The British and Korean governments have agreed to greater collaboration on nuclear developments, fuelling speculation that a Korean company is about to invest in West Cumbria’s Moorside power station. Greg Clark, the secretary of state for business, energy and industrial strategy, and Paik Un-gyu, South Korean minister of trade, industry and energy, signed a Memorandum of Understanding on Monday in London. It promises greater collaboration in both the construction and decommissioning of nuclear power stations. The signing appears to have only been reported by World Nuclear News and Business Korea websites. State-run Korea Electric Power Corporation (Kepco) has revealed it is in “working-level” talks to buy a stake in NuGen – which plans to build three new reactions in West Cumbria to provide seven per cent of the UK’s electricity needs. Toshiba, NuGen’s current owner, has been exploring a range of options to fund the project after its then subsidiary Westinghouse Electric – due to supply three AP1000 reactors to Moorside – filed for Chapter 11 bankruptcy protection in the US having overpaid by several billion dollars for another nuclear construction and services business. Toshiba has been considering selling some or all of its shares in a development which could be worth around £15bn, and create 6,500 jobs during the peak construction stage and 1,000 when operational. China General Nuclear Power Corporation has also expressed an interest in Moorside but Kepco has emerged as the frontrunner in recent weeks, with the signing of the memorandum seen as an important step in preparing the way for Korean technology to be used in the UK’s new build developments.
Carlisle News and Star 30th Nov 2017 read more »