Toshiba to wind up UK nuclear power subsidiary NuGen
08 November, 2018
Japanese conglomerate Toshiba has announced plans to wind up its UK nuclear power arm NuGen in early 2019.
The decision puts the £10bn Moorside nuclear power plant near Sellafield in Cumbria in doubt after failing to find a buyer for its stake in the project.
Korea Electric Power Corporation (Kepco) had been a preferred bidder to take ownership of the plant, but talks fell through after more than a year of negotiations.
Toshiba expects to record losses of just over £100m from the withdrawal.
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