30.03.2017_No64 / News in Brief

Westinghouse Reaches Agreement To Continue Work On US AP1000s

Corporate

Construction of a Westinghouse AP1000 at the Vogtle nuclear station. Photo courtesy Georgia Power.

30 Mar (NucNet): The US-based nuclear energy company Westinghouse, which yesterday confirmed it had filed for Chapter 11 bankruptcy protection, has reached an agreement with each owner of the US AP1000 reactor projects to continue work on the units during an initial assessment period, the company said in a statement on 29 March 2017. There are two AP1000 units under construction at the Summer nuclear power station in South Carolina and two at the Vogtle station in Georgia. The Summer units are being built by South Carolina Electric & Gas and Santee Cooper, and the Vogtle units by Georgia Power, a subsidiary of Southern Company. Georgia Power said in a statement on 29 March 2017 that it and co-owners had been preparing for the possibility of a Westinghouse bankruptcy. The Vogtle owners are conducting a review of the cost to complete the nuclear units being built by Westinghouse and to determine the impact of the bankruptcy on the project, the statement said. Westinghouse said it remains committed to its AP1000 technology and will continue its existing projects in China as well as pursuit of other potential projects. There are four AP1000 reactors under construction in China, two each at the Sanmen and Haiyang nuclear sites. Westinghouse said operations in its Asia and Europe, the Middle East and Africa regions are not affected by the bankruptcy filings. Westinghouse said it is seeking to restructure as a result of “certain financial and construction challenges” in its US AP1000 projects. The company said it has obtained $800m (€745m) in financing from a third-party lender to help fund and protect its core businesses during its reorganisation.

Related reports in the NucNet database (available to subscribers):

  • Westinghouse Files For Chapter 11 Bankruptcy Protection, Parent Company Toshiba Confirms (News in Brief No.63, 29 March 2017)

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David Dalton

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