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Toshiba’s decision will dent the UK’s plans to develop new nuclear power stations.
Unions have criticised the government for failing to intervene and ensure the project went ahead.
The Japanese firm said it would start the wind-up process in January.
“After considering the additional costs entailed in continuing to operate NuGen, Toshiba recognises that the economically rational decision is to withdraw from the UK nuclear power plant construction project, and has resolved to take steps to wind-up NuGen,” the Toshiba statement said.
Korea Electric Power Corporation (Kepco) had been a preferred bidder to take over the nuclear power plant project, but those talks fell through after more than a year of negotiations.
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