The government is turning to South Korea in an attempt to rescue a multibillion-pound nuclear power station in the northwest. Greg Clark, the business secretary, is visiting Seoul today to seek fresh investment for the proposed nuclear reactor at Moorside, Cumbria. Mr Clark is expected to meet representatives of Kepco, the majority state-owned South Korean utility company, to urge them to invest in Moorside. Kepco has been in talks for several months to join the NuGen consortium responsible for Moorside. Mr Clark will also use the visit to drum up post-Brexit trade with South Korea, including in biotechnology and manufacturing.
Times 4th April 2017 read more »
Greg Clark, UK business secretary, will visit Seoul this week in a bid to salvage the multibillion pound Moorside nuclear power project in Cumbria. Mr Clark will meet senior South Korean government officials and nuclear industry executives to discuss potential investment in Moorside by Kepco, the state-controlled utility. Toshiba is keen to sell its majority stake in NuGen, the consortium planning to build the Moorside power station, and Kepco is widely considered the most plausible buyer. Saving Moorside is key not only to Britain’s energy policy but also to safeguard the future of nuclear power in west Cumbria. Mixed signals have emerged from the Treasury and Mr Clark’s Department for Business, Energy & Industrial Strategy about whether the government is willing to drop its longstanding resistance to committing public money to the expensive and risky business of building nuclear reactors. Another focus of discussion with Mr Clark will be whether Kepco would stick with the Westinghouse AP1000 reactors planned for Moorside or substitute its own APR1400 technology. The AP1000 was last week approved for use at Moorside by the UK nuclear regulator after a decade-long review and any attempt by Kepco to replace the technology with its own APR1400 would set the project back several years. “It would take NuGen back to the drawing board because all the permitting and licensing so far has been based on use of the AP1000,” said an industry figure.
FT 3rd April 2017 read more »