Exelon Generation Company, LLC, a power generation and distribution company and a subsidiary of Exelon Corporation, has agreed to form a joint venture (JV) with The Japan Atomic Power Company (JAPC), a nuclear power generation company, to enhance nuclear operational excellence worldwide. The JV company is named as JExel Nuclear.
Under the terms, the JV company will license and deploy the Exelon Nuclear Management Model (ENMM) in major nuclear power projects around the world. JExel Nuclear will provide advisory, operating and maintenance management services to nuclear power plant developers and operators around the world utilizing Japanese reactor technologies. It will provide full implementation of the ENMM or work with project owners to customize the model to their requirements. The first client for the joint venture is Horizon Nuclear Power, a Hitachi-owned company in the UK.
Pursuant to the transaction, Exelon Generation and JAPC own 50% stake each in JExel Nuclear, with two board members each and experts seconded as needed. The four directors for JExel Nuclear will consist of: Takahiko Hida, managing director of JAPC; Toshihiro Komeno, general manager of JAPC; Mike Pacilio, executive vice president and COO of Exelon Generation; and Ralph Hunter, vice president of Exelon Generation and COO of Exelon Nuclear Partners. Takahiko Hida will serve as the CEO.
Hogan Lovells International LLP is acting as legal advisor to Exelon Generation for the transaction.
The partnership will enable Exelon Generation and JAPC to help other nuclear developers and operators around the globe create a new generation of even safer, more reliable and more efficient nuclear power plants.