Toshiba Corp. (PC) (USOTC:TOSYY)
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Toshiba Corp's (TOSYY) Westinghouse Electric Co. earned two key votes of confidence Friday on the nuclear reactor design slated to be used at two new U.S. plants.
Two of the five members of the U.S. Nuclear Regulatory Commission, including the chairman, voted to approve the AP-1000 reactor design Friday. Southern Co. (SO) and Scana Corp. (SCG) have contracts to use the reactors at sites they are building in Georgia and South Carolina and both need approval of the design before they can secure licenses to operate the plants.
A spokesman for Westinghouse called the votes "encouraging" and expressed confidence that the other three commissioners would approve it as well. Representatives of Southern and Scana didn't immediately return requests for comment.
-By Ryan Tracy, Dow Jones Newswires; 202-862-9245; firstname.lastname@example.org