Toshiba head remains upbeat on growth of nuclear power

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Despite the current castigation of nuclear power plants, Norio Sasaki, president of Toshiba Corp., one of the world's leading nuclear reactor manufacturers, expressed confidence that nuclear energy will continue to be an important alternative in the future.

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Toshiba head remains upbeat on growth of nuclear power
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Despite the current castigation of nuclear power plants, Norio Sasaki, president of Toshiba Corp., one of the world's leading nuclear reactor manufacturers, expressed confidence that nuclear energy will continue to be an important alternative in the future.

In a Thursday interview, Sasaki also said there had been no cancellation of nuclear power plant orders by Toshiba customers.

Toshiba became one of the world's three major nuclear power companies when it acquired Westinghouse Electric Co. of the United States in 2006.

Hitachi Ltd. is in an alliance with General Electric Co. while Mitsubishi Heavy Industries Ltd. is a partner of France's Areva SA.

Toshiba was involved in the construction of the now-crippled Fukushima No. 1 nuclear power plant.

Asked about the nuclear accident at the Fukushima plant, Sasaki said: "We have caused very serious problems for local residents. We are making every effort possible to stabilize (the nuclear plant)."

Sasaki said Toshiba would deliver to Tokyo Electric Power Co., the operator of the Fukushima plant, a cleaning system for water contaminated with radiation that will include equipment manufactured by Areva.

Because of the huge investment made in building up nuclear power plants as a mainstay of its business plan, Toshiba cannot simply abandon the sector.

It is aiming to win orders for 39 reactors by 2015.

While Toshiba's plan to double its nuclear-related sales to 1 trillion yen ($11.8 million) may become more difficult to achieve due to the Fukushima accident, Sasaki said, "While it is conceivable that the actual start of construction might be pushed back a little, there has yet to be a cancellation of orders."

Sasaki said Toshiba would put together a new business plan by the end of May while keeping an eye on progress made in settling the situation at the Fukushima plant.

Nuclear energy had been considered a key measure to combat global warming.

According to calculations made by the Ministry of Economy, Trade and Industry, the market for new nuclear plants over the next 15 years or so will reach 63.5 trillion yen in China and 15.5 trillion yen in the United States.

"The issues of national energy security and carbon dioxide emissions have to be resolved so there will be no change to nuclear energy being an important alternative in those areas," Sasaki said.

In a proposal Toshiba submitted to TEPCO and the industry ministry for decommissioning the No. 1 to No. 4 reactors at the Fukushima plant, the company said the work could be completed in 10 and a half years.

Sasaki said that was the shortest possible time frame in technological terms.

He added, "If we had said 30 years at the very beginning, it would have been difficult to make it shorter later."

Sasaki also said Toshiba's consolidated account for the fiscal year that ended in March would not be gravely affected by the March 11 Great East Japan Earthquake.

While some Toshiba plants were damaged by the twin disasters, the effect on overall company management will be limited, he said.

In January, Toshiba estimated consolidated sales of 6.6 trillion yen, a 4.9 percent increase over the previous fiscal year, and consolidated operating profits of 250 billion yen, an increase of 99.7 percent over the previous fiscal year.

Sasaki said there would only be a small decrease from those estimated figures, even after calculating in the effects from the earthquake and tsunami.

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