Westinghouse Will Emerge ‘Stronger And More Competitive’ From Chapter 11

25 May (NucNet): Westinghouse Electric Company is “very stable” and will emerge from Chapter 11 bankruptcy “quickly, better, stronger and more competitive”, interim president and chief executive officer José Gutiérrez told the Nuclear Energy Assembly in Arizona on 24 May 2017. According to the Washington-based Nuclear Energy Institute, which organised the assembly, Mr Gutiérrez said Westinghouse is working with its customers to find a solution to complete the Vogtle and Summer AP1000 reactors. He said the problems that led to the Chapter 11 filing have nothing to do with the AP1000 technology and that AP1000 reactors being built in China are proceeding well. In March 2017, troubled by significant cost overruns on construction of the Vogtle and Summer reactors, Westinghouse filed for bankruptcy protection to protect its core businesses and give the company time to restructure for continuing operation. Construction of these reactors has never gone as smoothly as Westinghouse had hoped, Mr Gutiérrez said. It was further complicated by post-Fukushima requirements imposed by the US Nuclear Regulatory Commission after it had approved the AP1000 design. He said the company is working with its customers – Southern Nuclear and SCANA Corporation – to devise a solution to enable completion of the reactors.