KEPCO Poised to Land UK Nuclear Power Plant Deal

Galtero Lara
Diciembre 7, 2017

An announcement naming Korean conglomerate Kepco as the preferred bidder for the Moorside nuclear power plant project and noting that the company is expected to purchase developer NuGen from Toshiba, is expected later this week, the Korea Herald reported Tuesday. Clark visited Seoul to meet with South Korean officials and executives of KEPCO and prospective investors about the nuclear power project. And with its victory in Britain, the firm plans to expand its nuclear exports to other parts of the world. Toshiba, which holds a 60 percent stake in the NuGen consortium in charge of building the plant in Cumbria, in the northwest of England, announced KEPCO as its preferred bidder on Wednesday.

A Kepco spokesperson told Reuters the company had not yet received government approval, or generic design assessment (GDA), for its own nuclear reactor design.

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"Toshiba has been engaged with multiple credible and capable parties who have expressed an interest in acquiring NuGen, further testimony of the attractiveness of the nuclear industry in the United Kingdom and an indication of the degree of foreign investment that is ready and willing to enter this market", a NuGen spokesperson said. It was initially hoped electricity generation would begin by 2025. It has previously said the plant should still be running before 2030. Britain needs to invest in new capacity to replace ageing coal and nuclear plants that are due to close in the 2020s, but large new plants have struggled to get off the ground due to high costs and weak electricity prices.

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