Beaver Valley Unit 1 Nuclear Power Station Begins Refueling Outage

AKRON, Ohio, April 12, 2021 /PRNewswire/ -- Energy Harbor Corp. announced today its Unit 1 at the Beaver Valley Nuclear Power Station in Shippingport, Pennsylvania, was taken offline at 12:01 a.m. on Sunday, April 11, for scheduled refueling and preventative maintenance.

While the unit is offline, about a third of the unit's 157 fuel assemblies will be replaced. Preventive maintenance and safety inspections to ensure continued safe and reliable operations also will be performed on major components including various pumps, valves, reactor vessel, steam generators, and turbine generator. In total, more than 6,800 work activities will be completed during the refueling outage.

More than 800 temporary contractor workers and Energy Harbor employees will supplement more than 700 Beaver Valley employees during the outage. The additional workforce will provide a multi-million-dollar boost to the local economy as workers stay in area hotels, eat in local restaurants and frequent area stores.

The 963-megawatt unit at the Beaver Valley Nuclear Power Station has operated safely and reliably, generating more than 13 million megawatt hours of electricity since the completion of its last refueling in November 2019, enough to power one million homes annually.

Energy Harbor is a financially secure independent power producer and fully integrated retail energy provider focused on safe and best-in-class operations and financial performance.  With its fleet of reliable generating resources, including substantial carbon-free generation, Energy Harbor is well positioned for long-term value creation and competitiveness in a low-carbon future and is focused on enabling a growing customer and stakeholder base to meet their environmental, social and sustainability goals.

For more information on Energy Harbor visit www.energyharbor.com

Forward Looking Statements and Further Information

This press release contains "forward-looking statements."  All statements, other than statements of historical facts, that are included in this press release that address activities, events, or developments that Energy Harbor Corp. (the "Company") expects or anticipates to occur in the future (often, but not always, through the use of words or phrases such as "intends," "plans," "will likely result," "are expected to," "could" and "will continue"), are forward-looking statements.  Although the Company believes that in making any such forward-looking statement its expectations are based on reasonable assumptions, any such forward-looking statement involves uncertainties and is qualified in its entirety by reference to the discussion of risk factors, including but not limited to important factors described in the following or on our Investor Website referenced below, which among others, could cause the Company's actual results to differ materially from those projected in such forward-looking statements: the actions and decisions of regulatory authorities; economic conditions and power pricing within the Company's territories and markets; the Company's ability to accomplish or realize anticipated benefits from strategic and financial goals; the uncertainties associated with the deactivation of remaining commodity-based generating units, including the impact on vendor commitments, and as it relates to the reliability of the transmission grid, the timing thereof; the risks and uncertainties associated with litigation, arbitration, mediation and like proceedings, including with respect to the timing and amounts of the capital expenditures that may arise in connection with any such proceedings; changes in customers' demand for power; and weather conditions affecting future sales, margins and operations.

Any forward-looking statement included in this press release speaks only as of the date hereof, and except as may be required by law, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events or circumstances.  New factors emerge from time to time, and it is not possible for the Company to predict all of them; nor can the Company assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.  As such, you should not unduly rely on such forward-looking statements.

Further information regarding the Company will be available at www.energyharbor.com under the heading www.energyharbor.com/ir (the "Investor Website"). The Company advises that holders of the Company's securities should review all available information before making any decisions whether to buy or sell any of the Company's securities.  Any information in any materials posted on the Investor Website in the future will automatically update and, where applicable, modify or supersede the information contained in this press release and any other information previously posted on the Investor Website.

SOURCE Energy Harbor