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Friday, 25 April 2014

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Toshiba poised to join power station consortium

THE Japanese engineering and electronics giant Toshiba looks set to join the consortium planning a new nuclear power station near Sellafield.

Toshiba is poised to replace the Spanish utility firm Iberdrola, which is pulling out.

Iberdrola announced last week that it had agreed to sell its 50 per cent stake in the NuGen consortium to Toshiba for $139m (£85m).

However, Toshiba Corp CEO Hisao Tanaka said on Thursday that his company was still in talks on buying a stake in the consortium and no deal had been reached yet.

Mr Tanaka said a deal was expected as early as January and reiterated that his company wanted a majority stake in the nuclear project.

The deal would be subject to regulatory approval.

NuGen was initially a joint venture between Iberdrola, the French utility GDF Suez and Scottish and Southern Energy (SSE).

SSE pulled out in September 2011 saying it wanted to concentrate on renewable-energy projects such as windfarms instead.

Rumours that Iberdrola would follow have been circulating since October 2012 following a report in The Sunday Times, which the company dismissed at the time as “speculation”.

NuGen aims to build up to three reactors at Moorside, close to Sellafield. It has paid £20m for an option to purchase land at Sellafield, in what could prove to be a £70m deal.

The consortium is carrying out investigations to see if the land is suitable for reactor development.

A decision on whether to go ahead with the £5bn project is expected in 2015.

If it proceeds, it would amount to the biggest ever private sector investment in West Cumbria. The aim would be to commission the new plant in 2023.

NuGen estimates that 5,000 jobs would be created during the construction phase, plus 800 permanent jobs once the reactors come on stream and another 1,000 jobs every time a reactor is refuelled.

Have your say

Westinghouse is an American compant see http://www.westinghousenuclear.com/site_map.shtm. So if Brown sold this company he was committing fraud as HE did not own it.

Posted by Orange peel on 8 January 2014 at 01:36

Brown sold Westinghouse to Toshiba, perhaps this should have been mentioned.
Perhaps a bigger mistake than selling the major part of the nation's gold

Posted by gerry on 5 January 2014 at 23:48

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