The company building the first new US nuclear reactors in a generation filed for bankruptcy Wednesday amid billions in losses from those troubled projects.
Westinghouse Electric said it will continue work at Georgia's Plant Vogtle and South Carolina's VC Summer power stations while it undergoes a "strategic restructuring." Westinghouse, a subsidiary of the Japanese industrial conglomerate Toshiba, said it has $800 million in financing lined up to get it through the process.
"We are focused on developing a plan of reorganization to emerge from Chapter 11 as a stronger company while continuing to be a global nuclear technology leader," the company's interim CEO, José Emeterio Gutiérrez, said in a statement announcing its bankruptcy filing.
The move is another blow to the US nuclear industry, once on the verge of a renaissance as reliable power source without the carbon emissions of fossil fuels. But those prospects dimmed amid a boom in cheap natural gas, advances in renewable energy, and lower-than-forecast demand, leaving operators seeking help to keep the lights on in many states.