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Toshiba to pay $3.68 billion for Westinghouse reactors in US

LiveMint logoLiveMint 10-06-2017 AP

Tokyo: Money-losing Japanese nuclear and electronics company Toshiba Corp. will be paying $3.68 billion toward the construction of two reactors in Georgia by its US unit Westinghouse, which has filed for bankruptcy protection.

Tokyo-based Toshiba said on 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.

Costs in the nuclear industry have ballooned since the March 2011 nuclear disaster in northeastern Japan. Toshiba is still in similar talks over a South Carolina plant about such payments.

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