Nov 8, 2018

Japan's Toshiba to withdraw from UK nuclear power project

NuGen. Japan's Toshiba is set to wind up NuGen, its UK-based nuclear arm, after efforts to offload the business failed. NuGen was behind the development of the Moorside nuclear power station project in Cumbria, in north-west England. Toshiba's move will put a dent in the UK's plans to develop new nuclear power stations as it continues efforts to move to a low carbon economy. "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 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.

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