nuclear-news

Toshiba’s financial travails threaten UK’s nuclear power plans

Toshiba travails pose another threat to UK’s nuclear future, The Week Dec 11, 2015
Company is said to be touting for new investment as costs of its accounting scandal bite. First it was Hinkley Point, now it’s Moorside. Another project to add to the UK’s new generation of nuclear power plants has apparently hit the rocks.

Sources “with direct knowledge of the matter” told Reuters that Toshiba is asking around among Japanese financial institutions for help to fund the Moorside project, being built near the Sellafield site in west Cumbria. The plant will house three reactors designed by Toshiba subsidiary Westinghouse Electric to produce 3.4 gigawatts of power, slightly more than Hinkley Point in Somerset.

Two years ago the project was estimated to cost around £8bn, the Guardiannotes, but this could have doubled since, as the assumed cost of labour and meeting stringent regulations has increased. Reuters says Toshiba’s share of the costs would be £2bn, but since its accounting scandal it is now thought to have “become difficult for Toshiba to do this on its own”.

The sources said Toshiba “had made requests to Japanese insurers as well as some banks, including Norinchukin Bank, and has hired HSBC as a financial adviser”…..http://www.theweek.co.uk/67731/toshiba-travails-pose-another-threat-to-uks-nuclear-future

December 12, 2015 - Posted by Christina Macpherson | business and costs, UK