Toshiba has agreed a deal to cap its liability for one of the troubled reactor projects managed by its nuclear engineering unit Westinghouse, but has left the future of the plant in doubt. It was announced on Friday night that Toshiba had agreed a limit of $3.68bn for its remaining costs at the Vogtle nuclear plant in Georgia, where Westinghouse is building two of its AP1000 reactors for a consortium led by Southern Company, the US utility. The agreement, which was approved by the US Department of Energy, means that Toshiba faces no additional liability for the project beyond what it has already disclosed. Toshiba will have to pay the parent company guarantee that it agreed when the contract for the Vogtle project was signed in 2008, but no more, even if the cost of completing the two reactors continues to rise.
FT 10th June 2017 read more »
Forbes 11th June 2017 read more »