The troubles at Japan’s Toshiba Corp grew deeper as the 142-year-old conglomerate warned it may not be able to continue as a going concern because of losses from its Westinghouse Electric nuclear business. Shares fell as much as 3.6 percent in Tokyo. The disclosure came Tuesday as the Tokyo-based company took the unusual step of reporting third quarter earnings without approval from its auditors. Toshiba said losses last year had left it with negative shareholders equity of 225.6 billion yen ($2.1 billion) at the end of December, jeopardizing its listing on the Tokyo Stock Exchange. Toshiba has been at odds with PricewaterhouseCoopers Aarata over accounting at Westinghouse, which has been hit with billions of dollars in losses from cost overruns on nuclear projects.
Bloomberg 11th April 2017 read more »
The fallout from Westinghouse Electric’s chapter 11 bankruptcy filing is multi-faceted and still unfolding. At the least, it is toxic news for the fate of the only nuclear projects to begin construction in the United States in three decades: the addition of two 1,100 MW reactors to Georgia Power’s Vogtle nuclear plant near Waynesboro, Ga., and the addition of two reactors of the same design to the V.C. Summer plant in Jenkinsville, S.C. At the worst, Westinghouse’s collapse could spell the end of any nuclear build-out in the United States — at least under current designs — and lead to the abandonment of those two projects.
Utility Drive 12th April 2017 read more »