South Korea's Kepco chosen as preferred bidder for NuGen's Moorside nuclear project

Tom Samson

Tom Samson

Cho's intention to resign comes just one day after KEPCO was selected as the preferred bidder in a project to build three nuclear power plants in Britain. According to KEPCO, the company will negotiate with Toshiba over the next few months, aiming to sign a deal sometime in the first half of next year.

China General Nuclear (CGN) said in September that it was in the running to shore up the 3.8GW project in exchange for an equity share in what would be its fourth nuclear project in the UK. It will also need approval from the British government.

Kepco plans to finalise the lifeline investment within months in a major boon for Britain's ambitions for a fleet of new nuclear reactors. Westinghouse, Toshiba's nuclear arm, won regulatory approval to build its reactors at the site, but the firm filed for bankruptcy in March causing France's Engie to back out and the project's future to be thrown into doubt. "Toshiba has been engaged with multiple credible and capable parties who have expressed an interest in acquiring NuGen, further testimony of the attractiveness of the nuclear industry in the United Kingdom and an indication of the degree of foreign investment that is ready and willing to enter this market", a NuGen spokesman said. Britain is seeking to maintain its nuclear power generation capacity as part of its efforts to diversify its energy supply. I was pleased to meet with the South Korean company's senior leaders during the summer and was able to convey the many reasons for investing in West Cumbria, not least, a 70-year track record of leading the world's nuclear expertise.

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