toshiba to pay 368bn for westinghouse reactors in us
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Toshiba to pay $3.68bn for Westinghouse reactors in US

Arab Today, arab today

Arab Today, arab today Toshiba to pay $3.68bn for Westinghouse reactors in US

Costs in the nuclear industry have ballooned
Tokyo - Arab Today

Money-losing Japanese nuclear and electronics company Toshiba Corp. will pay $3.68 billion toward the construction of two reactors in Georgia by its US unit Westinghouse, which has filed for bankruptcy protection.
Tokyo-based Toshiba said Saturday the payment, under an agreement with the operator of the Vogtle plant, will be made from October through January 2021.
Toshiba said the expense has already been figured in its earnings. Toshiba reported a 950 billion yen ($8.6 billion) loss for the fiscal year ended March.
Paul Bowers, chief executive of Georgia Power, the utility working with Westinghouse to expand Vogtle, welcomed the deal.
“We are pleased with today’s positive developments with Toshiba and Westinghouse that allow momentum to continue at the site while we transition project management from Westinghouse to Southern Nuclear and Georgia Power,” he said referring to his company and its parent.
Costs in the nuclear industry have ballooned since the March 2011 nuclear disaster in northeastern Japan, as safety requirements get tougher and the construction of the Westinghouse reactors has fallen behind schedule. Toshiba is still in similar talks over a South Carolina plant about such payments.
Toshiba’s shouldering Westinghouse’s costs was part of the initial 2008 reactor construction deal and the latest agreement sets the maximum for the payment, according to Toshiba.
Toshiba’s earnings reports have failed to get endorsements from its auditors, given the company’s precarious finances over the US projects. The reports are being given as projections, not results.
To stay afloat, Toshiba has been trying to sell its lucrative computer chip business. Even that effort has not gone smoothly. Toshiba is wrangling with Western Digital of the US, which has acquired some SanDisk operations, including a joint venture with Toshiba in Japan.
Toshiba President Satoshi Tsunakawa has acknowledged the company strategy based on Westinghouse was a mistake but has stressed he does not think Western Digital can block Toshiba in the chip sale.
Nuclear power will continue to be a major part of Toshiba’s shrinking business.
It is still responsible for more than a dozen plants in Japan, including decommissioning Fukushima Dai-ichi nuclear plant, where three reactors sank into meltdowns after the 2011 tsunami, in the worst nuclear disaster since Chernobyl.

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

toshiba to pay 368bn for westinghouse reactors in us toshiba to pay 368bn for westinghouse reactors in us

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

toshiba to pay 368bn for westinghouse reactors in us toshiba to pay 368bn for westinghouse reactors in us

 



GMT 12:48 2016 Sunday ,27 November

Cilic, Dodig push Croatia to brink of Davis Cup

GMT 05:24 2017 Thursday ,28 December

Erdogan says 'terrorist' Assad cannot be part of Syria

GMT 12:59 2016 Saturday ,05 November

WB welcomes economic reforms in Egypt

GMT 18:40 2016 Saturday ,05 November

Egyptian GDRs in London down

GMT 10:57 2017 Wednesday ,06 December

Peru striker Guerrero has doping ban extended

GMT 17:51 2017 Tuesday ,07 March

Trump Signs New Travel Ban on Six Muslim Countries

GMT 10:30 2017 Wednesday ,06 September

Saudi Information Ministry praises media role during Hajj

GMT 15:29 2017 Tuesday ,24 January

Mind games really do help your brain

GMT 06:55 2015 Thursday ,01 October

Boston Red Sox beat Yankees

GMT 08:17 2017 Monday ,28 August

Bahrain celebrates World Humanitarian Day 2017

GMT 02:07 2017 Tuesday ,28 February

Opposition seeks Russian support at Syria talks

GMT 11:06 2017 Wednesday ,27 December

Bahrain tourism projects valued at over $ 13 billion

GMT 20:35 2011 Tuesday ,10 May

New exhibition of Islamic ornaments

GMT 19:52 2016 Friday ,19 August

Nice joins wave of French towns banning burkinis

GMT 03:46 2017 Wednesday ,06 September

US-backed Syrian forces seize Raqqa mosque

GMT 22:22 2017 Friday ,15 December

BDF Military Museum open on National Day

GMT 09:47 2015 Wednesday ,02 December

Ryanair launches court action against Google, eDreams

GMT 10:46 2017 Wednesday ,22 March

Japan's February trade surplus hits multi-year high
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday