Cash crisis raises fears over £10bn nuclear plant
THE company building a new nuclear power station in Cumbria says partner Toshiba “remains committed” to the project despite the Japanese giant revealing huge financial losses.
The company building a new power station say Toshiba 'remain committed'
NuGen said the £10billion plant is at the core of plans to provide safe, lowcarbon electricity for future generations.
Uncertainty has shrouded Moorside, near Sellafield, amid speculation that Toshiba would withdraw from all nuclear operations outside Japan.
Business and political leaders warned it would be a disaster if the corporation withdrew its planned investment.
Lib Dem leader Tim Farron, MP for Westmorland and Lonsdale, said it would be a “hammer blow” for the region.
Toshiba chairman steps down after £5bn nuclear writedown
Japanese firm Toshiba have revealed huge financial losses
Chairman Shigenori Shiga yesterday announced he was stepping down after Toshiba, which has a 60 per cent stake in NuGen, said it was on track to announce losses of £2.7billion in March.
The UK Government is committed to new nuclear as an important part of our energy mix
The corporation said: “Toshiba will consider participating in the project without taking on any risk from carrying out actual construction work.
“As planned from the beginning, Toshiba will seek to sell the shares to interested parties.”
NuGen CEO Tom Samson said: “The project has made significant progress since Toshiba took over as major shareholder in 2014.”
NuGen said it will continue with plans to develop Moorside, which will be capable of generating up to seven per cent of the UK’s electricity.
Business and Energy Secretary Greg Clark said: “The UK Government is committed to new nuclear as an important part of our energy mix.”