Death Blow for US Nuclear Construction: Westinghouse Files for Bankruptcy

Posted: March 25, 2017 in Uncategorized

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Nuclear firm Westinghouse Electric to file for bankruptcy next week

Antinuclear

MIT Technology Review believes a Westinghouse bankruptcy means an end to new nuclear construction in the United States.

Nuclear firm Westinghouse Electric to file for bankruptcy next week http://www.utilitydive.com/news/reports-nuclear-firm-westinghouse-electric-to-file-for-bankruptcy-next-wee/438880/ Robert Walton, March 24, 2017

Dive Brief: Toshiba informed its main lenders today it is planning for Westinghouse Electric Co., the nuclear engineering firm overseeing construction of new generating facilities in Georgia and South Carolina, to file for bankruptcy on March 31, according to sources briefed on the matter, Reuters reports. 

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Comments
  1. Westinghouse currently operates approximately one-half of the world’s operating nuclear plants. The future doesn’t look good for these facilities…

    • Mountain, from everything I have read, nuclear power has never been a cost effective way to produce power and has always required massive government subsidies to operate. I suspect that Westinghouse’s current difficulties relate to growing unwillingness of the US government to fill funding gaps though it’s hard to find evidence to support this view. The whole nuclear issue is shrouded in a great deal of secrecy.

  2. Well, none of our nuclear generating facilities are up to par and nothing is being done about this. While it is all very well and good that Westinghouse is going bankrupt, the fact of the matter is this does nothing to make us feel better about having these facilities still in operation or make us feel any better if they are decommissioned because how would they get rid of that mess? There is no way.

    • I admit it’s really hard to know what will happen, given that Westinghouse has been owned by the Japanese company Toshiba for the last 10 years. It appears that Toshiba made the decision for them to file for Chapter 11 restructuring – presumably to get creditors off their back. Based on this Reuters article, it appears likely that the bankruptcy will shut down the construction of new nuclear power plants in Georgia and South Carolina (thanks to Obama-approved subsidies the first nuclear power plants in 30 years) which are experiencing major cost overruns: http://www.reuters.com/article/us-westinghouse-bankruptcy-idUSKBN16U07Y

  3. […] Death Blow for US Nuclear Construction: Westinghouse Files for Bankruptcy took me to the following article: […]

  4. Gerry, could you try posting the link again? When I try clicking it, it sends me to a page asking me to subscribe to the Financial Times.

  5. Lara/Trace says:

    I didn’t see on the news in the US – hmmm. this is long overdue.

  6. Nuclear issues typically are very poorly covered by the corporate media – as GE, Westinghouse et al have always had a major ownership stake in US newspapers and TV networks.

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