Utility Week

UTILITY Week 21st April 2017

Utility Week - authoritative, impartial and essential reading for senior people within utilities, regulators and government

Issue link: https://fhpublishing.uberflip.com/i/813021

Contents of this Issue


Page 4 of 31

UTILITY WEEK | 21ST - 27TH APRIL 2017 | 5 Andrew Pinder CBE, chairman of MOSL (Market Operator Services Limited) died on Sunday 9 April, at the age of 69. He had recently been diagnosed with cancer. Pinder was appointed chairman of the board in July 2015, to guide MOSL in its delivery of the core IT systems at the heart of the competitive water market for non-household customers, which opened successfully on 1 April 2017. A dynamic and highly respected business leader, he had a distinguished career spanning government service to the creation and funding of high-tech start-ups. ELECTRICITY Toshiba's financial woes mount Toshiba has warned that there is "substantial doubt" over its survival after it reported a ¥576 billion (£4.2 billion) operating loss for the last three months of 2016. The company said the loss could rise to more than ¥1 trillion (£7.3 billion) for the full year. The 2016 Q4 loss is the result of a £5.2 billion write-down on the acquisition of nuclear construction company CB&I Stone & Webster by Toshiba's US nuclear arm, Westinghouse. The write-down followed huge cost overruns and lengthy delays at two nuclear plants being built by CB&I Stone & Webster in the US. Toshiba revealed it may have to pay £4.8 billion in compensation to the plants' operators. These financial woes cast yet more doubt over the future of the Moorside nuclear project, which has suffered a number of setbacks in recent months. Toshiba bought a 60 per cent in the NuGen consortium developing the plant in 2014, including 10 per cent from French firm Engie. Moorside was due to be powered by three Westinghouse AP1000 reactors, but that is now unlikely after Westinghouse filed for bankruptcy protection last month. Toshiba said it is considering selling a majority stake in Westinghouse to strengthen its balance sheet. Subsequently Engie decided to offload its remaining 40 per cent interest in NuGen to Toshiba by invoking a contractual right to transfer its stake in the event of a default, meaning Toshiba will soon be left as the sole shareholder. See analysis, p19; Generation review: nuclear power, p13 "Reform of the [non- cost-reflective] element of charges, which Ofgem is reviewing independently, quickly gets you into policy questions that government will inevitably want to have a major say in." Maxine Frerk, director Grid Edge Policy (formerly senior partner for networks, Ofgem). See "Ofgem's odd approach to network charging review" on utilityweek.co.uk 14 The number of job losses feared at Dee Valley Water following its acquisition by Severn Trent. 6,000 The number of UKPN employees set to benefit from a new tenancy loan scheme launched by the net- work operator to mitigate housing affordability issues in London. Finalists announced! Finalists across 12 cat- egories have been revealed for the Utility Week Stars Awards 2017. Find out more and book your table for the awards ceremony on 23 June by visiting: www.utilityweekstars.co.uk 8 June The country will go to the polls after Theresa May's surprise announcement of a snap general election.

Articles in this issue

Links on this page

Archives of this issue

view archives of Utility Week - UTILITY Week 21st April 2017