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Delayed Toshiba Accounts Show Govt Must Act On Moorside

Thursday, August 10, 2017

The chaos at Toshiba must shake government out of its stupor of inertia and act to ensure the zero carbon electricity we vitally need is produced at Moorside says GMB.

GMB, the energy union, says the continuing fiasco over Toshiba’s accounts, and overall solvency, highlights the folly of allowing foreign companies to be in control of the UK’s critical future energy needs, making long overdue government action and intervention critical.

The troubled Japanese company finally released its annual accounts today, which showed £6.7 billion annual losses. [1]

The accounts were originally due in May but were delayed amid dire predictions of the losses they would reveal.

Toshiba had to publish them today or risk being delisted from the Tokyo Stock Exchange.

Toshiba is one of the major investors in the new Moorside Power station, set to be built in Cumbria and deliver seven per cent of the UK’s electricity from 2025.

But the project has been beset by a number of setbacks in recent months.

Alongside the disastrous Toshiba losses, which led to chairman Shigenori Shiga stepping down [2], French investors Engie walked away from the deal. [3[

And before that, Toshiba’s US arm Westinghouse, which is producing reactors for Moorside, went bankrupt. [4]

Justin Bowden, GMB National Secretary, said:

"The chaos at Toshiba must shake the government out of its stupor of inertia and produce action to ensure the zero carbon electricity we vitally need is produced at Moorside.

"The fact Toshiba – a major investor on a vital UK energy project – has published such a dire set of results highlights once again the sheer folly of leaving it to a foreign company to keep Britain’s lights on.

“Moorside is key to securing reliable electricity to meet future domestic and industry needs, alongside carbon reduction commitments.

"Government cannot be a spectator any longer, just watching the project descend into farce.

“The big question is the same as it has been for months – what is the government doing to take control of the situation?”

ENDS

Contact: Justin Bowden on 07710 631351 or GMB press office on 07958 156846 or at press.office@gmb.org.uk

Notes to editors:

[1] http://www.bbc.co.uk/news/business-40873088

[2] Toshiba Resignation Must Not Jeopardise Moorside

Tuesday, February 14, 2017

Fiasco shows exactly why relying on foreign companies for energy needs ‘plain stupid“.

Read more: http://www.gmb.org.uk/newsroom/toshiba-resignation-fears

[3] 'Huge Concern' As Moorside Investor Walks Away

Wednesday, April 5, 2017

‘There is too much at stake for project not to go ahead’ says union.

Read more: http://www.gmb.org.uk/newsroom/huge-concern-moorside

[4] GMB Demands Moorside Reassurance as Westinghouse Goes Bust

Wednesday, March 29, 2017

It’s vital project is given certainty in wake of Westinghouse bankruptcy says union

Read more: http://www.gmb.org.uk/newsroom/westinghouse-goes-bust

Previous press releases:

'Keep Moorside on Track'

Thursday, February 2, 2017

Relying on foreign money to build our infrastructure is always fraught with risks says GMB

Read more: http://www.gmb.org.uk/newsroom/keep-moorside-track

GMB Demands Clarity over Moorside

Tuesday, February 14, 2017

Union says this is why foreign investors shouldn't be left to keep Britain's lights on

Read more: http://www.gmb.org.uk/newsroom/clarity-over-moorside

'Monumental Moorside Cock Up'

Wednesday, April 12, 2017

What the hell is the UK Government to take control of the situation says union.

Read more: http://www.gmb.org.uk/newsroom/moorside-cock-up

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