Toshiba, the troubled Japanese electrical and electronics conglomerate and former owner of the bankrupt Westinghouse, Corp., decided last week cancel its Moorside nuclear project in the UK. If completed, this large nuclear power station would have provided about 7 percent of the UK’s electricity needs. Not that this announcement was a surprise. Toshiba’s announcement follows word of a breakdown in negotiations with prospective buyer, Korea Electric Power (KEPCo). It appears the Koreans, like others, are rethinking their commitment to nuclear energy worldwide. Absent the cancellation decision, Toshiba is likely to have had trouble financing a project of this magnitude especially given the stress on its finances from its troubled venture into American nuclear construction. The Moorside project in Cumbria will have cost Toshiba over £400 million and management announced it was taking a write off of £125 million. Toshiba described its decision as “economically rational.” Amen to that. A […]