Westinghouse blocked in bid to seek $2B over nuclear plants

By The Associated Press

A Delaware court has reversed a decision that would have let Westinghouse Electric Co. try to recoup about $2 billion from a business partner over cost overruns at nuclear plant projects in Georgia and South Carolina.

 

WILMINGTON, Del. (AP) — A Delaware court has reversed a decision that would have let Westinghouse Electric Co. try to recoup about $2 billion from a business partner over cost overruns at nuclear plant projects in Georgia and South Carolina.

Toshiba-owned Westinghouse has been mired in a dispute linked to its 2015 acquisition of Stone & Webster from Chicago Bridge & Iron. Westinghouse has sought $2.15 billion from Chicago Bridge over what it calls misleading financial statements.

But Delaware Supreme Court in a ruling Tuesday says Westinghouse wants to keep the potential upside of the deal while sticking Chicago Bridge with spiraling costs.

The companies teamed up to build the first four new nuclear plants in the U.S. in three decades.

But the projects have been mired in delays and lawsuits.

The dispute now goes back to Delaware Chancery Court.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Shell Leverages Data to Transform from Reactive to Predictive Operations

This 6-page report describes how Shell engaged in a massive project with OSIsoft to transform the...

Selection, Use, Care and Maintenance of FR Clothing

For industries operating in an inherently dangerous environment, the importance of selecting the ...

Evolution or Revolution: IT / OT convergence means a world of possibilities

The oil and gas industry is experiencing a rapid paradigm shift in regards to digital transformat...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs