UK nuclear power scheme to see Japan's Toshiba withdraw from deal

Japan’s Toshiba has said its UK-based nuclear NuGen scheme - behind a planned power station in Moorside, Cumbria - will come to a close.

This is due to efforts offloading the business failing. Toshiba’s latest move will no doubt delay the UK’s plans to develop these nuclear power stations.

Toshiba will begin the wind-up of its involvement from January 2019.

In a statement, the company said: “After considering the additional costs entailed in continuing to operate NuGen, Toshiba recognises that the economically rational decision is to withdraw from the UK nuclear power plant construction project, and has resolved to take steps to wind-up NuGen.”

UK trade union, GMB has said that the “looming collapse” of Moorside had been “depressingly predictable”.

In September this year, NuGen announced it was reducing its team at the Moorside plant from more than 100 to fewer than 40.

For the 2018/19 financial year, Toshiba revealed its operating profits had dropped by 14 per cent.