Korea Electric Power Corp is in talks to buy a stake in the Toshiba-Engie British nuclear joint venture NuGen, chief executive of the South Korean utility said. Media reports late last year had said KEPCO was in talks with Japan’s Toshiba and France’s Engie for a stake in NuGen, which plans to build three reactors at the Moorside site on the coast of Cumbria and expects electricity generation to start in 2025. Korea Electric Power Corp, or KEPCO, is interested in taking over the 60 percent stake owned by the troubled Japanese company Toshiba and has been negotiating informally, CEO Cho Hwan-eik told local media reporters late on Tuesday.
Reuters 22nd March 2017 read more »
Fears that Toshiba’s struggling nuclear business Westinghouse could be on the brink of going under have been reignited following reports that it is lining up a US bankruptcy protection finance package. The company is reportedly reviewing proposals from financial institutions and investment firms for a so-called debtor-in-possession loan to keep the company afloat while it undertakes a bankruptcy process. According to Reuters, people familiar with the matter have said the loan is likely to be over $500m to enable the heavily indebted company to pay employees and complete the work on four nuclear power plants in the US. An early exit from Toshiba could heavily delay the start up of the 3.2GW Moorside project while NuGen scrambles to find new investment and approve a new nuclear reactor design to use in the project.
Telegraph 21st March 2017 read more »