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Toshiba’s $8.8bn loss throws future of Cumbria’s Moorside nuclear project into doubt

Toshiba’s $8.8bn loss reignites fears over Cumbria nuclear project,  Telegraph, 10 AUGUST 2017 • The Japanese consortium behind the UK’s largest planned new nuclear project has unveiled an annual loss of almost $9bn (£6.9bn), underlining the stark risks of the Government’s high-cost nuclear ambitions.

Toshiba has delayed publishing its full-year results while teams of auditors pore over the financial damage wrought by the collapse of its US-based nuclear developer Westinghouse, before finally revealing the $8.8bn (£6.7bn) loss for 2016 three months later than planned.

The electronics giant has avoided crashing out of the Tokyo stock exchange for filing its accounts late, but its commitment to building the Moorside power plant in Cumbria remains in doubt.Toshiba is now the only investor propping up the Nugeneration consortium that plans to build the 3.8GW Moorside project, and the approved reactor design is Westinghouse-made.

The GMB union said the “fiasco” over Toshiba’s financial state “highlights the folly of allowing foreign companies to be in control of the UK’s critical future energy needs”…….

August 11, 2017 - Posted by Christina Macpherson | business and costs, UK