By Paul Homewood
The UK’s nuclear strategy takes another blow:
Toshiba plans to wind up its UK nuclear business after failing to find a buyer, dealing a potentially fatal blow to plans for a new nuclear power station in Cumbria.
Its NuGen division was behind the development of the Moorside project.
Toshiba’s decision will dent the UK’s plans to develop new nuclear power stations.
Unions have criticised the government for failing to intervene and ensure the project went ahead.
The Japanese firm said it would start the wind-up process in January.
"After considering the additional costs entailed in continuing to operate NuGen, Toshiba recognises that the economically rational decision is to withdraw from the UK nuclear power plant construction project, and has resolved to take steps to wind-up NuGen," the Toshiba statement said.
Korea Electric Power Corporation (Kepco) had been a preferred bidder to take over the nuclear power plant project, but those talks fell through after more than a year of negotiations.
Currently we have 9.3 GW of nuclear capacity, but only Sizewell B with 1.2 GW is due to still be open after 2030. It is possible of course that some of the older plants may be allowed to run for an extra year or two, but that would only be a sticking plaster.
There is also Hinkley B to come on stream in 2025 with a further 3.2 GW.
Excluding wind and solar, capacity is already extremely tight at 65 GW. Given the likely closure of all coal plants, old gas and nuclear ones, capacity come 2030 could be as low as 38 GW.
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November 8, 2018 at 02:00PM