A South Korean energy group is closing in on a multibillion investment in a new nuclear power station near Sellafield in the latest sign of Asian interest in Britain’s energy industry. Korea Electric Power Corporation (Kepco) is in talks about joining the NuGen consortium planning a £10bn plant at Moorside on the Cumbrian coast alongside existing ownersToshiba of Japan and Engie of France. The deal, if it goes ahead, would add momentum to Moorside at a time when the rival Hinkley Point nuclear power project in Somerset has been thrown into doubt by concerns about its high cost and the role of Chinese investors in the scheme. Kepco 51 per cent owned by the South Korean government, first entered talks with NuGen three years ago, but no deal was reached. Four people with knowledge of the situation said talks had since resumed and made progress over a potential equity stake in NuGen as well as a possible role in construction.
FT 11th Sept 2016 read more »