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PM refuses to give financial backing to Moorside project

The Prime Minister has told ITV Border she understands concerns in Cumbria over uncertainty about a new nuclear power station in the county.

Theresa May said her government remains committed to new nuclear but she didn't commit to funding the Moorside project.

The Prime Minister's refusal to give financial backing to Moorside comes as the company in charge of developing the project has admitted for the first time that the project will be delayed.

NuGen boss admits Moorside project will be delayed

Credit: ITV Border

The company in charge of developing a new nuclear power station in West Cumbria has admitted for the first time that the project will be delayed.

NuGen chief executive Tom Samson said the consortium had hoped to have Moorside power station up and running next to the Sellafield nuclear site by 2025 but that this now wouldn't happen.

He said that he expects to have secured a new investor by early 2018 and the start date to be the late 2020s.

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Chinese nuclear power company explore bid for Moorside

Critics say UK government support is essential Credit: ITV Border

A Chinese nuclear power company is exploring a bid for the Moorside development in west Cumbria.

China General Nuclear Power Corporation is reportedly keen on taking control of NuGen which is planning the 15 billion pound project.

The current owners of NuGen Toshiba are looking to sell their 100% stake after encountering major financial difficulties. Critics say UK government support is essential.

Moorside backers and NuGen owners, Toshiba, could register £7billion loss

Toshiba could register a £7billion loss Credit: ITV Border

One of the companies that is backing the proposed Moorside nuclear site in West Cumbria has once again delayed reporting its annual results.

Toshiba - which has a 60% stake in NuGen, which in turn intends to build the facility - has had problems over its American investments.

The Japanese firm has now predicted it could register a loss of more than £7billion.

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WATCH: New nuclear plant 'will go ahead'

Here's Katie Hunter's exclusive interview with NuGen Chief Executive Officer Tom Samson. Mr Samson says he's certain the plant will go ahead.

Copeland Mayor: Moorside will have 'lasting legacy'

An impression of what the Moorside development could look like. Credit: NuGen

The Mayor of Copeland says he has complete confidence that the Moorside nuclear project will go ahead, and leave a "lasting legacy" in west Cumbria.

Plans for a multi-billion-pound nuclear site have been thrown into doubt by the financial struggles of Toshiba, the Japanese company that owns NuGen, who are responsible for Moorside.

NuGen is now carrying out a strategic review, to determine the future of the nuclear development.

Mike Starkie said he had discussed the problems with NuGen's CEO Tom Samson today.

It is crucial to West Cumbria that this project goes ahead to ensure that we have jobs and prosperity secured for present and future generations, ensuring a lasting legacy.

We believe this is the best of UK sites for investment, and as the Centre of Nuclear Excellence, we are well rehearsed in dealing with large scale nuclear projects.

I have today (Wednesday) spoken with the CEO of NuGen, Tom Samson, and I have had a frank and honest discussion with him. I am reassured that the reasoning behind the strategic review is to ensure that the Moorside project is on the right track and the commitment to its delivery assured.

– Mike Starkie, Mayor of Copeland

Moorside: Toshiba considering 'sale of shares'

Toshiba is involved in NuGen's strategic review of Moorside. Credit: Rodrigo Reyes Marin/AFLO/Press Association Images

Japanese conglomerate Toshiba is considering selling its shares in NuGen, the company behind a proposed new nuclear power site in Cumbria.

Toshiba is set to take full ownership of NuGen, because of the withdrawal of another company, Engie.

However due to financial difficulties, the firm wants to put nuclear projects outside Japan on hold.

Following an exclusive ITV Border interview with Tom Samson, the CEO of NuGen, Toshiba has released the following statement:

Toshiba and NuGen are undertaking a strategic review of its options towards continuation of the project. We cannot comment on its details.

With regard to Toshiba’s involvement of the project, no details have been decided yet, but we would like to explore alternatives, including sales of the shares, while carefully monitoring the situation, in consultation with other stakeholders including the British government.

– Toshiba spokesperson
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