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Problems compounded for NuGen’s Moorside nuclear project in Cumbria

NuGen – which has plans for a power plant at Moorside, near Sellafield – has made the announcement following the news that troubled Japanese giant Toshiba is set to become its sole owner.

Toshiba already has a 60 per cent stake in NuGen.

After its American subsidiary Westinghouse filed for Chapter 11 bankruptcy the other shareholder, French firm ENGIE, has used legal agreements to sell its stake to Toshiba.

The Japanese company is in serious financial difficulties after it reported a 532bn yen (£3.8bn) loss for the period of April-December last year and said it had “substantial doubt” about its ability to continue as a going concern.

A NuGen spokesman said: “NuGen is undertaking a strategic review of its options following shareholder and vendor challenges……..


May 3, 2017 - Posted by | general

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