Plans to build a nuclear power station to provide up to 7% of the country’s electricity could be ditched within days after talks with a potential buyer stalled. The planned NuGen plant in Moorside, Cumbria, has been in trouble since financial problems emerged in 2016 at the owner, Toshiba, and its nuclear subsidiary Westinghouse Electric filed for bankruptcy protection. Toshiba has been trying to sell the project. However, talks with South Korea’s state-owned Korean Electric Power Corporation (Kepco) have yet to lead to a deal, and Kepco was stripped of preferred bidder status in August. It is thought that Toshiba’s board is set to meet in Tokyo on Thursday, when directors will decide whether to continue trying to find a buyer or to wind up the project, which is believed to have been costing millions of pounds a month. Winding up NuGen— seen as the likely outcome — would deal a big blow to the government’s energy strategy. NuGen had been due to start powering about 6m homes from 2025. The private equity firm Brookfield, which bought Westinghouse, was also in talks with Toshiba over the deal but it is believed these have collapsed. China’s CGN has also been interested.
Sunday Times 4th Nov 2018 read more »