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Westinghouse Announces Landmark Expansion in South Carolina to Advance Next-Generation Nuclear Fuel Approximately $1 billion Investment to Boost LEU+ Fuel Production Richland County, S.C., October 21, 2026 - Westinghouse Electric Company today announced an approximately $1 billion investment to construct one of the most advanced nuclear fuel factories in the United States at its Columbia Fuel Fabrication Facility in Hopkins, S.C. This plant, which is the first fleet-scale nuclear fuel factory built in the United States in more than 50 years, is expected to lead the way in commercial scale Low Enriched Uranium Plus (LEU+) fuel production. Construction on the new LEU+ Fuel factory is underway and on track to begin operations in 2030. LEU+ Fuel manufacturing at Columbia is expected to enable the effective long-term operation of today's nuclear fleet and support the industrialization of AP1000(R) reactors worldwide. Aligned with the United States' UPRISE program, LEU+ Fuel is expected to unlock advanced operating plant uprates that would provide near-term expansion of nuclear power output nationwide to meet the growing demand for baseload nuclear power. LEU+ Fuel, which has a higher level of uranium enrichment (5% to 8%), also offers the flexibility to extend operating cycles, helping nuclear power plant operators lower operating costs and deliver greater value to their customers. In 2025, the first successful deployment of LEU+ Fuel in the United States marked a major milestone. The new Columbia factory builds on this delivery, creating a turning point with the potential to bring this super-efficient fuel industrywide. "South Carolina is already leading America's nuclear renaissance, and our state has been producing the nuclear fuel that powers approximately 10% of the United States from Westinghouse's fuel operations in Richland County," said South Carolina Governor Henry McMaster. "We are grateful for Westinghouse's continued leadership in South Carolina, and we look forward to it expanding its work in our state to create next-generation fuel products that will continue to support nuclear energy production well into the future." "I welcome Westinghouse's $1 billion investment in South Carolina because it underscores their faith in our state. Once again, the South Carolina workforce has proven itself to be the gold standard. Not only does this $1 billion mean more affordable power for South Carolinians and people across America, but it will also bring good-paying jobs to the Palmetto State. As a national leader in nuclear energy production, South Carolina will continue to be well-positioned to lead the next generation of American energy innovation and dominance," said Senator Darline Graham. "This investment is a testament to our state's skilled workforce and the important role we play in strengthening America's clean energy," said Congressman James E. Clyburn. "By expanding our domestic nuclear fuel production capabilities, we are creating economic opportunities, supporting good-paying jobs and positioning South Carolina as a leader in the nation's energy sector." "A strong American nuclear industry starts with a secure, domestic supply of nuclear fuel," said Assistant Secretary for Nuclear Energy Ted Garrish. "The Department of Energy is investing billions to restore American uranium enrichment capabilities for both low-enriched uranium and high-assay low-enriched uranium. Westinghouse's nearly $1 billion investment in South Carolina builds on that effort by expanding the manufacturing capacity needed to turn enriched uranium into fuel that powers our existing reactors and supports the next generation of nuclear technology." "Richland County has spent years laying the groundwork for investments like this one, and we're grateful to Westinghouse for this historic expansion," said Richland County Council Chairwoman and Columbia Area Development Partnership Co-Chair Jesica Mackey. "Beyond the significant investment that will strengthen our schools and local infrastructure, this new facility will move Lower Richland forward as one of the world's leading providers of clean energy. Our workforce has supported this facility for generations, and this expansion ensures that we'll continue to see high-paying jobs and economic stability for years to come." "Westinghouse has been a leader in the nuclear industry for 90 years and continues innovating the next frontier in nuclear technology," said Dan Sumner, President and Chief Executive Officer of Westinghouse. "As we advance the next generation of fuel, we are positioned to create more value for our customers and unlock new nuclear generation to support the growing demand for baseload power. The Columbia LEU+ Fuel factory is our largest single manufacturing investment to support the operating fleet and marks a transformative milestone for our company and the industry. By scaling our LEU+ Fuel manufacturing capabilities, we reinforce our commitment to support our customers in producing more nuclear power while creating new opportunities in South Carolina. We are grateful for DOE's tax credit program and to the state and Richland County governments for their invaluable support, which were key to reaching this historic achievement." The Columbia Fuel Fabrication Facility, built in 1968, is one of the largest nuclear fuel plants in the world, producing fuel pellets, fuel rods, fuel assemblies and fuel components to support other Westinghouse plants and a global base of customers. The Columbia Fuel Fabrication Facility employs over 1,200 people in Lower Richland, providing well-paid jobs for people with diverse skills and educational backgrounds. This investment of approximately $1 billion is projected to contribute $4.9 billion in positive economic impact across South Carolina over the next 10 years, including approximately $3.8 billion in Richland County through construction, new equipment and the creation of additional jobs, workforce development and career growth opportunities throughout the Columbia region, according to an economic impact study commissioned by Westinghouse in partnership with researchers at the University of South Carolina's Darla Moore School of Business. As construction progresses on the new LEU+ Fuel building, Westinghouse remains committed to environmental stewardship through responsible site development and preservation of native landscapes that support wildlife habitat and healthy air and water resources. View its LEU+ Fuel Expansion Media Kit for additional resources.

Extended Power Uprates: taking nuclear plant performance to the next level. Nuclear energy has entered a period of unprecedented growth. In the United States and beyond, rising electricity demand - driven by electrification, data centers or advanced manufacturing - is increasing the need for reliable, always-on power. Meeting that demand will require new nuclear generation. But the future of nuclear will be shaped not only by new-build projects, but also by how effectively Westinghouse Electric Company modernize and enhance the plants already operating today. Advanced Extended Power Uprates (EPU+) bring these priorities together, combining integrated power increases with life-extension to help existing plants generate more dependable megawatts over the long term. Power uprates are not a new concept - they have been part of the nuclear industry for decades, providing a proven pathway to increase generation from existing assets. Since the 1970s, nuclear operators have implemented more than 170 uprates, while the U.S. Nuclear Regulatory Commission (NRC) has approved multi-gigawatt increases across the U.S. fleet. These projects have effectively added the output of several large reactors without requiring new sites. Over the years, the industry has expanded what is possible through successive generations of uprates, from Measurement Uncertainty Recapture (MUR) and Stretch Power Uprates (SPU) to Extended Power Uprates (EPU). Each step has built a stronger technical, operational and licensing foundation needed for larger gains. But increasing the output has been only one part of the story. For decades, long-term operation has also centered on preserving and extending the value of existing fleet. In the United States, license renewal has enabled plants to move from the original 40 to 60 years of operation, with Subsequent License Renewal (SLR) now providing a pathway toward 80 years. Today, as electricity demand and decarbonization goals rise, the focus is expanding from keeping plants running to finding ways to increase their output. Programs such as U.S. Department of Energy's (DOE) UPRISE reflect this broader opportunity, recognizing the role that uprates and life-extension work can play in strengthening the existing nuclear fleet and adding firm generating capacity. Building on deep experience in power uprates, Westinghouse has developed the next step in that evolution - Extended Power Uprates+, or EPU+: an integrated, next-generation approach to power uprating. What Makes EPU+ Different EPU+ is a coordinated, large-scale modernization program, not a routine equipment swap or paperwork change. It brings together plant owners, technology providers and regulators to significantly increase power output while maintaining the stringent safety and reliability standards that define nuclear operations. Achieving a successful EPU+ requires the integration of: * Advanced fuel and materials: Innovative fuel designs and accident-tolerant products that support higher power output, longer operating cycles and improved resistance to heat and wear. More about its EnCore(R) High Energy Fuel program that combines advanced fuel designs, materials and cladding technologies to optimize current reactor performance and enable long-term upgrades. * Modern analysis tools: Advanced modeling and simulation tools that provide a more accurate understanding of plant performance, helping identify opportunities to increase output while maintaining safety. * Integrated systems upgrades: Upgrades to key, balance-of-plant, equipment, including turbines, generators, pumps and heat exchangers, often complemented by digital control and monitoring systems. * Risk-informed licensing: Grounded in decades of operating experience and modern risk-informed, performance-based methods that can help make the licensing process more predictable while minimizing licensing risk. These upgrades are not theoretical. They build on proven technologies and operating data. With roughly half of the global nuclear fleet based on Westinghouse designs, much of the relevant design knowledge and fleet experience already exists. The challenge is bringing it together into an integrated, repeatable program. Reinvigorating Assets: The Business Case for EPU+ EPU+ can provide a meaningful increase in power output and revenue for existing nuclear plants, at a levelized cost of electricity (LCOE), or cost of generating electricity over a plant's lifetime. This aspect proves highly competitive with alternative sources of generation, such as combined-cycle gas turbines. On a cost-per-kilowatt basis, uprates can be a highly competitive way to add generation capacity. By leveraging existing sites, workforce and infrastructure, they increase output at grid-connected locations in the near term while supporting reliability as renewable generation grows. Uprates also help sustain the workforce and supply chain needed for future advanced large and small modular reactors (SMR). The Westinghouse Advantage: Experience Where It Counts Delivering EPU+ successfully requires more than technology. It also depends on deep, plant-specific expertise. Its experience with PWR-based plants gives Westinghouse Electric Company access to a powerful depth of design knowledge, operating insight and lessons learned. Combined with a comprehensive portfolio, this expertise spans design authority, fuel innovation, integrated engineering, outage services and extensive licensing experience from uprates, fuel changes and life-extension work. With capabilities covering both the Nuclear Steam Supply System (NSSS) and Balance of Plant (BOP), Westinghouse can support a fully integrated approach to uprate engineering. And as the original designer of many NSSSs in operation today, Westinghouse Electric Company has accumulated decades of analytical expertise and lessons learned. Its modern, AI-enabled tools are helping engineers put that knowledge to work in new ways, uncovering insights from years of historical uprate experience and supporting smarter, faster plant-specific solutions. To date, Westinghouse has completed more than 100 plant uprates, establishing a strong track record across the global nuclear fleet. Building on this experience, Westinghouse has completed an evaluation of the uprate capability of Westinghouse 3-loop and 4-loop plants. These studies provide the technical foundation for a new generation of uprate projects targeting unprecedented increases in output. For a plant owner, success depends on working with a partner that understands both the broader reactor fleet and the unique details of a specific plant. That expertise helps ensure that power increases, engineering analyses and plant upgrades are tailored to the plant's design, operating history and licensing requirements, reducing project risk and supporting safe long-term operation. A Strategic Bridge to the Future EPU+ is a strategic bridge to the nuclear energy future. It represents one of the most practical near-term opportunities to expand nuclear generation in the United States, delivering additional reliable, always-on capacity grounded in decades of operating experience and modern engineering. For utilities and policymakers, the opportunity is clear: treat uprates as a core element of a broader nuclear growth strategy and unlock additional value from assets already delivering carbon-free electricity to the grid. So, if you're ready to add additional capacity from your existing plants, download the playbook Westinghouse nuclear experts developed just for you. Unlock Proven Strategies for Expanding Nuclear Capacity

Cameco's second-quarter 2026 mining results were solid, but headline profit was weak: net earnings were C$25 million, with adjusted net earnings of C$77 million. The uranium producer, which co-owns reactor maker Westinghouse with Brookfield Renewable Partners, still trades at a forward P/E of 84.76, against 12.36 for the sector. Westinghouse has confidentially filed a draft registration statement with the SEC for a proposed IPO. Share count and price range are not set. Cameco's share of Westinghouse swung to a C$10 million net loss, from C$126 million in earnings a year earlier. Uranium adjusted EBITDA reached C$676 million in the first half, up from C$641 million. Production guidance of 19.5 million to 21.5 million pounds is unchanged. Cameco holds C$1.1 billion in cash against C$1.0 billion in debt.