On Wednesday, Westinghouse Electric Company filed for Chapter 11 Bankruptcy in New York to restructure itself as a result of costly problems at the AP1000 power plants it’s building in Georgia and South Carolina. Westinghouse has obtained $800 million in debtor-in-possession financing from a third-party lender to help fund and protect its core businesses during this reorganization. Its Japanese parent company, Toshiba, declared that its nuclear power business has already lost $6 billion, which could go up to $10 billion, and is seeking ways to limit its liability. Toshiba shares have lost over $7 billion in market value this fiscal year. The major U.S. utilities that commissioned the nuclear power plants, Scana Energy in South Carolina and a consortium in Georgia led by Georgia Power, a unit of Southern Company, are in negotiations with Westinghouse to develop a plan for completing them. The cost estimates for the two nuclear projects are running $1 billion to $1.3 billion higher than originally expected, and about three years behind schedule.
Forbes 31st March 2017 read more »
Economist 1st April 2017 read more »
[Machine Translation] The world’s largest manufacturer of nuclear reactors has gone into bankruptcy. Its owner Toshiba no longer wants to bail out its debts. After the fall of Areva, it is the new sign of a “nuclear winter” that lasts. It is the fall of another giant of the atom, after that of Areva. US nuclear manufacturer Westinghouse, a subsidiary of the Japanese conglomerate Toshiba, demanded on Wednesday, March 29, that it be placed under protection of the US bankruptcy law, the famous “Chapter 11”. Based in Pittsburgh, Pennsylvania, since its founding in 1886 by George Westinghouse, the firm is the world’s leading nuclear power company with more than 50% of the world’s power plants equipped with its water reactor technology Pressurized (PWR in English, REP in French): the very one which today equips almost all the French nuclear fleet. 54 of the 58 EDF reactors were built by French Areva-Framatome … But under a Westinghouse license granted in 1974.
Liberation 29th March 2017 read more »