Daily News Roundup

Nuclear Industry’s Dead Cat Bounce

We urgently need a Plan B for UK Energy Policy, says Nick Butler in the Financial Times. With Toshiba and Engie likely to withdraw from the Moorside project the UK’s plans to make new nuclear the core of future energy supply has a serious problem. Hinkley Point and Sizewell are both still in doubt because a new French government after elections in May could decide that subsidies to EDF are unsustainable. EDF is deeply indebted and its finances have …

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6 February 2017

Energy Policy

The prospect that Toshiba will withdraw from the nuclear power business after its embarrassing and expensive experience with the American company Westinghouse poses a serious problem for the UK’s plans to make new nuclear the core of future energy supply. If those plans are to be delayed, as looks almost certain now, the government will have to come up with an alternative. Hinkley Point is still in doubt because a new French government after elections in May could decide …

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5 February 2017

Moorside

One of the new nuclear plants that Britain is relying on for energy security in coming decades has been plunged into doubt as Toshiba reviews the future of its crisis-hit nuclear power business. The UK government is bracing for the withdrawal of Toshiba from the Moorside project in Cumbria as the Japanese conglomerate faces a multibillion-dollar writedown stemming from losses in its US nuclear division. Toshiba said last week that it would “reconsider the future of the overseas nuclear business” …

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4 February 2017

Moorside

Plans for a new nuclear power station in Cumbria are likely to be scrapped after a key backer pulled out, creating a major hole in the government’s nuclear strategy. Two industry sources close to the process said Toshiba had privately decided to quit the consortium behind the planned Moorside plant, echoing sources who told Reuters and the Wall Street Journal that the Japanese company was withdrawing from new nuclear projects in the UK. Toshiba said last month it was reviewing …

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3 February 2017

Hitachi

Electronics giant Hitachi Ltd. is set to lose tens of billions of yen this fiscal year due to the withdrawal from a project to develop a new method of uranium enrichment by a joint venture in the United States. The loss, forecast by Hitachi on Feb. 1, was disclosed shortly after Toshiba Corp. made a similar announcement last month of deficits brought on by its nuclear power business. Hitachi is expected to report a 70 billion yen ($620 million) non-operating …

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2 February 2017

Moorside

The future of a multi-billion-pound nuclear power development in West Cumbrian has been thrown into doubt by the company behind the plans. It had been hoped Moorside would bring more than 20,000 jobs to the region.

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1 February 2017

Moorside

Toshiba announced on Friday it was reviewing its nuclear activities in response to a financial crisis, leaving a question mark over the future of Moorside. “This is an anxiety but it’s one to which there is a solution, albeit probably at the cost of a little bit of time,” said Tim Yeo, who chaired the Energy and Climate Change Committee from 2010-2015 and is now chairman of the trade group New Nuclear Watch Europe. “I think what it will throw …

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31 January 2017

Moorside

The future of a new Cumbrian power plant is in doubt, after one of the key players admitted it is reviewing its involvement. A spokesman for Toshiba – which holds a 60 per cent stake in Moorside developer NuGen, alongside ENGIE of France – said it is re-examining all of its nuclear projects outside Japan. This includes the proposed nuclear new build at Moorside, near Sellafield. Last month Toshiba announced its US subsidiary, Westinghouse Electric, may have overpaid – by …

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30 January 2017

Wylfa

The first of two meetings asking people’s views on a new nuclear power station design will be held on Anglesey later. Horizon Nuclear Power propose to build and operate the Advanced Boiling Water Reactor design at Wylfa Newydd on the island. Natural Resources Wales (NRW) and the Environment Agency will ask for views on their assessment of the design by Hitachi-GE. The consultation ends on 3 March. The public will have no influence on the technology used or the site …

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29 January 2017

Toshiba

Toshiba Corp. will cease taking orders related to the building of nuclear power stations, sources said Saturday, in a move that would effectively mark its withdrawal from the nuclear plant construction business. The news comes amid reports Toshiba’s chairman may resign over the massive write-down that has doomed the company’s U.S. nuclear business. The multinational conglomerate said Friday it will review its nuclear operations and spin off its chip business to raise funds in a bid to cover an …

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