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USA, Westinghouse, Toshiba distressed as Czech Republic cancels nuclear project

graph-down-uraniumCEZ Cancels $10 Billion Nuclear Tender on Unfavorable Economics, EU Policy, WSJ  Company Targets New Expansion, Modernization Strategy by Year-End By  SEAN CARNEY  April 10, 2014  PRAGUE—Czech power company CEZ AS BAACEZ.PR +2.93% Thursday abruptly canceled its $10 billion tender for two new nuclear reactors one year ahead of the planned 2015 deadline to pick the winner, leaving the U.S. and Russian companies that had made it to the final round of bidding empty-handed…….It said plans to double the size of its Temelin nuclear power plant didn’t now make sense economically…..

nuclear-costs3Czech Prime Minister Bohuslav Sobotka and the country’s President Milos Zeman both described CEZ’s decision as logical.

The cancellation of the tender is a blow to the companies that had made it into the final round of bidding—Russia’s state-owned Rosatom and Pennsylvania-based Westinghouse Electric Co, a unit of Japan’s Toshiba Corp.

France’s Areva SA was originally in the final round but in 2012 was excluded from the bidding due to commercial and legal flaws in its offer, according to CEZ…….

Westinghouse officials said they were unhappy with the decision, a sentiment echoed by the U.S. government.

“[We are] deeply disappointed by the decision to cancel the tender,” said American Ambassador to the Czech Republic Norman Eisen. “As close friends and allies we also have fears what signals this could send to American and international investors.” …….http://online.wsj.com/news/articles/SB10001424052702303603904579493122292748700

April 11, 2014 - Posted by | business and costs, EUROPE

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