Reactor proposal moves forward in Canada

Ottowa, Ontario -- New Brunswick Energy Minister Jack Keir said the province is eager to move forward with a proposed 1,200-megawatt nuclear reactor designed for Point Lepreau.

Keir said, the provincial government was confident in the design and was pleased with the private coalition that plans to finance the Canadian project, and maintain ownership after it is built.

"I'm listening to the private sector, and the private sector says, 'Here's the check, when do we start,' " Keir said.

He said that the province had yet to decide on how much equity in the reactor it wanted to take.

The finance model would be a first for nuclear reactors, the Toronto Globe and Mail reported Friday.

A private consortium, Team Candu, and Atomic Energy of Canada Ltd. are financing the $5 billion construction project together. After it is built, Team Candu -- which includes SNC-Lavalin Group Inc., General Electric Co., Hitachi Ltd. and Babcock and Wilcox Co. -- will retain ownership and sell the power to the utility consumer, a first for a nuclear reactor, the report said.

Copyright 2008 by United Press International.