Koreans rescue £15bn Moorside nuclear power station plan

07 December, 2017, 19:25 | Author: Leticia Walters
  • British Government Signs A Deal For New Nuclear Power Plant

Korean power monopoly KEPCO has been chosen as the preferred negotiating partner with Japan's Toshiba for a stake in the U.K.'s NuGen nuclear project in Moorside, northwest England.

Expected to account for approximately 7% of the future electricity requirements in the country, the £10bn ($17bn) Moorside nuclear power plant is being developed by NuGeneration (NuGen), a joint venture between Toshiba with 60% stake and GDF SUEZ with 40% interest.

Negotiations are expected to continue over upcoming months and a deal is set to be signed early next year, subject to the relevant approvals and agreements.

"I am happy to resign after KEPCO won the contract for the export of nuclear reactors", Cho said in a statement.

While the new administration under President Moon Jae-in has promised a policy of abandoning nuclear power generation domestically, it has urged the business world to export the technology overseas.

"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 spokesman said.

According to reports by South Korea's Yonhap News Agency, Cho told his inner circle the reason for his resignation, saying he was "tired".

A former high-ranking official of the Ministry of Trade, Industry and Energy said that many nuclear industry officials harbored "mixed feelings" toward such a contradictory policy.

The Seoul government has vowed to support local companies' bids to export nuclear reactors overseas, in a move to ease concerns that the domestic nuclear phase-out plan could adversely affect efforts to newly secure contracts.

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