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Westinghouse Electric Company has filed for bankruptcy:
Westinghouse Electric Co, a unit of Japanese conglomerate Toshiba Corp, filed for bankruptcy on Wednesday, hit by billions of dollars of cost overruns at four nuclear reactors under construction in the U.S. Southeast.
The bankruptcy casts doubt on the future of the first new U.S. nuclear power plants in three decades, which were scheduled to begin producing power as soon as this week, but are now years behind schedule.
The four reactors are part of two projects known as V.C. Summer in South Carolina, which is majority owned by SCANA Corp, and Vogtle in Georgia, which is owned by a group of utilities led by Southern Co.
Costs for the projects have soared due to increased safety demands by U.S. regulators, and also due to significantly higher-than-anticipated costs for labor, equipment and components.
Pittsburgh-based Westinghouse said it hopes to use bankruptcy to isolate and reorganize around its "very profitable" nuclear fuel and power plant servicing businesses from its money-losing construction operation.
Also at Ars Technica and Business Insider.
Toshiba's Westinghouse problems have caused the company to sell off other assets:
Toshiba in Trouble
Toshiba Shares Plunge Ahead of Nuclear Investment Writedown
Toshiba Considers NAND Business Split; Samsung Delays Release of 4 TB SSDs
Toshiba Nuked Half its Assets
(Score: 2) by fido_dogstoyevsky on Friday March 31 2017, @11:10PM (1 child)
...Of course, people need to get over OMG Nuclear! Chernobyl! Three Mile Island! Fukushima! China Syndrome!...
As soon as you can show me operators I can trust...
...They can put it in My Back Yard
...but not before. It's a people problem, not a technology problem.
It's NOT a conspiracy... it's a plot.
(Score: 1) by khallow on Sunday April 02 2017, @12:10PM
As soon as you can show me operators I can trust...
You still have to show that you would trust those who are trustworthy.
...but not before. It's a people problem, not a technology problem.
Indeed.