Text

G20040148 - Selected News Articles and Press Releases (10 Pages)
	ML040690331
Person / Time
Site:	South Texas
Issue date:	03/01/2004
From:	Gramm R; NRC/NRR/DLPM/LPD4
To:	Bergman T; NRC/EDO
	Webb M, NRR/DLPM, 415-1347
Shared Package
ML040700700	List: ML040690331;
References
	G20040148
	Download: ML040690331 (10)
	v • d • e

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-1 mc iIbc a doniinant nuclear energy compan~y.

pro. cing uranium fuc and neraungcican lcricity. -

A-ke

-Camecosssrategy is to ild on our solid asset base in uraniurmi;,

Cameco is the world's largest,

-and urariun conersion, and 'expertise -in'h iobal nuclear -

low-cost uraniu'n supplieroviding dinistr with'sustainable invest'er'nts to provide clean-energy almost20% ofthe\\world' uranium ureio forgrowig gworld rmarx Ourmeasure c of success demand. Our ming anid.conversion.'.

failitien' NorhAmerica help aean increaising re~!~f ~ ehWS-aikadhealthy

.-'workplace, a clean envir'onmen an upporivecommunities.

-make us the largestufuel ppler wherever we operte.

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,,,.to the western worlds nuclear power lant.his su plyincues 90-.i-t

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elecrity o n

ieU ho0 a partn~ership, an ernins

-~we are ramping up to 1;,500,M mcco has sustained strong cah+ fl'w nd eanings whil

'(our share) of nuclear'gene'raing remaining profitable through the iflium pric c

In capacity in Ontario,"where electricity

'thc past fivc ycars, wc gecnratcd morc than $1 -billion of cash '.-.

demand oftn exceedssupply w

f owand our ncttde capitalization~ratio-is about 8%.

,'1 uttnig operating perfomac6an conservatv fiancial ~

,. stcwardshi p have giv'n us an cxc&lln-credir rating that alowvs utopursue opportunitics fo WL._

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.operator of Kumtor gold

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'as refning and conversion supplier to the partnership mine located in Kyrgyzstan,

Controlling ownership I.**scrviccsiat Blind, Rver and that Ieases cight nuclear.,

Centra ia ofthe rld'slagest rt Ontario ee power plants located Majority owner ofAGR

high-grade reserves and producits are used in the, in southern Ontario-Limited hich owns 95%

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.; nuclear pow er-actors, megawatts, enough power Mongolia which is expected :j

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Page 1 of 3 Caimeco news News Releases &

Updates 2004 Cameco Signs Agreement to Add US Nuclear Generation March 01, 2004 Unk to AEP News Release Cameco Corporation announced today that one of Its wholly owned US subsidiaries has signed an agreement to purchase a 25.2%

interest In assets comprising the South Texas Project (STP) from a wholly owned subsidiary of American Electric Power (AEP) for $333 million (US). Included In the purchase price Is $54 million (US) for fuel and non-fuel Inventory. STP consists of two 1,250 megawatt (MW) nuclear units located In Texas. The net generating capacity from the 25.2% Interest In STP is 630 MW. Each owner takes In kind and markets Its pro-rata share of electricity generated by STP.

The balance of STP Is held by Texas Genco (30.8%), San Antonio City Public Service Board (28%) and Austin Energy (16%). The Interest being purchased by Cameco Is subject to a right of first refusal In favour of these owners for a period of 90 days.

'If this acquisition Is successful, the South Texas Project will be another milestone In our vision to become a dominant nuclear energy company producing uranium fuel and generating clean electricity,' said Jerry Grandey, Cameco's president and chief executive officer.

'This Is a quality acquisition In two of the newer US reactors. STP has a history of solid operating performance, with dedicated employees led by a strong and experienced management team."

Cameco's Investment In STP Is expected to have a positive Impact on cash flow and net earnings after closing based on current operating performance and market conditions. Cameco does not Intend to Increase long-term debt and Is looking at various options to finance the purchase, Including Issuing equity.

'The ownership structure of STP is an Ideal fit for Cameco since It provides us the opportunity to be an active partner," Grandey said.

Cameco will participate In the governance of STP through an owners' committee and the board of directors of the operator.

AEP Is selling all of the generation assets owned by AEP Texas Central Company (TCC) to recover stranded costs under Texas electricity deregulation legislation. Texas Senate Bill 7 on restructuring of the electricity market provides for recovery of stranded costs as part of the transition to the competitive retail market.

The agreement Is also subject to regulatory approval and other closing conditions, and the final purchase price Is subject to closing adjustments. The transaction Is expected to close In the second half of 2004.

STP Operations STP Is located on an 11,000 acre site approximately 90 miles southwest of Houston. The two units began production In 1988 and 1989 and their operating licences expire In 2027 and 2028, with the expectation that they will be extended. The operator of STP Is STP Nuclear Operating Company, a non-profit company with about 1,200 full time employees. The average capacity factor for the units was 84% over the last five years. The STP units are operated on an 18-month refueling and outage maintenance cycle, with a typical refueling outage of less than a month.

STP Electricity Market STP Is located within the Electricity Reliability Council of Texas (ERCOT) market that comprises about 85% of Texas electricity demand and does not extend beyond the state of Texas. ERCOT Is also the Independent system operator responsible for maintaining reliable operations of the bulk electric power supply system and balancing the supply and demand of electricity. The ERCOT market Is deregulated and almost all power Is sold under bilateral contracts between buyers and sellers. Commercial reporting services use their market Intelligence to publish prices for bilateral electricity contracts. There Is a small balancing market that accounts for less than 3%

of the market. Prices In this small market may not reflect bilateral contract prices.

Electricity demand In Texas Is almost equally from residential, commercial and Industrial users. While ERCOT has a limited ability to import electricity, there Is capacity In the market to meet the total demand as well as peak requirements, however, this capacity Includes older generators that are expensive to operate. Natural gas plants are the primary driver for electricity prices.

As a result of the acquisition, Cameco would market Its entire electricity share unencumbered by any previous contract commitments from AEP. The company has negotiated an Interim marketing arrangement with AEP.

STP Decommissioning At the end of the operating lives of the STP reactors, the owners, through STP Nuclear Operating Company, are responsible for decommissioning the facilities, with funding provided by the Texas ratepayers. Approximately $125 million (US) has been collected for decommissioning the share of STP that Cameco has agreed to purchase.

Investor & Media Conference Call We Invite you to join us In a conference call at 10:00 a.m. Eastern time (9:00 a.m. Saskatoon time) today, March 1, 2004, to discuss this news release. The call will be open to all members of the Investment community. Members of the media will be Invited to ask http://www.cameco.comlcommonlprintpg.php?caller=/media-gateway/newsjreleases/20...

03/04/2004

Page 2 of 3 questions at the end of the call. In order to join the conference call, please dial (416) 695-5259 or (800) 766-6630 (Canada and US). An operator will put your call through. Please pass this Invitation to colleagues In your organization who have an Interest In Cameco.

A recorded version of the proceedings will be available:

on our web site, www.cameco.com, shortly after the call, and on post view until midnight on Monday, March 15 by calling (416) 695-5275 or (866) 518-1010 (no code required)

Cameco Profile Cameco, with Its head office In Saskatoon, Saskatchewan, Is the world's largest uranium supplier. The company's uranium products are used to generate electricity In nuclear energy plants around the world, providing one of the cleanest sources of energy available today.

Cameco's shares trade on the Toronto and New York stock exchanges.

American Electric Profile AEP owns and operates more than 42,000 megawatts of generating capacity In the United States and select International markets and Is the largest electricity generator In the US. AEP Is also one of the largest electric utilities In the United States, with almost 5 million customers linked to AEP's 11-state electricity transmission and distribution grid. The company Is based In Columbus, Ohio.

Forward-Looking Statement Statements contained In this news release which are not historical facts are forward-looking statements that involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or Implied by such forward-looking statements. Factors that could cause such differences, without limiting the generality of the following, include: volatility and sensitivity to market prices for uranium, electricity In Ontario and gold; the Impact of the sales volume of uranium, conversion services, electricity generated and gold; competition; the Impact of change In foreign currency exchange rates and Interest rates; imprecision in reserve estimates; environmental and safety risks Including Increased regulatory burdens; unexpected geological or hydrological conditions; political risks arising from operating In certain developing countries; a possible deterioration In political support for nuclear energy; changes in government regulations and policies, including trade laws and policies; demand for nuclear power; replacement of production and failure to obtain necessary permits and approvals from government authorities; legislative and regulatory Initiatives regarding deregulation, regulation or restructuring of the electric utility Industry in Ontario; Ontario electricity rate regulations; weather and other natural phenomena; ability to maintain and further Improve positive labour relations; operating performance of the facilities; success of planned development projects; and other development and operating risks.

Although Cameco believes that the assumptions Inherent In the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this report. Cameco disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new Information, future events or otherwise.

- End -

For inquiries, please contact:

Media & Investor Inquiries:

Alice Wong (306) 956-6337 Media Inquiries:

Lyle Krahn (306) 956-6316 This page last updated: March 01, 2004 Mac users please use your browser's print function Cameco Web Site http://www.cameco.com/media_gateway/newsreleases/2004/newsrelease.php?ld-78 March 4, 2004 Disclaimer The Information on this web site Is provided solely for the reader's general knowledge. The Information Is not Intended to be a comprehensive review of all matters and developments concerning cameco Corporation and Cameco assumes no responsibility as to Its completeness or accuracy. Furthermore, the Information In no way should be construed or Interpreted as - or as part of - an offering or solidtation of securities. No securities commission or other regulatory authority In Canada or any other country or jurisdiction has In any way passed upon this Information and no representation or warranty is made by Cameco to that effect.

http://www.cameco.comncommon/printpg.php?caller=/media-gateway/news-releases/20...

03/04/2004

Page 3 of 3 We have taken some steps to prevent the unauthorized alteration of the Information contained on the web site. We take no responsibility for Information on this site that has been altered without our expressed consent.

Statements contained In this web site which are not historical facts are forward-looking statements that Involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Such factors Indude among others: volatility and sensitivity to market prices for uranium, electridty and gold, competition, the Impact of changes In foreign currency exchange rates, environmental risks, political risk arising from operating In certain developing countries, changes In government regulations and polides Including trade laws and polides, demand for nuclear power, replacement of production, receipt of permits and approvals from government authorities as well as other operating and development risks.

The links provided on this web site to other web sites are provided solely for the convenience of the reader. Cameco assumes no responsibility for the accuracy or completeness of Information accessed through these links.

http://www.cameco.comlcommonlprintpg.php?caller=/media-gateway/news-releases/20...

03/04/2004

AP News___ s Reese Page 1o_

01 2 AEP News Release Page I of 2 AEP to sell its share of South Texas Project to Cameco Corporation COLUMBUS, Ohio, March 1, 2004 - American Electric Power (NYSE: AEP) subsidiary Texas Central Co. (formerly known as Central Power and Light) has signed an agreement to sell its 25.2 percent share of the South Texas Project (STP) nuclear plant to Cameco South Texas Project LP, a wholly owned U.S. subsidiary of Cameco Corp. for approximately $332.6 million. The final purchase price is subject to closing adjustments such as taxes and inventory. Proceeds from the sale will be used to reduce debt.

As of Dec. 31, 2001, the book value of AEP's share of STP was approximately $1.5 billion. AEP will file with the Public Utility Commission of Texas (PUCT) to recover stranded costs associated with this asset pursuant to Texas restructuring legislation.

STP is a 2,500-megawatt nuclear plant located in Matagorda County, Texas, approximately 90 miles southwest of Houston. Texas Central Co.'s (TCC) 25.2 percent share of the plant is approximately 630 megawatts. STP co-owners include Texas Genco (30.8 percent), San Antonio City Public Service Board (28 percent) and Austin Energy (16 percent). The plant is operated by STP Nuclear Operating Company.

The sale of TCC's share of STP is subject to a right of first refusal of the co-owners. The sale is also subject to regulatory approvals including federal clearance pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and approvals from the Nuclear Regulatory Commission and Federal Energy Regulatory Commission. If the right of first refusal is not exercised, AEP expects the sale to close in the second half of 2004.

"We are pleased to announce a sale agreement for STP as we continue moving forward with the sale of all of our Texas Central generating assets In conjunction with the PUCT advisors and legal counsel," said Michael G. Morris, AEP's chairman, president and chief executive officer. "We are evaluating bids for the other TCC generating assets, including a 632-megawatt coal-fired generating plant, eight natural gas-fired plants and a small hydro facility, and are working diligently to expedite the sale of these remaining facilities in order to file for stranded cost recovery."

AEP announced plans in December 2002 to sell all of the generation assets owned by TCC to determine their market value for calculating stranded costs (the amount that the book value exceeds the market value of the assets) under Texas electric restructuring legislation. A competitive bidding process for the assets began in June 2003. Credit Suisse First Boston LLC is AEP's advisor for the sale.

Texas Senate Bill 7 on electric restructuring provides for recovery of stranded costs as part of the transition to a competitive retail market. Once the PUCT approves the amount of stranded costs, Senate Bill 7 permits the PUCT to authorize recovery of stranded costs through transmission and distribution rates, Including costs associated with the issuance of securitization revenue bonds.

The 4,497 megawatts of TCC generation had a net book value of approximately $1.8 billion on Dec. 31, 2001.

Cameco Corp., based in Saskatoon, Saskatchewan, is the world's largest uranium supplier providing uranium products to generate electricity in nuclear plants around the world. Cameco's shares trade on the Toronto and New York stock exchanges.

American Electric Power owns and operates more than 42,000 megawatts of generating capacity in the United States and select international markets and is the largest electricity generator in the U.S. AEP is also one of the largest electric utilities in the United States, with almost 5 million customers linked to AEP's 11-state electricity transmission and distribution grid. The company is based in Columbus, Ohio.

The comments set forth above contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Although AEP and its registrant subsidiaries believe that their expectations are based on reasonable assumptions, any such statements may be influenced by factors that could cause actual outcomes and results to be materially different from http://www.aep.com/investors/newsreleases/print.asp?ID=I 101 03/09/2004

AEP News Release Page 2 of 2 AEP News Release Page 2 of 2 those projected. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are: electric load and customer growth; abnormal weather conditions; available sources and costs of fuels; availability of generating capacity; the speed and degree to which competition is introduced to the company 's service territories; the ability to recover stranded costs in connection with deregulation; new legislation and government regulation including (i) requirements for reduced emissions of sulfur, nitrogen, carbon and other substances and (II) electricity transmission policy; pending and future rate cases and negotiations; oversight and/or investigation of the energy sector or its participants; the company 's ability to successfully control costs; the success of disposing of existing investments that no longer match the company s corporate profile; international and country-specific developments affecting foreign investments including the disposition of any current foreign investments; the economic climate and growth in the company 's service territory and changes in market demand and demographic patterns; Inflationary trends; accounting pronouncements periodically issued by accounting standard-setting bodies; the performance of AEP's pension plan; electricity and gas market prices; interest rates; liquidity in the banking, capital and wholesale power markets; actions of rating agencies; changes in technology, including the increased use of distributed generation within the company 's transmission and distribution service territory; other risks and unforeseen events, including wars, the effects of terrorism, embargoes and other catastrophic events.

Media: Melissa McHenry Manager, Corporate Media Relations 614/716-1120 Analysts: Julie Sloat Managing Director, Investor Relations 614/716-2885 http://www.aep.com/investors/newsreleases/print.asp?ID=1 101 03/09/2004

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