THE £15 billion Moorside nuclear power station in Cumbria looks to be in tatters. Toshiba was poised to announce the wind-up of NuGen, the developer behind the economy-boosting project set to be built on land next to the Sellafield site in West Cumbria. A decision on the future of NuGen was due to be discussed at Toshiba’s board meeting in Tokyo, and an official announcement was expected during the early hours. In recent weeks, MPs, business leaders, councillors and unions have all called for the Government to intervene to keep NuGen and Moorside alive, although in a TV interview at last month’s Conservative Party Conference, Prime Minister Theresa May repeatedly dismissed it as a “commercial issue”. Earlier this week, GMB national secretary Justin Bowden called for the Nuclear Decommissioning Authority to be scrapped and a nuclear development authority to be created to develop a small modular reactor on the site. “Relying on foreign companies and countries for our essential energy needs is utterly irresponsible,” he added.
North West Evening Mail 8th Nov 2018 read more »
Japanese conglomerate Toshiba is said to be preparing to liquidate its Manchester-based nuclear arm NuGen, after failing to sell the unit, which is responsible for the execution of the £15bn Moorside Nuclear Power Station. The decision has emerged after the Japanese conglomerate failed to clinch a deal with Korea Electric Power Corporation (Kepco) over the summer. Toshiba is undertaking an overhaul that will include 200 billion yen (£1.3bn) in cost cuts, according to Nikkei Asian Review, the first company to report the NuGen liquidation plans.
Telegraph 7th Nov 2018 read more »
Nikkei Asian Review 7th Nov 2018 read more »
Japan’s Toshiba is set to wind up NuGen, its UK-based nuclear arm, after efforts to offload the business failed. NuGen was behind the development of the Moorside nuclear power station project in Cumbria, in north-west England. Toshiba’s move will put a dent in the UK’s plans to develop new nuclear power stations as it continues efforts to move to a low carbon economy. The Japanese firm said in a statement that it would start the wind-up process in January 2019. “After considering the additional costs entailed in continuing to operate NuGen, Toshiba recognises that the economically rational decision is to withdraw from the UK nuclear power plant construction project, and has resolved to take steps to wind-up NuGen,” the Toshiba statement said. Korea Electric Power Corporation (Kepco) had been a preferred bidder to take over the nuclear power plant project – but those talks fell through after more than a year of negotiations.
BBC 8th Nov 2018 read more »
Toshiba has confirmed that it will liquidate UK nuclear arm NuGen and pull out of its US liquefied natural gas business.
FT 8th Nov 2018 read more »
Toshiba Corp (6502.T) said it is cutting headcount and liquidating its UK nuclear power unit in an effort to reduce costs as it struggles to find new growth pillars. The plans are part of a new five-year business strategy Toshiba announced on Thursday.
Reuters 8th Nov 2018 read more »
South Korea’s energy ministry said on Thursday it will closely coordinate with the British government on the NuGen nuclear project in Britain after Toshiba announced plans to liquidate the project to shed troubled assets. South Korea’s state-run Korea Electric Power Corp (KEPCO) has been in talks with Toshiba to buy a stake in Britain’s NuGen nuclear project, planned for Moorside in northwest England. “The ministry plans to closely coordinate with the British government on the Moorside project while monitoring the NuGen liquidation process with KEPCO,” the Ministry of Trade, Industry and Energy said in a statement.
Reuters 8th Nov 2018 read more »
Toshiba’s Board resolved to withdraw from nuclear power plant construction in the UK and wind up Nugen.
Toshiba Press Release 8th Nov 2018 read more »