Economy

Toshiba Will Pay To Finish Nuclear Reactors In Southern United States

Toshiba Will Pay To Finish Nuclear Reactors In Southern United States”

"We are happy to have Toshiba's cooperation in connection with this agreement which provides a strong foundation for the future of these nuclear power plants", Tom Fanning, Chief Executive of Southern Company, said in a statement. Construction of the two AP-1000 Westinghouse reactor's at the site in Waynesboro, Georgia, had been managed by Westinghouse, a Toshiba subsidiary that filed for Chapter 11 bankruptcy on March 29.

Southern Company said the deal will hand over management of the project from Toshiba's nuclear unit, Westinghouse, to Southern Company.

The agreement is subject to approval of the Westinghouse board of directors and certain other conditions, including bankruptcy court approval.

Again, the first Toshiba Corporation payment is due in October; so there is still time to make new headway.

Just as Georgia Power reached a construction deal with bankrupt contractor Westinghouse, regulatory staff in Georgia are casting further doubt on the final prospects for the plant. The nuclear company puts some of the blame for its financial problems on cost overruns at Plant Vogtle and another new nuclear project in SC.

Bowers added that the utility is working with project co-owners to develop a full-scale schedule and cost-to-complete analysis.

The project is billions over budget and years behind schedule.

The service agreement features engineering, procurement and licensing support, along with access to Westinghouse intellectual property required for the nuclear power plant. In the interim, then, the agreement has been extended until June 22 so that they can continue to incorporate the new agreement. Value, Reliability, Customer Service and Stewardship are the cornerstones of the company's promise to 2.5 million customers in all but four of Georgia's 159 counties.

The Tokyo-based Toshiba Corporation said, on Saturday, that it plans to contribute $3.68 billion to press onward with building two new nuclear reactors in the USA state of Georgia.

Nuclear power is a controversial form of energy production. Georgia Power focuses on delivering world-class service to its customers every day and the company is consistently recognized by J.D. Power and Associates as an industry leader in customer satisfaction.

The struggling conglomerate is rushing to find a buyer for its prized chip unit, to cover billions of dollars in cost overruns at Westinghouse.



Like this

Latest


24 June 2017
Death toll in Pakistan attacks climbs to 56
Correction: June 23, 2017A previous edition of this article misstated when the bombing occurred in relation to Eid-al-Fitr. The province is the base of a separatist movement as well as home to the Taliban and other militant Islamist groups.

24 June 2017
Spanish prosecutors accuse Mourinho of 3.3 mln eur tax fraud
Under Spanish law, a first-time offender is not required to serve time in jail for a sentence below two years. A court in Madrid is understood to be dealing with the claim.

24 June 2017
NBA Finals most-watched Finals since Michael Jordan's last championship
The Warriors new star quickly gelled with the old ones, and his addition was about as seamless as it could have possibly been. KD continued to play like an MVP in Game 5 by scoring 39 points, seven rebounds, and five assists in the series clincher.

24 June 2017
Asian shares flat as oil steadies; China drops on clampdown
EQT, a producer of natural gas and crude, had the day's biggest gain in the S&P 500 and jumped $4.16, or 8 percent, to $56.19. After meandering up and down through the day, the Standard & Poor's 500 rose 3.80 points, or 0.2 percent, to end at 2,438.30.

24 June 2017
Adams State University maintaining tuition rates
The semester total for out-of-state undergraduates will also increase by 2 percent, to $11,946. Chairman of the Board Karl Fulkens says the tuition hike is the lowest increase in 18 years.

24 June 2017
South Africa reports outbreak of H5N8 bird flu in Mpumalanga: OIE
H5N8 is not unsafe to humans, and the birds affected comprise a very small percentage of the total South African chicken flock. The disease is spread primarily through water migratory birds that carry the disease in a highly pathogenic form.

24 June 2017
13 ways the Senate GOP health-care plan could impact MI
Remarkably, some of the GOP are already arguing the bill does not go far enough and are planning to oppose it in its current form. For the measure to clear the Senate, Republicans can only afford to lose two GOP votes amid unanimous Democratic opposition.

24 June 2017
Talks to support Conservatives making progress, DUP says
One source told the Press Association: "They thought they had us in the bag and they wouldn't have to pay a price for it". It remains unclear exactly what the impasse around the DUP-Tory negotiations is - or even what the central demands are.

24 June 2017
Harry Kane credits Royal Marines for late Hampden equaliser
However, carnage ensued as Griffiths bent in a brilliant 87th minute equaliser to send Hampden Park into raptures. However, Kane slammed in at the far post deep into stoppage time to break the hearts of the Tartan Army.

24 June 2017
Here Is Every Republican Senator Who Opposes the Health Care Bill
When it comes to managing Republicans' best interests, Senator Mitch McConnell of Kentucky, the majority leader, rarely loses. The Affordable Care Act took a year and a half to craft, with much debate adn amendments at the request of Republicans.