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NuGen nuclear project facing uncertainty as Engie exits

April 6, 2017
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By Paul Homewood

 

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http://www.powerengineeringint.com/articles/2017/04/nugen-nuclear-project-facing-uncertainty-as-engie-exits.html

 

The plot thickens. From PEI:

 

Toshiba has announced it will buy out partner Engie’s  40 per cent stake in the operator of the proposed NuGen nuclear power project at Moorside in the UK for $138m after Engie asked for the step under the terms of their contract.
The purchase means that for now,
Toshiba will be more deeply involved in a business it is hoping to exit-nuclear power projects outside Japan.
Last week, Toshiba’s US nuclear unit, Westinghouse Electric Co., filed for
bankruptcy protection following huge cost overruns at various nuclear-reactor projects.

Toshiba said the Westinghouse bankruptcy triggered a clause in its contract with France-based Engie that gave Engie the right to sell its stake in the companies’ UK joint venture, NuGeneration Ltd. or NuGen. Toshiba already owns 60 per cent of NuGen.
NuGen has been trying to build three reactors using Westinghouse’s AP1000 model in West Cumbria, in northwest England. On March 30, NuGen said U.K. nuclear regulators approved the AP1000 design.

However, it is unclear whether the reactors will be built. Toshiba said that although it has to take full ownership of NuGen, it ultimately wants to sell the company. Toshiba’s chief executive has made clear that it wants to withdraw fully from the nuclear power plant business overseas to wall off the risk of further losses.

http://www.powerengineeringint.com/articles/2017/04/nugen-nuclear-project-facing-uncertainty-as-engie-exits.html

 

Engie are no doubt delighted to be able to trigger this clause. It is one more indication that Moorside is a dead duck.

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5 Comments
  1. April 6, 2017 11:08 am

    Time for a serious re-think, methinks.

    What exactly does one have to do to inject even a modicum of common sense into a British government these days? How did we ever come to have (and keep) “the greatest empire the world has ever seen” and then descend to this level of brainless incompetence?

    • A C Osborn permalink
      April 6, 2017 1:11 pm

      Great Britain was built by having a very large Army and Navy and a bunch of brilliant entrepreneurs, followed by some of the Best (Victorian) Engineers.
      Universities turned out real Engineers and Scientists, instead of the current crop of lawers and arty farty types.
      The government was run by people who wanted to build the country and were not just out for themselves.
      Plus of course we now have the Green lobby to contend with, who’s arguments the arty farty types are all very susceptible to.

  2. April 6, 2017 11:49 am

    We in the UK once had the best Nuclear Power builders and operators in the world and many of them, although ageing, are still around. Instead of messing about with expensive and obviously unreliable foreign companies…we should re-form our teams with help and advice from the older scientists and engineers and using the best of our academic groups. It would save us a deal of stupid money in the end and be in our control. Terry Langford. Hampshire (ex. Power Industry Ecologist and Environmental Manager).

  3. April 7, 2017 6:49 am

    Reblogged this on ajmarciniak.

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