Government policy shift on nuclear new build blamed for NuGen deal delay. Sources in Korea claim change in profit model for Moorside is holding up deal between Toshiba and Kepco. A shift in Government policy on its support for new nuclear power stations has been blamed for delaying the deal for the company behind the £15 billion Moorside development, according to sources in Korea. The Korea Herald, a daily English language newspaper based in Seoul, quoted a Korean government official who claims that the deal for NuGen is being renegotiated because the UK government’s decision to “change profit models for the project”. Talks between NuGen’s current owners Toshiba and state-owned Korean utility Kepco are continuing, despite Toshiba stripping Kepco of preferred bidder status earlier this week due to the “prolonged time” to seal the deal.
In Cumbria 4th Aug 2018 read more »
Korea’s push to export nuclear power plants for a massive project to build three 3.4-gigawatt reactors in Cumbria, northwestern England, worth 15 billion British pounds (22 trillion won), is reportedly on the verge of collapsing. The Korea Electric Power Corp. (KEPCO) won a preferred bidder status beating out a Chinese competitor last December, but lost the status after negotiations broke down last month. Ostensibly, it appears to be a contract between KEPCO and Toshiba, which has a 100 percent stake in the British nuclear consortium NuGen, but the deciding factor was the position of the British government. London wanted to push down power rates, but KEPCO wanted to maximize the electricity price to ensure profitability.
Korea Times 4th Aug 2018 read more »
Letter to Greg Clark – There is Not Enough Fresh Water for New Nuclear, Stop Now.
Radiation Free Lakeland 3rd Aug 2018 read more »