BATON ROUGE, La.–(BUSINESS WIRE)–May 31, 2005–
Shaw to Retrofit Coal-Fired Generating Units With
FGD Scrubbers at Duke Power’s Belews Creek Plant
The Shaw Group Inc. (NYSE: SGR) today announced that its Shaw
Stone and Webster unit, along with its consortium partner, ALSTOM
Environmental Control Systems, has been awarded an engineering,
procurement and construction (EPC) contract by Duke Power, a unit of
Duke Energy (NYSE: DUK), to retrofit the coal-fired generating units
at Duke’s Belews Creek power plant in Stokes County, North Carolina.
The flue gas desulfurization (FGD) units, also known as “scrubbers,”
will be designed to reduce as much as 95 percent of the sulfur dioxide
emitted from the plant, significantly improving the quality of air
emissions from the facility. Shaw will perform the majority of the
project’s engineering, procurement and construction. ALSTOM will
design, engineer and procure the FGD equipment. Engineering is already
in progress and ground has been broken on the construction at Belews
Creek Steam Station. The project is scheduled to be completed in 2008.
The total value of the project, including equipment, is estimated to
be approximately $500 million.
J.M. Bernhard, Jr., Chairman and Chief Executive Officer of Shaw,
said, “We are very pleased to begin this second scrubber retrofit
project for Duke Power. Our first scrubber project at Duke’s Marshall
Steam Station, which is also being performed through a consortium with
ALSTOM, is progressing very well and is expected to be completed in
early 2007. We are especially proud that the work on the Belews Creek
project will be led by our recently expanded Charlotte, North Carolina
office. With its four-plant FGD Retrofit Project, Duke Power continues
to be an industry leader in providing environmentally sound power to
its customers.”
Duke Power, a business unit of Duke Energy, is one of the nation’s
largest electric utilities and provides safe, reliable, competitively
priced electricity and value-added products and services to more than
2 million customers in North Carolina and South Carolina. The company
operates three nuclear generating stations, eight coal-fired stations,
31 hydroelectric stations and numerous combustion turbine units. Total
system generating capability is approximately 19,900 megawatts. More
information about Duke Power is available on the Internet at:
http://www.dukepower.com.
Duke Energy is a diversified energy company with a portfolio of
natural gas and electric businesses, both regulated and unregulated,
and an affiliated real estate company. Duke Energy supplies, delivers
and processes energy for customers in the Americas. Headquartered in
Charlotte, N.C., Duke Energy is a Fortune 500 company traded on the
New York Stock Exchange under the symbol DUK. More information about
the company is available on the Internet at:
http://www.duke-energy.com.
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 power,
process, environmental, infrastructure and emergency response markets.
Headquartered in Baton Rouge, Louisiana, with over $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: The Shaw Group Inc., Baton Rouge
Chris D. Sammons, 225-932-2500
SOURCE: The Shaw Group, Inc.