nuclear-news

Consultant WYG takes £3m loss on business it bought for Moorside nuclear development.

WYG points finger at government for Toshiba nuclear decision, Building UK, By Dave Rogers12 November 2018  Consultant forced to take £3m loss on business it bought for Moorside development. Consultant WYG has criticised the government for not being clear enough in its support to build a nuclear power station in Cumbria.

Publishing its annual results in June, WYG said it was forced to book a £3.2m cost on closing a business that it bought because of the work it expected to be carried out at the Moorside plant.

Land and property firm North Associates was snapped up in 2015 but delays on the plant forced the firm to shut the Carlisle-based business in March.

Last week Toshiba said it would wind-up its NuGen business which had been slated to carry out work building the plant at Moorside……….

Toshiba spent 18 months trying to sell NuGen but failed to find a firm willing to invest in the nuclear project. It said winding up the company would cost it £125m.

Engie walked away from NuGen, leaving Toshiba to try and sell the vehicle after posting a $8.4bn (£6.4bn) loss for the year ending 31 March 2017.

South Korean state-owned Kepco was chosen as preferred bidder over China General Nuclear in December last year but lost its preferred status in August after protracted talks hit delays – including a change of chief executive and a new government in Seoul. https://www.building.co.uk/news/wyg-points-finger-at-government-for-toshiba-nuclear-decision/5096491.article

November 13, 2018 - Posted by Christina Macpherson | business and costs, UK