Westinghouse Electric Corporation

Westinghouse Electric Corporation is an electrical engineering company in the United States controlled by the Japanese Toshiba.

The company manufactures nuclear reactors, fuel for them and many related products. Nuclear power as an area of economic activity is characterized by very high profitability, comparable to the performance of the arms industry, which is largely associated with. This feature of the industry also sets a high level of competition.

A Place in US International Politics

Main Article: U.S. Atomic Cooperation with Other Countries (Agreement 123)

For many years, Westinghouse Electric has been a major tool in the US atomic cooperation policy with other countries, including China and India.

Structure

On January 9, 2019, Westinghouse, after a long silence, announced the reorganization of its structure, the purpose of which is to restore its position in the global nuclear power market. By mid-2019, three new divisions will be formed in the company.

Plant Solutions is a division responsible for maintaining the entire life cycle of nuclear power plants built in different years by Westinghouse, from construction to decommissioning, including issues of scheduled preventive repairs and extension of operation of power units.

Global Operations Services - Westinghouse nuclear fuel supply chains, related equipment supplies and engineering services.

America's Operating Plant Services is a division that will operate the financial aspects of the company's nuclear business.

This is the first news from the new owner of Westinghouse, among which there is no information yet about whether the American company will return to the global reactor market^[1]

History

2025: Dan Sumner takes over from Patrick Fragman at the head of the company for the duration of the search for a permanent executive

Patrick Fragman, President and CEO of the company, announced his intention to leave Westinghouse as he intends to "spend more time in Europe with his family." Fragman will finalize the company until March 31, 2025, to "simplify the transfer of cases" to the new head of Westinghouse.

Dan Sumner has been appointed Deputy Chief Executive Officer. He will also become the interim head of the company from April 1, 2025 until the appearance of a permanent head.

The process of selecting a new president and chief executive officer has begun. His candidacy must be approved by the Westinghouse board of directors.

Westinghouse is owned by Brookfield (51%) and Cameco (49%). They appoint three representatives to the Westinghouse board, voting according to the shares of the co-owners.

However, decisions of a strategic nature, which include the appointment of Westinghouse's president and chief executive officer, require, in addition to a majority vote, at least one representative on the board from both co-owners to vote for them.

2024: Czech authorities exclude Westinghouse from tender for construction of Dukovany NPP unit

The Czech authorities excluded the American company Westinghouse from the tender for the construction of the Dukovany NPP unit. This is due to the fact that the Americans did not submit a binding proposal. In fact, it imposes responsibility on the contractor for the performance of work on time and in accordance with the requirements set out in the documents.

The French company EDF and the Korean KHNP will continue to participate in the tender for construction: they must submit binding proposals for the construction of up to four new reactors by April 15.

2023

Agreement on the construction of the first nuclear power plant in Poland

On September 27, 2023, Poland and the United States at a meeting in Warsaw signed an agreement on the construction of the first nuclear power plant in Poland.

American companies Westinghouse and Bechtel signed an agreement with the Polish state-owned company Polskie Elektrownie Jadrove, which oversees the program. The nuclear power plant will be located in the Pomerania region on the Baltic Sea.

In 2022, the Polish authorities announced that they had chosen the United States as a partner for the project.

Poland plans to spend $40 billion on the construction of two nuclear power plants with three reactors each, the Associated Press notes.

US bans South Korea from building nuclear power plants in Czech Republic in Westinghouse lawsuit

The US government has slowed down the implementation of the project of the South Korean company Korea Hydro & Nuclear Power (KHNP) to build a nuclear power plant in the Czech Republic, Business Korea reported on April 6, 2023.

According to industry sources, KHNP submitted the information to the U.S. Department of Energy on December 23, 2022, to obtain approval to bid. The department denied the request on Jan. 19 .

According to the US government, the cross-border transfer of some American technologies in the field of nuclear power is impossible without the permission of Washington.

The problem stems from APR1400, South Korea's most advanced reactor, developed from its own technology but with support from Westinghouse.

In October 2022, the American company Westinghouse filed a lawsuit, stating that the South Korean reactor is subject to export restrictions under the US export control law.

2022

Westinghouse sold to Brookfield Renewable and Cameco for $7.88 billion

On October 12, 2022, Westinghouse Electric, whose technology is used by about half of the world's nuclear reactors, was announced to a consortium of investors for $7.88 billion.

The acquisition involves Brookfield Renewable Partners, one of the world's large green power investors, and Cameco, a supplier of uranium fuel. Westinghouse produces technology used in about half of the 440 nuclear reactors in the world.

We're seeing some of the best market performance in the nuclear power, "said Tim Gitzel, chief executive of Cameco, which is based in Saskatchewan, Canada. Nuclear power is increasingly important in a world where electrification, decarbonization and energy security are priorities.

Brookfield Renewable Partners will acquire a 51% stake in Westinghouse for $2.3 billion, and Cameco will buy a 49% stake in the company for $2.2 billion. Taking into account the $3.4 billion of existing debt that remains on Westinghouse's balance sheet, the deal is worth $7.9 billion.

The consortium will buy Westinghouse from Brookfield Business Partners, a company Brookfield Asset Management uses to manage business services and industrial operations as part of its investment group.

Once the procedures are complete, part of the company will be taken over by the Brookfield Transition Fund, led by former Bank of England governor Mark Carney. Carney said in a statement that "any reliable path to clean energy consumption relies on significant growth in nuclear power."

Western policymakers until recently avoided developing new large-scale nuclear power plants out of safety concerns and a series of massive cost and time overruns. But the urgent need to address climate change has forced renewed attention to nuclear power, as it can provide carbon-free energy 24 hours a day regardless of the weather.

In addition, due to the military conflict between Russia and Ukraine, nuclear power in Western countries is increasingly attracting attention as countries try to find a replacement for Russian oil and gas.

The International Energy Agency said the atomic power must double its productivity by 2050 in order to meet the goal of zero carbon dioxide emissions.^[2]

Hyundai to help Westinghouse build AP1000 reactors

In May 2022, Westinghouse Electric Company and Hyundai Engineering & Construction (E&C) signed a strategic cooperation agreement for the construction of nuclear power plants on AP1000 reactors around the world. We are talking about generation III + reactors, the fate of which turned out to be unenviable. Numerous problems with the construction of the AP1000 in the United States and China had previously led to the bankruptcy of Westinghouse.

By this time, four Westinghouse AP1000 reactors had been built and commissioned in China. The two reactors are under construction in the US and are due to be launched in the coming months. Almost all facilities had certain problems that delayed the start of operation and inflated the budget. In the end, Westinghouse filed for bankruptcy and severely undermined the business of the Japanese company Toshiba, which owned its assets.

However, preliminary agreements have already been signed for the construction of these reactors in India, Poland, Ukraine and other countries.

2021

Acquisition of Tecnatom

On October 5, 2021, it became known that the American Westinghouse Electric Company was buying a stake in the Spanish engineering company Tecnatom. The amount of the transaction was not disclosed. Read more here.

Opening a Global Service Center in Poland

The American company Westinghouse Electric announced further investments in Poland's nuclear technologies and the opening of a global service center in Krakow. This became known on June 22, 2021.

According to the company's plans, the first Westinghouse service center on Polish territory will be located in a business park Zabłocia in two months - in August 2021. First, about 150 highly qualified specialists of various profiles will work in it.

"Westinghouse is well positioned to help Poland power achieve its goals through domestic investment in nuclear technology," stated Westinghouse President and CEO Patrick Fregmen. "Experienced professionals working internally countries will expand our diverse team, which has over nine thousand employees worldwide, and help Westinghouse play an even more active role in Poland's energy industry as well as leverage our opportunities for other countries."

Westinghouse has consistently supported the development of nuclear power in Poland in the context of the country's carbon-free future. As of June 2021, an intergovernmental agreement between Poland and the United States on cooperation in the implementation of the Polish national nuclear energy program is being finalized, and in March Patrick Fregmen met with the Secretary of State of Poland in the Office of the Prime Minister and the representative of the Polish government on strategic energy infrastructure Peter Naimsky.^[3]

2020

Failure in China

In exchange for Westinghouse's admission to its national market, Beijing demanded that the company transfer full documentation, licenses and technology for their new third-generation reactor, the 2008, in AR1000.

As a result, with great difficulties, Westinghouse was able to build four power units at two nuclear power plants in China, along the way, also getting into the corporate bankruptcy procedure in 2017 - and eventually becoming a division of the Japanese corporation Toshiba. As a result, there are no new plans for the construction of the AP1000 in China for 2021, and the planned sites for their construction, in particular the first and second units of the Xuidapu nuclear power plant, are being considered for the placement of Chinese Hualong One reactors based on American technologies.

This situation can create a unique precedent in the history of the construction of nuclear power plants, when the third power unit of the Suidapu nuclear power plant with the Russian VVER-1200 reactor can be built faster than the first and second units, where the PRC got into trouble with the American AR1000.

Beijing managed to "cut the sheep completely and without residue." In 2009, another major Chinese nuclear market player, SNPTC Corporation, entered into an agreement with Westinghouse to develop a promising third-generation reactor that was to compete with EPR-1600. The designed reactor, which was based on AR1000, was originally called CAP-1400, but a few years later the Chinese renamed it Guohe One in order to even cut off any connection with its American predecessor in the name.

And the owners of the company designing and building the Guohe One reactors did not let the Americans in. 55% in the joint venture capital was allocated for SNPTC, and 45% of the American share was eventually transferred to another Chinese company, China Huaneng Group, after Westinghouse's bankruptcy.

As of May 2021, there are two units with Guohe One reactors in the PRC in the process of construction, but their construction is at the very initial stages, since official confirmation in the PRC permitting bases appeared only in April 2021.

Agreement with the Ukrainian Energoatom for the supply of nuclear fuel

The Ukrainian state-owned company Energoatom has signed a contract with the American company Westinghouse for the supply of unlicensed fuel assemblies for type VVER-440 reactors. This became known on September 30, 2020. Read more here.

Acquisition of Inspection Consultants Limited

On January 14, 2020, it became known that Westinghouse Electric Corporation acquired British provider control and inspection services. Inspection Consultants Limited (InCon) More. here

2019

Plan for the restoration of nuclear fuel production for reactors VVER-440 Ukraine

In October 2019, it became known that Westinghouse is considering the possibility of restoring the production of nuclear fuel for VVER-440 reactors in Ukraine. Read more here.

Acquisition of Rolls-Royce Nuclear Systems Division

On October 1, 2019, it became known that Westinghouse Electric Company signed a final agreement to acquire Rolls-Royce-owned North American business in the field of civil nuclear systems and their maintenance. Read more here.

Fragman succeeds Gutierrez at the head of the company

On May 17, 2019, it was reported that Westinghouse Electric Company President and CEO Jose Emeterio Gutierrez is stepping down effective July 31, 2019.

Gutierrez has been working for the American nuclear company since 2008, and served as technical director of Nuclear Services, vice president of the Spanish branch. In 2016, Gutierrez headed Westinghouse as acting president and CEO, and since 2017 was approved by the president and CEO.

Gutierrez will retain a strategic role at Westinghouse as a member of the global advisory board, the company said.

Since August 19, 2019, Gutierrez's place has been taken by Patrick Fragman, who previously held the position of senior vice president of the electrical engineering corporation ABB Limited. Fragman previously served as Alstom's senior vice president of nuclear business.

New Director at EMEA - Bill Poirier

In January 2019, the name of the new Westinghouse Director for Europe, the Middle East and Africa (EMEA) was announced - it was Bill Poirier.

2018

The US Department of Justice accused the Russians of hacking Westinghouse. The company denies

On October 04, 2018, the US Department of Justice accused Russian citizens of hacking Westinghouse's systems. According to the ministry, seven "GRU employees" were allegedly involved in hacker attacks on the US election system, anti-doping laboratories, Westinghouse, theft and publication of data, money laundering using cryptocurrency.

Westinghouse did not find evidence indicating the success of attempts to hack its systems, company spokesman Sarah Cassella told RIA Novosti on October 5, 2018.

"The indictment does say that there was a phishing campaign (sending messages with dangerous links or attachments - ed.) Against our employees. We found no evidence that phishing campaigns against our employees to hack Westinghouse systems were successful, "Cassella[4]" hacker[4]

Portable Microreactor Plan for the U.S. Army

In September 2018, it was announced that Los Alamos National Laboratory, in conjunction with Westinghouse Electric, would create a nuclear portable micro-reactor that could be moved with a single truck.

The possibilities of using such a reactor are practically endless - from space programs to use in humanitarian missions to supply people with heat and electricity, but the main task for the United States, of course, is to support wars.

Deputy Director of Global Security at Los Alamos Laboratory Andy Erison confirmed that the military is very interested in developing a micro-reactor in the United States. Westinghouse is engaged in aspects of adapting the device to the needs of the aircraft. The main parameters of the reactor should be mobility and ease of use. It is expected that the reactor can be installed and started anywhere on the planet within 72 hours. According to the plans, the first micro-reactors will be ready for deployment in the next five years (by 2023)^[5].

Erison in published an article where he spoke about the merits of the projected reactor and revealed details about the principles of its operation. The microreactor is safer than conventional nuclear reactors, he said. For example, unlike the reactor at the Fukushima-1 nuclear power plant, it has a more advanced cooling system. Instead of pumps supplying water to the reactor for cooling, it uses special heat pipes, which, through evaporation and condensation, effectively remove heat from the reactor.

To control the reaction in the core, "passive regulation systems" are used, instead of graphite rods. At the Chernobyl nuclear power plant, the rods did not show themselves quite successfully, Erison notes.

He stated that the microreactor could produce 1 megawatt of power over a decade. This is enough to fully provide electricity to 1,500 to 4,000 customers.

Erison recalled that at this time the Russian energy heterogeneous loop reactor (EGP-6) is considered the most compact reactor. In total, four such reactors were created in the Soviet Union, and all of them were installed at the Bilibin nuclear power plant. A feature of such reactors was the natural circulation of coolant - saturated steam in the channels of the core on thermal neutrons. The reactor channels are placed in graphite masonry.

According to the developers, the Los Alamos micro-reactor has nothing to do with the EGP-6. It is claimed that this is a product of NASA's developments designed to solve the problem of energy supply in space. NASA has experience in creating nuclear energy in a space-constrained environment. Thermoelectric generators use heat generated during the decay reaction to power the Voyager and Galileo vehicles.

Erison noted that NASA has long been exploring using uranium-235 to generate electricity from a self-sustaining nuclear chain reaction that can be done with less effort than a conventional reaction on standard reactors. The "heart" of the microreactor should just be uranium-235. Tests earlier this year showed that a 6-inch piece of uranium-235 could produce 4kW of power. Passive safety systems are used to control the reaction.

Closing the deal with Brookfield and exiting bankruptcy

On August 1, 2018, Westinghouse Electric announced the completion of a previously announced transaction on its sale to Brookfield Business Partners L.P. and institutional partners, as well as its withdrawal from the reorganization phase of the company under Chapter 11 of the US Bankruptcy Code. Announced on January 4, 2018, the transaction was completed and entered into force on August 1.

Growing lag behind Rosatom and CNNC

The record atomic deal struck by China and Russia in June 2018 was another blow to America's declining global influence in commercial nuclear power, according to an article published on June 27, 2018 by the Journal of Energy Security.

According to the author of the article, a junior researcher at the American Foreign Policy Council (AFPC) James Grant, the agreement reached, which provides for construction costs in the amount of $15 billion (100 billion yuan), will become the largest bilateral deal in the field of nuclear power. The cost of the initial set of contracts is estimated in the range from $3 billion to $5 billion^[6] due to^[6] between^[6].

Thanks to cooperation with the Russian Rosatom, the American Westinghouse and the French Areva, China now boasts the opportunity to design and build its own third-generation reactor - Hualong-1 - a cheap but effective alternative to Western competitors. Much is evidenced by the fact that, despite its own potential, the Chinese National Nuclear Corporation (CNNC) is still acquiring Russian-designed power units such as VVER, writes James Grant.

As the analyst notes, Rosatom, which is already building more recent generation reactors around the world than all its competitors combined, will gladly benefit from the most profitable market for nuclear power suppliers. In part, the attractiveness of Russian products is ensured by the all-inclusive packages offered for new nuclear power plants. This includes financing the construction of the reactor, and training of employees, and the operation of facilities and even the use of spent nuclear fuel.

Nevertheless, everything is slightly different with China, the author of the article emphasizes. China intends to develop its own nuclear power and heavy industry. As in the case of previous VVER reactors, Chinese companies will carry out construction work and take care of the manufacture of all auxiliary components and systems, while the Russians will supply the reactors themselves.

Developing countries such as China and India are actively developing nuclear power as a way to meet the growing demand for electricity while improving the quality of the environment. Under these conditions, the potential of civil nuclear power will only grow around the world. At the same time, James Grant believes, the US civil nuclear power sector is not ready to reap the benefits of this "global renaissance." Aside from 2013, when Westinghouse began building four AP1000 reactors in the U.S. along the South Carolina-Georgia borders, the last nuclear reactor project in the United States dates from 1977.

There are many reasons for this, including strict security requirements, lack of political support, rising production costs, liberalization of the domestic electricity market and competition from other energy sources - primarily wind and natural gas. But perhaps the biggest obstacle to U.S. nuclear competitiveness is the actual requirement that power generation receive private funding.

So American nuclear companies were in the least advantageous position compared to state corporations in Russia and China. Because organizations like Rosatom and CNNC serve the purposes of their governments' energy strategies, they enjoy tremendous financial and political support regardless of market conditions, Grant notes.

Rosatom and CNNC have many nuclear projects around the world. Russia has agreements with India, Bangladesh, Egypt, Jordan, Finland, Belarus, Hungary and Turkey. For its part, China is active in Algeria, Ghana, Pakistan, Saudi Arabia and the UK. All this is a lost opportunity for Westinghouse and other Western atomic corporations, an American analyst concluded.

Strike against company chief's visit to India

On February 13, 2018, a strike took place in India against the visit of a Westinghouse Electric executive. The Indian government plans to sign an agreement with Westinghouse to build six AP1000 nuclear reactors. Several Indian organizations have prepared a petition saying that "the AP1000 project has not yet been tested in practice and has faced licensing challenges, rising construction costs and time, and serious questions about its safety in the US, UK, China and other countries." The authors stress that "Westinghouse is pushing India to acquire untested nuclear technology"^[7].

Canada's Brookfield Business buys the company from Toshiba for $4.6 billion

In January 2018, Brookfield Business Partners Investment Corporation announced that it had acquired 100% of Westinghouse from Toshiba Corp. for $4.6 billion. The deal will be approximately $1 billion financed by equity, $3 billion - by long-term debt financing. Completion of the transaction is expected in the third quarter of 2018 and is subject to the approval of the bankruptcy court and other regulators.

Brookfield Business planned to expand its presence in the field of nuclear power, where its business partners are already working. The US administration previously feared that investors from Moscow or Beijing would be interested in acquiring Westinghouse, which would undermine Washington nuclear power interests. The US authorities planned to maintain the company's connection with technology and the country's economy. US President Donald Trump has been in close contact with all potential Westinghouse buyers.

A little later that month, it became known that Toshiba Corp. will sell the rights to claim the assets of Westinghouse Electric to a consortium of investors led by the American hedge fund Baupost Group, as well as shares of Westinghouse-related companies to the Brookfield investment fund.

According to a Toshiba press release, the company will sell claims on assets totaling about $8.1 billion for $2.16 billion. Toshiba expects to complete this transaction by the end of January 2018^[8].

2017

Toshiba buys 10% of Westinghouse shares from Kazatomprom

In December 2017, it was announced that Toshiba Corporation bought 10% of the shares of its subsidiary Westinghouse Electric from the national nuclear company (NAC) of Kazakhstan Kazatomprom in accordance with the condition of the put option agreement, the press service of Kazatomprom reported.

Kazatomprom acquired Westinghouse shares in 2007 from Toshiba Corporation for $540 million. According to the terms of the put option agreement, Kazatomprom had the right to sell its shares back to Toshiba Corporation at a fixed value of $522 million.

"Today, Kazatomprom received payment for Westinghouse shares in the amount of $522 million under the previously exercised put option right," the statement said.

The press release emphasizes that taking into account the dividends received during the period of ownership of the shares in the amount of $103 million, Kazatomprom made a return of the invested funds in the total amount of $625 million, which exceeded the initial investment in Westinghouse shares by $85 million.

Plan to increase sales of fuel cells to Ukraine

The loading of Ukrainian nuclear power plants with fuel of the TVS-W type by the American company Westinghouse caused a serious conflict between Ukraine and the Russian Federation in 2008, and in 2012 the chief state inspector for nuclear and radiation safety of Ukraine Mikhail Gashev declared a problem in the joint use of Russian TVELs TVS-A and TVELs of the Westingauz company: damage to the rim of the distancing grid of two fuel assemblies TVS-W - they were detected during refueling at the third unit of the South Ukrainian NPP (there were 84 TVS-W in the third power unit and 42 TVS-W in the second).

An alternative opinion is that the problem lies not in the American, but in the Russian TVS-A TVELs: "In the third year, they are so deformed that the more flexible TVS-W in their environment are forced to take their form." Subsequently, representatives of Westinghouse, justifying the destruction of their adapted fuel elements in VVER reactors, said that allegedly "Russian fuel assemblies are to blame for the damage - they had mechanical properties that caused damage to Westinghouse assemblies." The corporation made changes to the design of fuel assemblies, and Ukraine continued to purchase adapted TVELs manufactured by Westinghouse for its nuclear power plants. These TVELs are assembled in Sweden by Westinghouse (from partially American components) under the control of American engineers, but from Ukrainian uranium enriched in Russia ("no one will allow Ukraine to enrich Ukrainian uranium in the light of the proliferation of nuclear weapons").

In the general trend of curtailing relations Russia with in Kyiv, high hopes were pinned on fuel assemblies of TVS-WR, produced by Westinghouse in Sweden almost experimentally. Attempts to use them at the Zaporizhzhya NPP several times led to emergency outages, since with all efforts to ensure full compliance with the parameters of the "original" it was not possible. In addition, these TVELs cost more than Russian ones. Experts expressed doubts that after the bankruptcy of Westinghouse, these bold experiments will continue.

At the end of 2017, Energoatom, which manages Ukrainian nuclear power plants, acquires nuclear fuel under contracts with the Russian TVEL and Westinghouse Electric Sweden. In January-October 2017, Ukraine bought nuclear fuel (NF) for $381.17 million. For Ukrainian nuclear power plants, Russian-made fuel was purchased (for $244.31 million), as well as Swedish-made fuel (for $136.86 million). Thus, Ukraine purchased 64.09% of fuel from the Russian TVEL, and 35.91% from Westinghouse (Sweden).

On December 21, 2017, it became known that Ukraine intends to increase purchases of nuclear fuel from Westinghouse for nuclear power plants from 40% to 55% in 2018, said Minister of power and Coal Industry of Ukraine Igor Nasalik.

"If today 60% is supplied by Russians, 40% - by Westinghouse, then literally next year we will reach a proportion of 55% by 45% in favor of the American company. And this will allow us not to depend on one supplier, "said Nasalik.

The head of Westinghouse Electric Company Jose Emeterio Gutierrez said in an interview with Interfax-Ukraine that the company in 2017 will increase the supply of nuclear fuel to the Ukrainian Energoatom to six batches. The company intends to supply six downloads a year by 2020 Ukraine will^[9].

Start of bankruptcy proceedings

For 2017 Japanese , Westinghouse controls 31% of the market volume, 27% - the French company Areva and 17%, "" Rosatom that is, TK "."TVEL

Despite the fact that half of all power units and a fifth of fuel elements (TVEL) are supplied by the company, Westinghouse Electric Company is unprofitable. On March 27, 2017, it became known that the bankruptcy proceedings of Westinghouse would be launched on March 31. At the end of 2016, the company had obligations of $9.8 billion and the inability to fulfill them due to the lack of contracts.

In 2015, the management of the Westinghouse subsidiary made a very big mistake, tempted into a profitable acquisition. For Chicago Brige & Iron & Stone and Webster Inc. its Texas owners asked for quite inexpensive, only $229 million, and it was decided to buy it. A year later, some hidden details were discovered in the deal. The contract was protested, the proceedings of lawyers lasted three years, and the court ordered Toshiba to pay first $2 billion, and then another $5 billion to the former owners. The Japanese parent company has a shareholder capital of only $3 billion, and it has not been doing very well lately.

In March 2017, the board of directors of the Japanese corporation Toshiba approved the decision to file a lawsuit in a New York bankruptcy court. It will help get protection from creditors, reorganize and restructure^[10]

Upon bankruptcy, Westinghouse Electric's total cash losses will amount to ¥1,01 trillion (~ $9.1 billion). After the announcement of the final bankruptcy decision, Westinghouse management made a number of statements, according to which Westinghouse received an investment of $800 million, which is enough to begin reorganization.

The company's management managed to agree with the shareholders on the continuation of financing the project for the development of the AP1000 nuclear reactor.

Since the Japanese firm Toshiba clearly cannot solve the financial problems of its subsidiary Westinghouse Electric, and such a huge loan will also not be given to a company experiencing already financial difficulties, the decision to liquidate the unprofitable division suggests itself. On the one hand, selling high-tech production along with the world's most famous trademark should not be a problem. Buyers may be found, but among countries theoretically able to purchase this enterprise, only the United States, Russia and France can actually do this. Everyone else has accumulated too little experience in nuclear power to decide on such an adventure. But even with this assumption, there are many factors that almost completely exclude the possibility of this transaction.

The French will not buy Westinghouse, they do not need this company - they themselves have about the same. It is generally impossible to imagine that Russia will get the "pride of America." This firm has concentrated everything that determines the country's energy security. Of course, the decision to redeem it again suggests itself. This requires not so much money by the standards of the US budget - this issue costs several billion. But what to do next? It is unlikely that it will be possible to quickly eliminate the technological lag behind Russia in the nuclear field, and Trump understands this. And if not, then he has someone to explain. However, such a solution to the problem fits so well into the scheme proclaimed during the election campaign that it can be considered the most likely option. The possibility of buying Westinghouse is also hinted at by the South Korean company KEPCO. The restructuring, according to the filed documents, is planned under the auspices and with the sponsorship of the South Korean Korea Electric Power Co. (KEPCO).

What does bankruptcy mean? US law, in particular the Bankruptcy Code, allows, if there are debts, to continue economic activity almost as usual. According to chapter 11, it is required to submit an application to the court, and then the business entity is protected from any adverse legal actions for it. A reorganization plan must be attached, subject to approval by the court and the majority of owners and creditors. Legal and financial capabilities, however, are narrowing.

2016: Failure in development of fast neutron power unit

The difficult times that followed the collapse of the USSR, the nuclear industry of Russia managed to survive relatively well thanks to a certain specifics of the design of reactors built earlier in different countries. The fact is that the fuel elements manufactured in Russia are suitable for Soviet stations, and they cannot be replaced by American ones. This can create conditions for an accident. At the same time, the gain time was not wasted, but was used to conduct fundamentally new projects. A fast neutron power unit was created. So far, no one has been able to do anything like this anywhere in the world. The company from France Areva seems to be close to the result, but many technical problems that constantly arise for some reason interfere. Westinghouse is doing much worse - 8 orders for the latest block of AR-1000 have been recruited, including from the PRC, but by 2017 nothing has been working out for ten years. And only in Russia does the first fast neutron VVER-1200 reactor work properly at the Novovoronezh NPP, and it is planned to launch the second^[11].

2012: Obtaining a license for the construction of blocks for AR-1000 in the USA and inviting Chinese specialists

Westinghouse in 2012, after much torment, received a license to build a AR-1000 in the United States. A number of leading engineers of the company began to fight their own bosses for the gentlemen-leaders... persuaded the Chinese to go to the States, since there was simply no one to build there, and the Chinese had already gained experience in building a AR-1000 in China. That is, arriving in China in 2009 as teachers, in 2013 the Americans already understood that it was more expedient to become students. Westinghouse management, however, did not go to such a breakdown in reputation. As a result, the police caught drug addicts and alcoholics at construction sites in the States, the car with the reactor vessel flew downhill, and so on.

2011: Japan nuclear disaster

In 1986, the reputation of Soviet nuclear scientists was greatly shaken by Chernobyl, and the West received significant competitive advantages that it had long enjoyed. However, in 2011 there was another terrible accident, this time in Japan, and confidence in technological superiority over Russia became less. The reactors for the Fukushima nuclear power plant were produced by Westinghouse. They tried to explain this incident by chance or miscalculations in design that were not directly related to the "atomic part" of the plant.

2007: Failure to replace Russian elements in the Czech Republic

The second attempt after Finland to replace Russian TVELs led to damage to the structures of fuel units manufactured by Westinghouse at the Temelin nuclear power plant (Czech Republic) in 2007 (due to deformation of assemblies and their depressurization) also led to temporary abandonment of them.

2006: Toshiba buys out Westinghouse for $5.4 billion

In 2006, a controlling stake in Westinghouse for $5.4 billion was acquired by the Japanese corporation Toshiba.

1998: Failed attempt to replace Russian elements in Finland

The first attempt to master the production of fuel elements for Russian VVER-440 reactors was made in 1998, when five Westingauz fuel assemblies were installed at the Finnish Loviis nuclear power plant for trial operation along with a set of six Russian ones. Irradiation of fuel assemblies was carried out from 1998 to 2002, after which they were unloaded from the core and subjected to analysis. The corrosion resistance of Westinghouse cartridges turned out to be much lower (the corrosion layer in American assemblies was 21 microns, and in Russian assemblies it was only 1-4 microns). American TVELs recorded a yield of gaseous fission products, twice as high as this figure for Russian products. As a result, Fortum (the owner of the Finnish nuclear power plant) came to the conclusion that Russian TVELs are VVER-440 more suitable for reactors - the Finns abandoned the Westinghouse fuel.

1975: US Secretary of State Kissinger promotes Westinghouse in Iran

In the 1970s, during the reign of Shah Mohammed Reza Pahlavi in Iran, the American-Iranian "romance" reached its climax. According to plans USA Iran , it was supposed to become the most powerful nuclear energy power in the entire Middle East. In 1975, a secret Memorandum No. 292 "On cooperation between the United States and Iran in the field of nuclear research" was prepared. It was signed by the then US Secretary of State Henry Kissinger, who promoted (along with other important persons) Iranian deals with American corporations General Electric and Westinghouse. These contracts allowed Tehran to dispose of plutonium and enriched uranium itself. However, the project was curtailed as soon as power changed in Tehran and new leaders began to call the United States "big Satan," and Israel - "little Satan."

1941

1939: First humanoid robot

The first humanoid robot was created by Westinghouse. Elektro reached 2.1 meters, could pronounce more than 700 words (using a record). In the 1960s, the android played a key role in the B-movie Sex Kittens Go to College.

1934

1920s: Hiring of Russian inventor Vladimir Zvorykin

With the outbreak of the Civil War in Russia, the talented Russian inventor Vladimir Zvorykin entered the service of the Kolchak government in Omsk and twice went overseas as a trading agent to agree on the supply of machinery and equipment. Zvorykin traveled to the United States through Europe, and there - along the Irtysh, Ob and the Arctic Ocean. During the second business trip, the Kolchak government fell, and Zvorykin remained on bird rights in America. He had no money, and in English he knew only one word - Westinghouse. This is the name of the company that developed radio electronics.

Although Zvorykin could not even really explain himself, he was still taken to Westinghouse. True, the authorities for the time being did not see the prospects for the ideas of the Russian engineer.

"Apparently, the guy is sensible, but he is engaged in nonsense. Find him a useful use "- this is how the vice-president of the company said about Zvorykin's work on the television set.

Later, Zvorykin created key technologies to launch television. Read more here.

1898: Founding of a unit in Russia

In 1898, an American entrepreneur founded JSC in Russia, which produced pneumatic brakes for rail transport.

1894: Creation of a watt-hour induction counter

In 1888, the American Oliver Schellengberger developed and patented the first AC electricity meter. The next "Electric Counter for Alternating Currents" was patented in 1889 by the Hungarian Otto Tituz Blati, and in 1894 Schellenberger, commissioned by Westinghouse, created an induction counter for watt clocks.

1886: Founding of the Company

The Westinghouse brand appeared in 1886 when an industrialist, entrepreneur, but primarily inventor George Westinghouse founded a company in Pittsburgh, Pennsylvania, naming it after himself. The Mekhanik self-educated person was engaged in pneumatics (railway brakes), but soon realized the prospects for using electric energy. Nikola Tesla himself worked as an engineer at Westinghouse, which successfully competed with Thomas Edison's enterprise.

See also

• Nuclear Power. Facts and Myths

Notes