NuGen decision sees more doubt thrown over Cumbrian scheme
The company behind the 拢10bn Moorside nuclear power station in Cumbria is cutting more than 60 of its 100 staff as its parent Toshiba continues its struggle to sell the company.
NuGen was originally a joint venture between Toshiba and French multinational Engie but ran into trouble last year when Toshiba鈥檚 US subsidiary Westinghouse 鈥� which had been due to supply the nuclear reactor for Moorside 鈥� filed for bankruptcy.
Engie then pulled out of NuGen, leaving Toshiba to try and sell NuGen after posting a $8.4bn loss for the year ending 31 March 2017.
South Korean state-owned Kepco was chosen as preferred bidder over China General Nuclear in December but lost its preferred status in last month after protracted talks hit delays 鈥� including a change of chief executive at Kepco and a new government in Seoul.
In a statement NuGen said: 鈥淎n employee consultation process has concluded and on [Tuesday], NuGen staff were informed that owing to the protracted period of time it has taken to secure a way forward for the Moorside Project, there would be a phased reduction in the headcount within NuGen.鈥�
鈥淭his consultation served to identify the posts that will be required to finalise and complete a transaction for the sale of NuGen and as a result, the team of over 100 will reduce to fewer than 40.鈥�
It said the remaining team would concentrate on selling the business.
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