacobs provides a full spectrum of professional services including consulting, technical, scientific and project delivery for the government and private sector. Visit jacobs.com and connect with Jacobs on Facebook, Instagram, LinkedIn and Twitter.

Certain statements contained in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not directly relate to any historical or current fact. When used herein, words such as "expects," "anticipates," "believes," "seeks," "estimates," "plans," "intends," "future," "will," "would," "could," "can," "may," and similar words are intended to identify forward-looking statements. We base these forward-looking statements on management's current estimates and expectations, as well as currently available competitive, financial and economic data. Forward-looking statements, however, are inherently uncertain. There are a variety of factors that could cause business results to differ materially from our forward-looking statements. including, but not limited to, the timing of the award of projects and funding under the Infrastructure Investment and Jobs Act, as well as general economic conditions, including inflation and the actions taken by monetary authorities in response to inflation, changes in interest rates and foreign currency exchange rates, changes in capital markets, the possibility of a recession, geopolitical events and conflicts, and the impact of the COVID-19 pandemic, including the related reaction of governments on global and regional market conditions, among others. For a description of some additional factors that may occur that could cause actual results to differ from our forward-looking statements, see the discussions contained under Item 1 - Business; Item 1A - Risk Factors; Item 3 - Legal Proceedings; and Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations in our most recently filed Annual Report on Form 10-K, as well as the company's other filings with the Securities and Exchange Commission. The company is not under any duty to update any of the forward-looking statements after the date of this press release to conform to actual results, except as required by applicable law.

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SOURCE Jacobs

FAQ

What is the significance of the Ignalina Nuclear Power Plant dismantling project for Jacobs (NYSE:J)?

The project represents Jacobs' expansion into nuclear decommissioning in Europe, offering methodologies applicable to similar U.K. reactors.

When was the Ignalina Nuclear Power Plant shut down?

The plant was shut down in 2002, which previously supplied up to 88% of Lithuania's electricity.

Who are Jacobs' partners in the Ignalina project?

The consortium includes Westinghouse Electric Spain and the Lithuanian Energy Institute.

What is Jacobs' annual revenue?

Jacobs has approximately $15 billion in annual revenue.