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Thursday
Jun152017

Japanese nuclear firms are running for the exits

The collapse and bankruptcy of the Westinghouse electric company has already thrown its Japanese parent company, Toshiba into a financial downward spriral. Now another Japanese company, Hitachi, is looking to escape the extreme financial commitment to build two new nuclear plants in Wales by divesting itself of the local subsidiary that would build and operate them. The aptly name Horizon Nuclear Power consortium intends to build two reactors at the Wylfa B site in Wales, a project that looks to remain indefinitely on the horizon. Hitachi says if it can't offload Horizon by 2019, the theoretical construction start date, then it will suspend the project. Hitachi is seeking to avoid taking on the substantial financial risks that are now an automatic part of new nuclear construction ventures. Toshiba, meanwhile, will fork out $3.68 billion to keep its two AP-1000 reactors under construction in Georgia (pictured) afloat. The company has been trying to offload its lucrative computer chip business to save itself from financial fiasco. The company reported a $8.6 biillion loss for its fiscal year which ended in March. More.