Santee Cooper and South Carolina Electric & Gas will halt work immediately on two nuclear reactors in the Midlands, S.C., ending months of deliberation over the future of the troubled project. Santee Cooper, a state-owned electricity provider, said early Monday afternoon it would stop construction on the partially completed power units in Fairfield County, which have cost South Carolina utility customers nearly $9 billion so far.
Toshiba (TOSYY) shares gained in Tokyo April 24 after the group said it will split itself into four wholly-owned subsidiaries in a bid to maintain special construction business licenses with the Japanese government. The Tokyo-based conglomerate had warned earlier this month that its ability to stay in business was at risk after huge losses at its U.S.
Toshiba Corp., whose U.S. nuclear unit Westinghouse Electric Co. has filed for bankruptcy protection, reported unaudited earnings April 11 and projected a 1.01 trillion yen ($9.2 billion) loss for the fiscal year that ended in March. Tokyo-based Toshiba's unaudited results showed it racked up a 532.5 billion yen ($4.8 billion) loss for the April-December 2016 period.
Toshiba's dramatic exit from the business of building nuclear power plants lands another blow to a beleaguered sector, undermining new development and research on advanced reactor designs. After acquiring a majority stake in Pittsburgh-based Westinghouse Electric in 2006 for $5.4 billion, the Tokyo technology conglomerate had high hopes for rolling out a new generation of safer, smaller, cheaper power plants, as well as a series of streamlined full-scale reactors.