Toshiba Quits UK Nuclear Power Plant Project In Cumbria

Japanese tech giant Toshiba announced Thursday it was winding up its UK-based nuclear subsidiary and pulling out of a power plant project in Cumbria in northwest England.

MOSCOW (UrduPoint News / Sputnik - 08th November, 2018) Japanese tech giant Toshiba announced Thursday it was winding up its UK-based nuclear subsidiary and pulling out of a power plant project in Cumbria in northwest England.

"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," it said in a statement.

The winding-up process will start next January, the company said. Its consolidated loss will amount to some 15 billion Yen ($131.7 billion).

This leaves the United Kingdom with only one nuclear power plant in Somerset in southwest England. The EDF Energy's Hinkley Point C nuclear power station is expected to go online in 2025.