The state-run Korea Electric Power Corp. (KEPCO) plans to finalize its stake acquisition for a nuclear project in Britain by September after analyzing its potential profits and viability, a senior government official said Wednesday. In December, KEPCO was selected as a preferred bidder for Toshiba’s NuGen unit, which is behind the Moorside nuclear project in Cumbria, northwest England. The Japanese industrial giant has a 100 percent stake in the NuGen consortium in charge of building the nuclear power plant in Britain after Engie of France pulled out of the project in early 2017. “Talks between KEPCO and Toshiba as well as the governments of South Korea and Britain have been underway since KEPCO was selected as a preferred bidder in December,” a senior energy ministry official said, asking for anonymity due to the ongoing negotiation process. “If a preliminary analysis concludes the project serves the national interests, (KEPCO) will complete the stake acquisition by the third quarter of this year.” The official said the Seoul government’s involvement in the negotiation is aimed at delving into the nuclear project’s profitability and potential risks, while the two companies have been discussing the detailed terms of contracts. If finalized, it would be the second overseas project won by KEPCO after the US$20 billion deal in 2009 to build four commercial reactors in the United Arab Emirates (UAE). Unlike the UAE project, which only involves the construction of nuclear reactors, market watchers say the Moorside project is more risky because KEPCO has to come up with financial solutions for construction and operation. The state-utility firm plans to fit two of its APR-1400 reactors on the site, which would have a combined capacity of up to 3 gigawatts.
Yonhap News 2nd May 2018 read more »
Originally KEPCO was planning to finalise the acquisition early 2017.
World Nuclear News 7th Dec 2017 read more »
Nuclear future discussed as Copeland MP Trudy Harrison meets with industry leaders. Copeland MP Trudy Harrison joined a cross-party panel of northern MPs for a roundtable event to discuss findings and recommendations of the Northern Energy Strategy Report. The strategy, which was launched in October last year, estimates an energy economy providing 100,000 jobs by 2050 and worth £15bn. Mrs Harrison said: “I was pleased to speak about the future of low carbon energy generation and was delighted to welcome local representatives from the Centre of Nuclear Excellence, Britain’s Energy Coast, and the Herringbone Consultancy.” For the past 15 months, the Northern Energy Taskforce has collaborated with energy sector leaders to review national and international evidence about their role in the global energy economy.
In Cumbria 2nd May 2018 read more »