Cameco's 49%-owned Westinghouse agrees on engineering, procurement, and construction (EPC) terms for a nuclear power plant in Poland.

On September 23, Polskie Elektrownie Jądrowe (PEJ) agreed to main terms for a planned 3,750 MWe nuclear facility with Westinghouse Electric Company and Bechtel. Westinghouse is 49 per cent owned by Cameco Corporation. The parties aim to conclude negotiations on the engineering, procurement and construction contract by the end of 2026. Bechtel announced that Polish firms have been awarded contracts valued above PLN 1 billion (US$250 million), though no price was disclosed for the full EPC agreement.

The agreed terms address main commercial and legal issues, while detailed specifications and contract exhibits remain open for negotiation. Three AP1000 units are planned for the Lubiatowo-Kopalino site in Choczewo, with a combined capacity of 3,750 MWe. PEJ expects the facility to deliver first electricity to the Polish grid in 2036.

Cameco acquired its Westinghouse stake for US$2.1 billion when the purchase closed on November 7, 2023. Because Cameco accounts for the investment on an equity basis, the Polish subcontract awards do not constitute Cameco sales, and the unsigned EPC agreement provides no basis for calculating future earnings.

The regulatory process involves multiple stages. PEJ applied to Poland's National Atomic Energy Agency in March 2026 for a nuclear construction licence, with no stated decision date. A separate building permit application is planned for 2027. Preparatory site work is proceeding independently from reactor construction approvals.

Bechtel has begun site preparation, including grading, drainage upgrades and temporary road construction. The work encompasses approximately 16 kilometres of temporary roads across a 300-hectare site. Bechtel cited its collaboration on the AP1000 units at Georgia's Vogtle plant as evidence of the consortium's capability.

"The American Westinghouse-Bechtel consortium will be responsible for the construction of the facility, with the first electricity to the Polish grid from the power plant to flow in 2036," said Marek Woszczyk, PEJ president.

Bechtel's September 23 announcement indicated that the Polish awards cover site preparation through civil works, with expectations for additional local subcontracting, though no timelines or amounts have been disclosed. The next milestone is the conclusion of EPC negotiations by year-end 2026.