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NuGen investor Toshiba 'to exit nuclear'

Friday, February 3, 2017 at 4:20PM

ONE of the key players in Cumbria's planned nuclear new build is about to abandon the industry, according to reports.

The News & Star revealed this week that Toshiba - which which holds a 60 per cent stake in Moorside developer NuGen, alongside ENGIE of France - announced this week that it was "reviewing" its involvement in the proposed power plant near Sellafield.

A report in The Wall Street Journal though, which quotes unnamed executives at the Japanese giant, has said the company is planning to leave the nuclear industry altogether.

Last month Toshiba announced its US subsidiary, Westinghouse Electric, may have overpaid - by several billion dollars - for another nuclear construction and services business. Following this, its shares fell dramatically.

Toshiba confirmed earlier this week it is now reviewing its involvement in all other overseas projects as a way of dealing with this situation. It also plans to sell its semiconductor business.

Following the latest reports spokeswoman for the company said: "Toshiba is reviewing the future of the nuclear power business outside Japan, but no decision has been made yet. We will offer more specifics on Feb.14, when we announce FY2016 (financial year 2016) third quarter results."

NuGen has been approached for comment.

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