{"id":48828,"date":"2018-11-08T13:38:08","date_gmt":"2018-11-08T13:38:08","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=48828"},"modified":"2018-11-08T13:38:08","modified_gmt":"2018-11-08T13:38:08","slug":"toshiba-withdraws-uk-nuclear-power-plant","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/energy-news\/toshiba-withdraws-uk-nuclear-power-plant\/48828\/","title":{"rendered":"Toshiba withdraws from UK nuclear power plant"},"content":{"rendered":"

Toshiba has announced its withdrawal from the UK nuclear power plant construction project after failing to find a buyer<\/h2>\n

The firm’s NuGen subsidiary had plans to build a nuclear power station on the West Cumbria coast in northwest England.<\/p>\n

The Toshiba<\/a> statement released today (8th November) said: “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<\/a> project, and has resolved to take steps to wind-up NuGen.”<\/p>\n

The statement continued to say: “Toshiba acquired 60% of the outstanding shares of NuGen, a UK based nuclear development company . Toshiba subsequently acquired the remaining 40% of NuGen’s shares from France’s Engie in July 2017, when Engie exercised its right to sell its entire shareholding to Toshiba.<\/p>\n

Toshiba has said it will begin the winding-up process of NuGen in January and expects to see a drop in the value of its stocks.<\/p>\n

This decision to step back from the construction project is expected to cause a knock on effect for the UK’s plans to build new nuclear power stations in the future.<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

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