Michele Kearney's Nuclear Wire

Major Energy and Environmental News and Commentary affecting the Nuclear Industry.

Thursday, February 23, 2017

Fate of Toshiba’s Nuclear Projects Remains Uncertain

By Dan Yurman, Publisher of Neutron Bytes, a blog about nuclear energy. – February 20
The company’s self-inflicted troubles, caused by cooking the books and mismanagement of its major acquisitions in the nuclear sector, have impacted projects in the U.S., the U.K., and India. The firm said it would exit the nuclear business worldwide. After weeks of media speculation, Japan’s Toshiba said on 2/14/17 it would book a barn burner of a loss estimated to be $6.3 billion related to its Westinghouse business unit which is building four nuclear reactors in the U.S. and four more in China. Conflicting statements about the firm’s 60% equity stake in NuGen’s Moorside power station, for three reactors, raised doubts with investors and the U.K. government about the future of the project. A plan to build six new reactors in India, which has been in the works for years, was thrown into limbo. The write down that wipes out its shareholder equity and leaves the conglomerate with virtually no cash. Toshiba’s chief executive officer and chairman Shigenori Shiga resigned from his post, assuming “management responsibility” for the company’s loss related to Westinghouse’s acquisition of CB&I Stone and Webster. Read on...http://www.theenergycollective.com/dan-yurman/2398836/fate-toshibas-nuclear-projects-remains-uncertain

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