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UK’s Moorside nuclear project in more doubt, with Toshiba’s crisis

Toshiba delay causes further Moorside uncertainty, ITV, 14 Mar 17,  Toshiba has delayed reporting its third quarter earnings for the second time, leading to further uncertainty over the future of a major nuclear development in Cumbria.

The Japanese company owns a 60 percent stake in NuGen, the company behind the proposed Moorside nuclear project in west Cumbria.

However, Toshiba is expected to announce huge losses for 2016, and that it will pull out of nuclear projects outside Japan.

This is to do with its US nuclear unit Westinghouse, which is reported to have overpaid for another nuclear company by billions of dollars.

Westinghouse would supply three nuclear reactors to the Moorside nuclear plant in Cumbria. Toshiba first delayed announcing its third quarter financial results in February, after which the company’s chairman stepped down, and the further postponement was revealed this morning……..http://www.itv.com/news/border/2017-03-14/toshiba-delay-causes-further-moorside-uncertainty/

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March 15, 2017 - Posted by | business and costs, politics, UK

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