Toshiba is considering selling a stake in its nuclear project in Cumbria after warning it could struggle to remain in business as a result of expected annual losses of more than 1trn yen (£7bn). The Japanese conglomerate, which makes everything from flash memory drives to laptops and semiconductors, admitted it is considering selling some or all of nuclear specialist NuGeneration to keep itself afloat. NuGen currently owns 100pc of the Moorside site, after buying 40pc back from France’s Engie for $138.5m (£111m) earlier this month. Separately NuGeneration said it had been looking for investors prior to Westinghouse’s troubles and emphasised that the construction of Moorside was always going to be done by a third party. But a spokesman acknowledged “there is no certainty” with regards to Westinghouse’s involvement in the development stage of the project. Theoretically, Westinghouse’s AP1000 reactors, which have received regulatory approval, remain attached to the project but if a new investor were to come on board, it is unclear if different reactors may be proposed, potentially delaying the already behind schedule project yet further. Samira Rudiga an energy fund manager at Guinness Asset Management, said the news was another nail in the coffin for the UK’s nuclear hopes. “Nuclear does not make sense in the UK,” she said. “It takes 10 years to build and can take as long if not longer just to come to a decision to build a plant.” However, she expects the Government to still consider nuclear projects and thought there would be companies in Europe and Asia able to take on Toshiba’s stake in Moorside.
Telegraph 11th April 2017 read more »
The future of Britain’s biggest nuclear power plant is again in doubt after its owner posted a mammoth loss and warned it may not be able to survive. Japanese giant Toshiba is the sole owner of the £10billion NuGen nuclear project in Moorside, Cumbria, after its French partner Engie quit last week. But the company yesterday posted losses of £4.2billion for the first nine months of the year and warned that the annual shortfall could top £7billion. And in a shocking development, Toshiba warned of ‘material events and conditions that raise substantial doubt about the company’s ability to continue as a going concern’.
Daily Mail 11th April 2017 read more »
The future of the Moorside nuclear plant in west Cumbria is in doubt, as it’s owners – Toshiba – has warned it could potentially collapse. It revealed soaring losses of £3.9-billion, in a financial update that was not signed off by it’s auditors.
ITV 11th April 2017 read more »
A Cumbrian MP has called for the Government to take a stake in the county’s proposed nuclear project – after Toshiba expressed “serious doubts” about the company’s future. John Stevenson, the Conservative member for Carlisle, spoke out after Toshiba – which has a 60 per cent stake in NuGen – announced it had lost billions of pounds last year. Nugen is behind plans for a new nuclear plant at Moorside, near Sellafield. It is one of the biggest developments ever planned for Cumbria, and is set to bring in thousands of jobs and provide a major boost to the county’s economy.
Carlisle News & Star 12th April 2017 read more »
South Korea’s KEPCO urged not to invest in new nuclear power at UK’s NuGen Moorside 28 members of the National Assembly of the Republic of Korea ‘Caucus on Post-Nuclear Energy’ in South Korea are calling on KEPCO not to invest in new nuclear power or the UK’s NuGen Moorside nuclear project. This comes after Greg Clark travelled to South Korea last week to meet KEPCO and seek support for the Moorside project, following the bankruptcy of Toshiba Westinghouse and Engie pulling out of the NuGen venture. At a press briefing at the National Assembly on Tuesday 11th April, the National Assembly ‘Caucus on Post-Nuclear Energy’ and Greenpeace South Asia will give a joint statement to media. Wonshik Woo, a congressman and a co-representative of the National Assembly Caucus on Post-Nuclear Energy, in South Korea said: “We urge KEPCO to immediately halt their plan to expand their nuclear business. The major candidates of the upcoming Presidential Election have already pledged their support for nuclear phase-out. The candidates are in favour of investment in renewable energy for a sustainable and nuclear-free society. As a public corporation, KEPCO should also listen to the demands of the public.” Mikyoung Kim, Climate and Energy Campaigner at Greenpeace East Asia, said: “The nuclear industry is a sinking ship. The world is moving fast toward a nuclear phase-out and energy transition. It is regrettable that the Korean nuclear industry is jumping on this sinking ship, while others are trying to get off urgently. People in South Korea are calling for a new government to transition into a new energy system. KEPCO should stop betting with public money on this myth of Nuclear Renaissance. Instead, they should invest in a transition to renewables, for the future that the people want.”
Greenpeace 11th April 2017 read more »