GMD Demands Answers Over ‘Monumental Moorside Cock Up’ As Toshiba Announces £7 Billion Losses

Phil Black - PII Editor 13/04/2017

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What the hell is the UK Government to take control of the situation says union

GMB, the energy union, has described Toshiba’s involvement in the Moorside nuclear reactor project as a ‘monumental cock up’.

Toshiba – one of the major financial backers of the project – has warned of £7 billion annual losses. [1]

The Japanese company finally released its third quarter results after twice delaying them.

Not only are the accounts not signed off its auditors, the company warns “events and conditions…raise substantial doubt about the company’s ability to continue as a going concern”.

It’s the latest in a long line of setbacks for the power station – set to be built in Cumbria and deliver seven per cent of the UK’s electricity from 2025.

Last week French investors Engie walked away from the deal, prior to which Toshiba’s US arm Westinghouse, which is producing reactors for Moorside, went bankrupt.

Justin Bowden, GMB National Secretary, said:

“We are fast running out of adjectives to describe this ridiculous pantomime surrounding Toshiba and its involvement in the UK’s vital and much-needed new nuclear plant at Moorside

“As monumental cock ups go it’s hard to imagine a worse energy-related one in recent times.

“This should an abject lesson to any government of any political persuasion as to why foreign companies and foreign investors should not be left with the responsibility of keeping the county’s lights on and economy working.

“The key question now is what the hell the UK government is doing to take control of the situation?”