Toshiba Scrap Moorside Nuclear Project

"NuGen is winding-up when the need for new nuclear in the United Kingdom is clear and the delivery of the Government's Industrial Strategy could not be more important for Cumbria".

Korea Electric Power, Korea's state-run power corporation, has been in talks with Toshiba to buy a stake in NuGen.

"Obviously today is a sad day for NuGen, despite our best efforts to find a solution and despite the tremendous hard work and commitment from everyone involved in our journey this far, we have been unable to find a buyer and the decision to wind-up the business was an inevitable one for Toshiba".

"Finally, despite the sad outcome for NuGen, I remain resolute in my personal belief in the importance of nuclear as an integral and essential part of our future energy mix as a country and we must find solutions to the new nuclear challenge if we are to have any hope of meeting our goal of delivering a low carbon fleet in the United Kingdom".

The Japanese conglomerate is in financial crisis and had been seeking to sell the project.

A statement from the Japanese engineering giant said: "After considering the additional costs entailed in continuing to operate NuGen, Toshiba recognises that the economically rational decision is to withdraw from the United Kingdom nuclear power plant construction project, and has resolved to take steps to wind-up NuGen".

The announcement continued: "Unfortunately, it has not been possible to successfully conclude those negotiations".

It was unclear how many jobs were at risk but NuGen said it had retained a team to support the process.

General union GMB has called for an urgent rethink and wants the government to build a small modular nuclear reactor at the site.

"All proposed new nuclear projects in the United Kingdom are led by private sector developers and while the government has engaged regularly with the companies involved, this is entirely a commercial decision for Toshiba".

"It is essential that this competitive advantage and the nuclear skills base are maintained, through sustained investment in nuclear new build, harnessing this capability and delivering low carbon energy to power the United Kingdom economy".

"This Government remains committed to new nuclear through the Industrial Strategy Nuclear Sector Deal as well as consenting the first new nuclear power station in a generation at Hinkley Point C".

Greenpeace UK executive director John Sauven said: "The end of the Moorside plan represents a failure of the Government's nuclear gamble".

"The Government now needs to rapidly deploy renewable energy to fill the gap".

However, its six-month operating profit fell to ¥6.98 billion, more than 80 percent down from a year ago, when the company took emergency cost-cutting steps, such as the dramatic reduction of seasonal bonuses to its workers.

"The nuclear industry and wider supply chain now employ thousands of people in the North West of England". We are immensely grateful to Toshiba's contribution to our new build efforts and support of the United Kingdom supply chain and I wish them well in their future business aspirations.

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