Toshiba Backs Troubled Nuclear Project In Georgia
Monday, June 12, 2017 at 08:03PM
Uranium Stocks

Toshiba said it would provide a $3.68 billion financial guarantee for the development of two new nuclear reactors in Georgia, as part of a settlement agreement with the owners of the project  announced on Friday.

The Vogtle nuclear reactors near Waynesboro, Georgia have been beleaguered by cost overruns and scheduling delays since construction began several years ago. The Vogtle project is co-owned by Georgia Power, a utility subsidiary of the Atlanta-based Southern Company, Oglethorpe Power, MEAG Power and Dalton Utilities.

A morass of litigation between the project owners and Westinghouse, a subsidiary of Toshiba, which was hired as the primary contractor to build the reactors, has hung over the project for more than half a decade.

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