“The company behind one of Britain’s biggest nuclear power projects has plunged to a £266 million loss citing ‘uncertainties’ over its future and the viability of crucial technology.
Japanese firm Toshiba said the huge loss incurred by one of its UK subsidiaries was due to writing off hundreds of millions of pounds of investment in the proposed Moorside plant, in west Cumbria.
It is the latest sign of financial strain at the Tokyo-based firm amid wider concerns over the spiralling costs and catastrophic delays that have beset the UK’s nuclear industry. …
It was envisaged that new nuclear plants at Moorside, Hinkley Point and Wylfa in Anglesey would between them generate a fifth of the UK’s electricity.
This may still happen. But right now, nuclear firms are struggling with the expense, stringent regulatory hurdles and costly project delays – just as the cost of other forms of electricity fall.
Toshiba won the contract to build the nuclear power plant at Moorside, on land next to the Sellafield nuclear fuel reprocessing site.
But it was forced in March to place its US nuclear division Westinghouse into bankruptcy protection. Last month, it said it would sell Westinghouse for £4 billion. Troubled Toshiba is now in talks to sell its interests in the Moorside project to Kepco, majority-owned by the South Korean government. …”
East Devon Watch 