Korea Electric Power Corp has reached a provisional agreement to buy the Toshiba subsidiary that is planning to build a multibillion-dollar British nuclear power station. The South Korean utility saw off competition from CGN of China to become the preferred bidder for Toshiba’s NuGen unit, which is behind the Moorside nuclear project in Cumbria, north-west England. Acquisition of NuGen would open a new front in Kepco’s efforts to become a force in the international nuclear industry as it enters the final stages of its first overseas project – a $20bn reactor building programme in the United Arab Emirates. Toshiba put NuGen up for sale as part of a wider restructuring in the wake of a financial crisis triggered by losses in its Westinghouse US nuclear division. Several hurdles would still need to be cleared after a deal with Toshiba before Kepco could go ahead with Moorside. It could take up to four years for the Korean APR1400 reactor to receive UK regulatory approval and some form of financial support from the UK government is likely to be needed during construction. NuGen had previously planned to use Westinghouse’s AP1000 reactor – which already has UK regulatory approval – at Moorside. Its replacement with Korean technology would push the timetable for completion further into the late 2020s. Toshiba’s choice of Kepco represents a setback for Chinese efforts to expand their presence in the UK nuclear sector.
FT 7th Dec 2017 read more »
Korea Electric Power Corp has been selected as preferred bidder for the Toshiba subsidiary that’s planning to build a nuclear power station in the UK. The South Korean utility beat off competition from CGN of China to enter exclusive negotiations with Toshiba to buy the NuGen unit behind the Moorside nuclear project in Cumbria, north-west England. Several hurdles would still need to be cleared after a deal with Toshiba before Kepco could go ahead with the Moorside plant. It could take up to four years for the Korean APR1400 reactor to receive UK regulatory approval and aid from the UK government is likely to be needed to help finance construction.
FT 6th Dec 2017 read more »
South Korean energy giant Kepco has won out over rival Chinese bidders in the battle to snap up Britain’s troubled £15bn nuclear power project at Moorside. The world’s fifth largest nuclear developer has emerged as the preferred bidder to buy the Nugeneration consortium from Toshiba, the only company still backing the project. Kepco said it plans to finalise its first move into the UK nuclear industry within months in a major boon for Britain’s ambitions to see a fleet of new nuclear reactors built by the end of the next decade. The planned investment comes alongside an £86m cash injection from the Government to rescue Britain’s world-leading Culham Centre for Fusion Energy near Oxford, which many feared would be forced to close without EU funding. The Government said the fresh funds would help establish a platform for research and development in line with its multi-billion pound R&D drive through its industrial strategy. The Government is also due to break its silence over plans to develop small-modular nuclear reactors, or “mini-nukes”, at an industry event on Thursday.
Telegraph 6th Dec 2017 read more »
A state-owned South Korean energy firm is to take over construction of a troubled nuclear power station planned in north-west England, in a significant boost for the UK government’s nuclear ambitions. Kepco has been declared the preferred bidder for the NuGeneration consortium, which looked doomed earlier this year after the Japanese owner Toshiba was hit by write downs and the eventual bankruptcy of its US nuclear subsidiary. Sources said it was Kepco’s track record of building its reactors in the United Arab Emirates on time and on budget that helped it clinch the deal. Ministers, unions and the industry will cheer the outcome, which secures jobs and low-carbon power supplies that were at risk. But the new ownership and technology mean the plant will come online several years later than 2025, when electricity generation was originally due. Toshiba had cleared the painstaking, four- to five-year regulatory process of getting its reactor approved by UK authorities, a process Kepco will have to start from scratch. Kepco is understood to be planning to fit two of its APR-1400 reactors on the site, which would have a combined capacity of up to 3GW, similar to the 3.2GW for Hinkley Point C. As well as having to clear regulatory hurdles, the Koreans are also likely to have to negotiate with the government for a guaranteed price for power from the Moorside plant.
Guardian 6th Dec 2017 read more »
Euronews 6th Dec 2017 read more »
Construction Enquirer 7th Dec 2017 read more »
Carlisle News and Star 6th Dec 2017 read more »
Cumbria’s status as nuclear world leader strengthened by Moorside bidder.
Whitehaven News 6th Dec 2017 read more »
Business Green 7th Dec 2017 read more »