The Nuclear Free Local Authorities (NFLA) notes the resignation yesterday of the Toshiba Chairman Shigenori Shiga and its announcement that it will not be involved in the construction of new nuclear reactors at the Sellafield ‘Moorside’ development in west Cumbria. Toshiba say they will stay on to develop the ‘initial phase’ of developing the project before selling its 60% stake at a later date. For NFLA there is a strong sense of ‘déjà vu’ with Toshiba’s announcement and the sorry state of the UK’s new nuclear policy. Over the past decade, international energy utilities E-on, RWE Npower, Iberdrola and Centrica have all confidently announced their commitment to building new nuclear power stations, whether at Hinkley Point, Wylfa or Moorside, but then had to pull out as they realise they cannot afford the huge levels of investment that such projects require.
NFLA 15th Feb 2017 read more »
The UK-wide association of Nuclear Free Local Authorities – which includes Glasgow council – has called on the government to abandon its costly commitment to nuclear power following the major financial losses and senior management resignations at Toshiba and EDF.
Scottish Energy News 16th Feb 2017 read more »
The embattled Toshiba group has asked its banks to extend a stay of execution for a second time this year after multi-billion pound writedowns put the group in danger of violating its loan agreements. The Japanese conglomerate tasked with developing the UK’s largest new nuclear plant has reportedly returned to its lenders in the hope they will offer it a lifeline by extending a loan agreement waiver until the end of March. A company spokesman confirmed that Toshiba met with its creditors one day after booking a 712.5bn yen (£5bn) writedown but declined to comment on any details from the meeting. Toshiba is saddled with loans totaling around 800 billion yen and last month convinced its lenders not to call them in early after its crippling financial troubles triggered a credit rating downgrade late last year, putting it in violation of the terms of its loans. The conglomerate’s woes are compounded by a looming legal threat from a trio of Japanese trust banks. Mitsubishi UFJ Trust said last month that it was preparing to seek 1 billion yen in damages on behalf of its client pension funds after Toshiba admitted in 2015 it inflated profits by $1.3bn over seven years, causing a share collapse of more than 70pc. According to reports Sumitomo Mitsui Trust Bank and Mizuho Trust & Banking are also preparing similar suits, but have yet to confirm their plans publicly.
Telegraph 15th Feb 2017 read more »