Westinghouse working on group bid for Saudi nuclear reactors
Westinghouse is negotiating with other U.S.-based companies to make a group bid worth about $12 billion for nuclear power reactors in Saudi Arabia, according to Reuters, which cited three industry sources.
Big picture: The U.S. would be signaling it still has skin in the game if the bid goes through, especially since the group of industry leaders involved in nuclear reactor construction is so small.
Context: Westinghouse filed for bankruptcy earlier this year and U.S. utilities abandoned two Westinghouse reactors, so this group deal is a big move for the Toshiba-owned company. Toshiba is looking for a buyer for Westinghouse.
Who's involved: One industry source said Bechtel Corp. was involved in talks, another said Exelon was.
- Russian and South Korean companies have already expressed interest in bidding on the reactors in Saudi Arabia.