Illustration of the AP1000 reactor from Westinghouse bankruptcy filing. (credit: Westinghouse)
On Wednesday, Westinghouse Electric Company, a subsidiary of Japanese company Toshiba, filed for Chapter 11 bankruptcy protection.

The company claimed in a court filing that it was losing money on construction projects in South Carolina and Georgia, although it maintained that nuclear fuel and plant servicing operations remained “very profitable.”
The construction cost overruns fall on nuclear power plants that would have contained Generation III+ AP1000 reactors, which Westinghouse designed with “passive safety features,” like using gravity and convective cooling, to make them simpler, easier to maintain, and more resistant to earthquakes, plane crashes, or electrical blackouts.

According to The New York Times, the two projects are nearly three years overdue and have cost somewhere between $1 billion and $1.3 billion more than expected.
The two projects include the Alvin W.
Vogtle generating station in Georgia, which was in the news in February 2015 for missing deadlines and for cost overruns, and South Carolina Gas & Electric’s Virgil C.
Summer plant in Jenkinsville, South Carolina, which has suffered similar setbacks.
Read 4 remaining paragraphs

Leave a Reply