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Japan to join in UK’s economically insane nuclear power project

Buy-Japan's-nukes-2Toshiba to buy majority stake in UK nuclear consortium,Dan Milmo, The Guardian UK 27 Dec 13, Japanese company keen to kickstart ambitious reactor building programme that stalled after 2011 disaster at Fukushima Japanese group Toshiba has confirmed that it is in the final stages of securing a majority stake in a British nuclear power consortium, bringing a further boost to the UK’s ambitious nuclear programme.
Toshiba’s chief executive, Hisao Tanaka, said an agreement to take a controlling shareholding in the NuGen consortium could be in place as early as January. NuGen is a joint venture between Spanish power company Iberdrola and French utility firm GDF Suez that is developing a plant at Sellafield in Cumbria, where the owners plan to build 3.6 gigawatts of nuclear capacity on a disused reactor site…….

Toshiba is keen to kickstart an ambitious reactor building programme that stalled after countries around the world – led by Germany – froze nuclear expansion plans and tightened regulations in the wake of Japan’s 2011 disaster at Fukushima.

Its domestic rival, Hitachi, has bought the Horizon project which intends to build two nuclear power stations, in Anglesey and Gloucestershire.

Britain is one of the few countries pressing ahead with nuclear plans in spite of the safety fears raised by Fukushima. The government’s determination to make nuclear a central part of its energy strategy was confirmed two months ago when ministers approved a deal with France’s EDF Energy to build the £16bn Hinkley Point nuclear power plant in Somerset. Analysts at Liberum Capital said state guarantees on electricity prices offered to EDF in order to secure the deal could prove to be  “economically insane”. The European Union has also weighed into the nuclear subsidy debate by launching an investigation into whether the Hinkley deal broke state aid rules……..

Tanaka said a majority stake was necessary to make progress on the project, where delays have frustrated the UK government, sources say, as it pushes through its own ambitious nuclear programme to replace new reactors. A controlling stake would allow Westinghouse, 87%-owned by Toshiba, to supply three of its AP1000 reactors for the site……

December 27, 2013 - Posted by | Japan, marketing

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