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Toshiba to pay $3.68 billion for Westinghouse reactors in U.S.

Staff Writer |
Toshiba Corp. will pay $3.68 billion toward the construction of two reactors in Georgia by its U.S. unit Westinghouse, which has filed for bankruptcy protection.

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Toshiba said Saturday the payment, under agreement with the operator of the Vogtle plant, will be made from October through January 2021.

Toshiba said the expense has already been figured in its earnings. Toshiba reported a 950 billion yen ($8.6 billion) loss for the fiscal year ended March.

Paul Bowers, chief executive of Georgia Power, the utility working with Westinghouse to expand Vogtle, welcomed the deal.

“We are pleased with today’s positive developments with Toshiba and Westinghouse that allow momentum to continue at the site while we transition project management from Westinghouse to Southern Nuclear and Georgia Power,” he said referring to his company and its parent.


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