06:12:12 EDT Fri 31 Mar 2023
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Cameco Corp
Symbol CCO
Shares Issued 398,440,837
Close 2022-10-17 C$ 31.10
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Globe says Cameco goes nuclear with foray into service

2022-10-17 07:37 ET - In the News

The Globe and Mail reports in its Saturday, Oct. 15, edition that last week Cameco made a $2.2-billion (U.S.) leap into servicing power companies by buying an interest in Westinghouse Electric, a move meant to capitalize on the renaissance of nuclear power and Russia's emergence as a pariah state. The Globe's Andrew Willis writes that Cameco partnered with Brookfield Renewable Partners to purchase one of the world's largest nuclear-fuel-fabrication and reactor-servicing companies. Cameco will own 49 per cent of Westinghouse, Brookfield will hold 51 per cent. Westinghouse currently counts half the world's nuclear power generation companies as its customers, most locked into long-term contracts. Its major competitor is Moscow-based Rosatom. Last week, chief executive officer Tim Gitzel said: "There is an opportunity to partner with Westinghouse to serve existing customers better and compete for new demand, currently most evident in Eastern Europe. This market has historically been captive to Russian fuel supply and is seriously looking to find other options." A Columbia University study says Westinghouse has the rare technical expertise needed to fabricate fuel and service Russian-designed reactors.

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