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« Toshiba CEO signals Westinghouse Nuclear is worthless, offers option to pay for sale of company | Main | Taiwan approves legislation to terminate nuclear power by 2025 »
Saturday
Jan282017

Toshiba (aka Westinghouse Electric) abandons new reactor construction business

The nuclear retreat continues as Toshiba Corporation announced on January 27, 2017 that it is abandoning the nuclear power construction business following an acknowledged $6+ billion loss on its Westinghouse Electric nuclear division.

Toshiba stubbornly vows to fight on to finish four Westinghouse AP1000 pressurized water reactors under construction in South Carolina and Georgia as the projects continue to fall further behind schedule under skyrocketing costs. The Westinghouse nuclear construction projects are at the heart of the nuclear divisions' collapse.

Toshiba chairman Shigenori Shiga is expected to resign by February 14, 2017 along with Westinghouse Electric’s chairman Danny Roddrick.