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.



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