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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.


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