South Korean’s state-backed nuclear firm Kepco is in talks to join the £10bn NuGen project to build reactors at Moorside in Cumbria. The venture is currently 60pc owned by Japan’s Toshiba, which plans to use its Westinghouse reactor technology, and 40pc by France’s Engie, formerly GDF Suez. Kepco first considered investment in NuGen in 2013 and talks were said to have been revived earlier this year by Tom Samson, NuGen’s chief executive, who formerly worked closely with Kepco in the United Arab Emirates. Sources confirmed reports in the Financial Times that the firm was now nearing a deal to invest in the project. However, one cautioned that any such investment may not be confirmed until later in the year. NuGen has made no secret of the fact it is seeking new investors to help fund its project, on which it hopes to take a final investment decision in 2018.
Telegraph 12th Sept 2016 read more »
BBC 12th Sept 2016 read more »
Engie operates several nuclear plants in Belgium and is part of a consortium to build a nuclear plant in Turkey, but new Engie chief executive, Isabelle Kocher, wants to focus on renewable energy, energy efficiency and power networks. Sources say both companies have been looking to reduce their stake in NuGen for several months, but low wholesale power prices and tough competition for ever-cheaper renewable energy have darkened the investment outlook for nuclear energy.
Reuters 12th Sept 2016 read more »
NuGen, a partnership between Toshiba of Japan and the French company ENGIE, wants to build three Westinghouse AP1000 reactors at Moorside. The News & Star reported in May that it had approached Korea Electric Power Corporation (Kepco) as a potential investor in the project. Now the Financial Times is saying that Kepco is “closing in” on a multi-billion pound investment in Moorside. NuGen is due to make a final decision on whether to proceed in 2018 with a view to starting construction two years later.
In Cumbria 13th Sept 2016 read more »
Business Desk 13th Sept 2016 read more »
The company that plans to build a new nuclear power station is West Cumbria, is making grants available for community projects surrounding the site. NuGen has announced that it’s Green Grants scheme will be open this year for community projects to apply for support, to help them improve the local environment close to the Moorside Project site. Last year, the scheme attracted more than 60 applications and17 successful schemes being awarded grants worth more than £37,000.
ITV 12th Sept 2016 read more »