Massive cost overruns and long construction delays plunge Toshiba-Westinghouse into "nuclear nightmare"
As reported by Bloomberg, Toshiba-Westinghouse has been plunged into a financial "nuclear nightmare" -- with losses amounting to $4 to 5 billion (yes, with a B!) -- around one-thrid of its stock value -- due to cost overruns mounting into the billions of dollars, and years-long schedule delays, at four new reactor construction sites in the U.S.
Toshiba, a Japanese firm, took over the U.S. nuclear giant Westinghouse in 2006.
The debacle stems from Toshiba-Westinghouse's acquisition of the Chicago Bride & Iron (CBI) new reactor construction firm, in a vain attempt to get control of skyrocketing costs at the Vogtle 3 & 4 reactors construction site in Georgia, and the Summer 2 & 3 reactors construction site in South Carolina.
Toshiba-Westinghouse's AP-1000 (so-called Advanced Passive, 1,100 Megawatt-electric) reactor design was touted as the flagship of the so-called "Nuclear Renaissance" not only in the U.S. but internationally. More.