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UK’s Moorside nuclear power project now teeters on the edge of collapse

Plans for new Cumbria nuclear power station on verge of collapse,Toshiba’s plan to sell plant in disarray over government’s ‘risky’ financing plan, Guardian,  Adam Vaughan, 11 Sept 18 Plans for a new nuclear power station in Cumbria are on the verge of collapsing after the Toshiba-owned company behind it laid off 60% of its workforce and embarked on a final effort to sell the project.Toshiba was due to sell the NuGen consortium to South Korea state-owned firm Kecpo in early 2018, as the Japanese firm exits international nuclear projects and looks to recoup some of the £400m it has spent on the Moorside plant.

However, Kepco has been delaying a final decision, due in part to the UK government signalling a new approach to financing nuclear power stations.

That forced NuGen to cut 60 of 100 jobs on Tuesday, following a six-week consultation with staff.

Unions said the the project’s problems showed the need for the government to take a stake in Moorside. Justin Bowden, the GMB national secretary, said: “The looming collapse of this vital energy project has been depressingly predictable for months.”

The skeleton NuGen team is now focused on clinching a deal with Kepco by the end of the year before Toshiba writes the unit off entirely at the end of March 2019………..

A team of about 30 government officials is being assembled to work on new nuclear financing, the Guardian understands. The government’s feasibility study on using RAB for new nuclear is expected in January. https://www.theguardian.com/business/2018/sep/11/toshiba-plans-for-new-cumbria-nuclear-power-station-on-verge-of-collapse

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September 12, 2018 - Posted by | business and costs, UK

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