News

World news Bookmark and Share

05.12.2018 9:36
Japan to abandon nuclear project in Turkey
Post-Fukushima safety measures doubled costs for Mitsubishi and partners
AUTHOR: publics.bg


  • © Simon Strandgaard, Flickr.com

A Japan-led public-private consortium is set to abandon a Turkish nuclear power project that had been touted as a model for Tokyo's export of infrastructure, Nikkei reports.

The delayed project's construction costs have ballooned to around $44 billion, nearly double the original estimate, making it difficult for lead builder Mitsubishi Heavy Industries and its partners to continue with the plans.

The increase was due to increased safety requirements due to the Fukushima Daiichi accident. Additionally, the recent fall in the Turkish lira has also contributed to the cost increases.

The decision to cancel the project, now in final negotiations among the parties, comes as a blow to Japan's nuclear industry, which is looking for avenues for growth overseas as it becomes increasingly unlikely that a new plant will be built at home post-Fukushima.

The Japanese and Turkish governments agreed in 2013 on the project, with an alliance of Japanese and French businesses centered on Mitsubishi Heavy to build four reactors in the city of Sinop on the Black Sea. Initial plans had construction beginning in 2017, with the first reactor coming online in 2023.

Mitsubishi Heavy submitted the revised cost estimate to the Turkish government in a late-July report. Though the company worked to rethink the overall costs, apparently no compromise could be reached with the Turkish government on financing terms, as well as prices for the electricity generated by the plant. Top Mitsubishi Heavy executives have said the company's decisions would be based "within the scope of what is economically rational."

Despite the nuclear plant's cancellation, the Japanese government intends to continue support for Turkey's energy sector, and new frameworks for cooperation are under consideration. Details remain to be settled, but building an advanced coal plant with reduced carbon dioxide emissions appears to be among the proposals on the table.

Japan's Ministry of Economy, Trade and Industry and nuclear plant builders such as Mitsubishi Heavy have worked in tandem to pursue nuclear projects overseas. With the Turkish plan canceled, the only remaining overseas project will be a plant in the U.K. planned by Hitachi. Hitachi signed a memo to advance the project in June with the British government, and parties are hurrying to iron out a final deal. But hurdles remain, including requests from London to trim the total cost.

Japan's effort to line up more overseas projects is aimed in part to maintain the scale of the country's nuclear power industry, as well as its skill in related technologies. If the energy sector remains mired in a harsh business environment, industry consolidation could accelerate.


TAGS: Mitsubishi | Japan | Turkey | Nuclear | Power | Plant | NPP 


All world news

No published comments
Login to comment


Interview

28.12.2018  There Is No Feasible Alternative to Maritsa East Complex
Krassimir Nenov, CEO of ContourGlobal Maritsa East 3 AD
Full text

Events

No records in this category!

Poll

Will Belene NPP be built?









 



We use cookies to ensure we give you the best browsing experience on our website. Find out more on how we use cookies and how you can change your settings.

Cookies

What are cookies ?

A cookie is a small text file that a website saves on your computer or mobile device when you visit the site. Cookies are widely used in order to make websites work, or work more efficiently, as well as to provide information to the owners of the site.

How do we use cookies?

Website use Google Analytics, a web analytics service provided by Google, Inc. ("Google") to help analyse the use of this website. For this purpose, Google Analytics uses"cookies", which are text files placed on your computer.

The information generated by the cookies about your use of this website - standard internet log information (including your IP address) and visitor behaviour information in an anonymous form - will be transmitted to and stored by Google including on servers in the United States. Google will anonymize the information sent by removing the last octet of your IP address prior to its storage.

According to Google Analytics terms of service, Google will use this information for the purpose of evaluating your use of the website and compiling reports on website activity.

We not use, and not allow any third party to use the statistical analytics tool to track or to collect any personally identifiable information of visitors to this site. Google may transfer the information collected by Google Analytics to third parties where required to do so by law, or where such third parties process the information on Google`s behalf.

According to Google Analytics terms of service, Google will not associate your IP address with any other data held by Google.

You may refuse the use of Google Analytics cookies by downloading and installing Google Analytics Opt-out Browser Add-on. The add-on communicates with the Google Analytics JavaScript (ga.js) to indicate that information about the website visit should not be sent to Google Analytics.

Cookies are also used to record if you have agreed (or not) to our use of cookies on this site, so that you are not asked the question every time you visit the site.

Google Analytics Opt-out Browser Add-on

How to control cookies?

You can control and/or delete cookies as you wish. You can delete all cookies that are already on your computer and you can set most browsers to prevent them from being placed.

All about cookies

Managing cookies in your browser

Most browsers allow you to:
  • see what cookies you have got and delete them on an individual basis
  • block third party cookies
  • block cookies from particular sites
  • block all cookies from being set
  • delete all cookies when you close your browser

If you chose to delete cookies, you should be aware that any preferences will be lost. Also, if you block cookies completely many websites (including ours) will not work properly and webcasts will not work at all. For these reasons, we do not recommend turning cookies off when using our webcasting services.
X