Chief executive Isabelle Kocher wants halt investment in any new nuclear projects, according to sources quoted by the news agency.
This would include ending Engie’s involvement in the new nuclear project at Moorside in Cumbria which ran into trouble when Toshiba announced it was reviewing its overseas nuclear operations last Friday (27 January). The Japanese conglomerate is in the midst of a financial crisis due to a multi-billion write down on a US nuclear construction firm bought by its subsidiary Westinghouse.
Sources with “direct knowledge of the matter” told Reuters that both companies are planning to withdraw from the project. One said that Toshiba would make firm decision once it has completed the sale of its memory chips business. The NuGen consortium which is developing Moorside is jointly owned by Toshiba (60 per cent) and Engie (40 per cent).
The GMB union has called for the government to bankroll the project to ensure it goes ahead, whilst Tim Yeo, chairman of New Nuclear Watch Europe, told Utility Week the project could be saved by investment from South Korean utility Kepco.
Responding to a question in the Commons yesterday, prime minister Theresa May said government was “involved” in the matter and was “keen to see these nuclear deals stay on track”. “I can assure you the government’s commitment is there,” she added.
A spokesperson for Toshiba: “We are reviewing future of our nuclear power business outside Japan, but nothing has been decided at this time.”
NuGen and Engie have yet to respond to request for comment.