The Japan-based Toshiba Corporation is pouring billions of dollars into the U.S. nuclear power industry, despite expecting to lose money in the process.
Toshiba is considering formally listing U.S. nuclear companies that it purchased for billions as a net loss, then investing more into other companies.
Toshiba purchased the American nuclear company Westinghouse in 2006 for about $5.4 billion and added another nuclear engineering firm called Chicago Bridge & Iron’s (CB&I) last December for $229 million. Toshiba will turn an estimated profit of $1.2 billion in 2016.
Japan previously pledged to abandon nuclear power by the 2030s. Officials promised to replace nuclear power with wind or solar power, but this caused the price of electricity to rise by 20 percent. Japan’s government aims to restart at least 32 of the 54 reactors it shut down following the Fukushima disaster, and wants nuclear power to account for 20 percent of the nation’s total electricity generated by 2030.