Japanese firm pulls plug on £15bn nuclear project in Cumbria 

Proposed nuclear plant at Moorside [credit: in-cumbria.com]

This puts a large dent in UK electricity generation policy, which expects nuclear energy to supply a significant percentage of its ’emissions-free’ power alongside that from unpredictable part-time renewables like wind and solar.

The announcement is a major blow for the region, says TheBusinessDesk.com.

Japanese firm Toshiba has announced it is to pull the plug on the company set up to build a new £15bn nuclear power station in Cumbria.

The tech giant has announced it is winding up Manchester based NuGen, its UK-based nuclear arm, after efforts to sell the business failed.

The announcement is a serious blow to the UK’s nuclear sector and has left plans to build a new power station in Cumbria in serious doubt.

NuGen, which employs 40 staff, was behind the development of the Moorside nuclear power station project close to Sellafield.

The project would have created thousands of jobs during the construction phase and pumped billions into the region’s economy.

The company made the announcement to the Japanese Stock Exchange.

A statement issued by the firm said: “On November 8, 2018, Toshiba announced its intention to withdraw from the nuclear power plant construction project in the UK, NuGeneration Limited (NuGen) and to take steps to wind-up the business.

“The announcement comes after 18 months of negotiations with a range of potential new owners.

“Unfortunately, it has not been possible to successfully conclude those negotiations. NuGen has retained a team to support the implementation of a winding-up process and will work with Toshiba and its other stakeholders.

“Whilst NuGen will not be taking the project forward, the Moorside site in Cumbria remains a site designated by Government for nuclear new build, and it is now for the Nuclear Decommissioning Authority as the owner of the site and the Government to determine its future.

Continued here.

via Tallbloke’s Talkshop

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November 8, 2018 at 03:36AM

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