As reported by Bloomberg, multi-billion dollar (and skyrocketing) cost overruns, and years-long (and worsening) schedule delays, at four new reactor construction sites in the U.S. Southeast have plunged Toshiba-Westinghouse stock values into a "nuclear nightmare" or financial meltdown. The company is facing a $4-5 billion write-down, after a major accounting error, when its acquisition of new reactor construction firm, Chicago Bridge & Iron, went sour.
Fairewinds Associates warned years ago that the Toshiba-Westinghouse AP-1000 reactor design has a potentially fatal flaw, that could result in catastrophic amounts of hazardous radioactivity being pumped into the environment in the event of a core meltdown.
A whopping one-fifth of South Carolina ratepayers' electric bills now go toward construction costs of the Summer 2 and 3 new reactors. At Georgia's Vogtle 3 and 4 new reactors, not only regional ratepayers, but also U.S. taxpayers, are on the hook, to the tune of $8.3 billion, in the form of a federal nuclear loan guarantee, compliments of the Obama administration. More.