A CUMBRIAN MP says a new nuclear power station project "must not be allowed to fail" after the project​'s​ key player expressed "serious doubts" about its future.

John Woodcock, MP for Barrow and Furness, made the comment after Toshiba – the Japanese giant with a 60 per cent stake in NuGen, which has plans for a power plant at M​o​orside, near Sellafield – announced it had lost billions of pounds last year.

The company – which will soon take full control of NuGen after French firm ENGIE announced it would sell its 40 per cent stake – announced twice-delayed results for the the period of April-December last year, showing it had made a net loss of 532bn yen (£3.8bn).

A statement to investors said: "There are material events and conditions that raise the substantial doubt about the company's ability to continue as a going concern."

A different statement to investors said the company was taking measures to tackle its financial problems, adding: "Toshiba is sure it will be able to secure a sufficient financial base."

While neither mentioned the Cumbrian project, this news is sure to reignite doubts about its commitment.

Mr Woodcock said: "Moorside simply must not be allowed to fail – it is important to the UK's energy security and critical to the Cumbrian economy.

“The latest sign that Toshiba is in trouble underlines the importance of the push to find new investors for the project.

“The government must use every incentive possible to keep this deal on track, including potentially being prepared to underwrite its future at this precarious time."

A NuGen spokesman said: “NuGen is working with its shareholders to conclude the shareholding transfer from ENGIE to Toshiba, which will become the 100 per cent shareholder of NuGen in due course.

"It continues to work towards bringing in additional investment to the Moorside Project.”

Up to 6,000 people would be working on the Moorside site at any one time. In total, 21,000 jobs are expected to be created in total by the Moorside development.

Toshiba's woes stem from part of its nuclear operations.

In January the company announced its US subsidiary, Westinghouse Electric, which was originally part of BNFL, may have overpaid - by several billion dollars - for another nuclear construction and services business. Last month Westinghouse filed for Chapter 11 bankruptcy protection in the USA and as a result French firm ENGIE announced it would sell its 40 per cent stake in NuGen to Toshiba.

This has resulted in a loss of 759.8bn yen (£5.5bn) in this part of Toshiba's business, which profits elsewhere did not mitigate.

Trudy Harrison, the MP for Copeland, said: "Through the (by-election) campaign my priority was making was delivering Moorside with or without Toshiba and that remains the same.

"Tom Samson (NuGen's chief executive) remains committed to delivering three new reactors at Moorside and we will be working to achieve that."

John Stevenson, the Conservative member for Carlisle, said: "I would encourage the government to take a​ s​take in NuGen. I think that would demonstrate to investors that the British government have confidence in the project."

He emphasised that this should not be a controlling stake.

Mr Stevenson also said he was "constantly bringing up the issue with ministers" and may raise it at this week's session of Prime Minister's​Questions.

Ivan Baldwin, business development director for owners Carr’s Engineering, which owns Bendalls Engineering in Kingstown, Carlisle, which supplies the nuclear industry, said any news affecting the UK building new nuclear power plants was "troubling".

He added though: "As a business it will not impact on our work directly."

Mr Baldwin pointed out orders for Moorside would not be on the books for five-to-10 years.

Unite national officer for energy Kevin Coyne said it was essential for the government to intervene.

“The latest news about the very poor financial health of Toshiba raises further concerns about its involvement in the construction of the Moorside nuclear power station in Cumbria," he said

“Unite renews its call to the Business Secretary Greg Clark to step in and pledge public investment to ensure that the project goes ahead on schedule, as Toshiba is in deep financial trouble and has a big question mark over its future."

Korea Electric Power Corporation (Kepco) have expressed an interest in buying Toshiba's stake in NuGen and meetings between the two organisations are set to take place though no timescale on this has been given.