Toshiba says it will not be taking any more construction risk in the NuGen nuclear project at Moorside, Cumbria, following the Japanese firm’s recent multi-billion dollar losses.
However, Toshiba, who are partners with French company Engie on the project, says it will retain its role in the initial phase of Moorside before looking to sell its stake.
New investment needed
The announcement has come as a major blow to Engie who are now looking for partners willing to invest in the project.
The Japanese corporation has a 60% share in NuGen, the firm behind the scheme.
Toshiba president Satoshi Tsunakawa told reporters in Tokyo his firm remained involved in the scheme “with the condition that we don’t take responsibility over construction work”.
Government commitment to nuclear
The project should provide a capacity of around 3.8GW of electricity or around 7% of UK electricity demand with building three AP1000 reactors.
Business and energy Secretary, Greg Clark, said he spoke to both NuGen and Toshiba and welcomed their commitment to the project.
“The UK Government is committed to new nuclear as an important part of our energy mix, having commissioned the first new nuclear power station in a generation. The UK is one of the most attractive countries to invest in new nuclear and we continue to work closely with partners to see Moorside built,” he said.