Author Topic: Nuclear industry giant Westinghouse files for bankruptcy  (Read 885 times)

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Nuclear industry giant Westinghouse files for bankruptcy
« on: March 29, 2017, 05:07:18 PM »
The bankruptcy announcement came less than 24 hours after President Trump announced his push to rescind President Barack Obama's suite of climate change orders and regulations for the utility industry in order to restore coal jobs. Climate change regulations are seen as beneficial to the nuclear industry because it is a zero emissions resource.

Nuclear power giant Westinghouse filed for bankruptcy Wednesday in a major upset to the U.S. nuclear power industry.

The company had been constructing the only new nuclear reactors to be built in the country in decades. But cost overruns, delays and other problems forced it to file for chapter 11 bankruptcy protection as it seeks to restructure its business.

Westinghouse was bought by Japanese manufacturing giant Toshiba a decade ago when the U.S. nuclear power industry was growing. The nuclear industry in more recent years has been suffering from market challenges, making it more difficult for nuclear plants to compete in electricity markets dominated by low-cost natural gas power plants and renewables.