UK nuclear project faces uncertainty as ENGIE pulls out

French energy company ENGIE is selling its stake in the venture behind a proposed new nuclear power station in Cumbria. It intends to sell its 40% shares to Toshiba, which […]

Register now!

By Priyanka Shrestha

French energy company ENGIE is selling its stake in the venture behind a proposed new nuclear power station in Cumbria.

It intends to sell its 40% shares to Toshiba, which owns the remainder of NuGen – the UK-based nuclear energy company that plans to build three Westinghouse reactors at Moorside.

Toshiba is to pay ¥15.3 billion (£111m) for the stake.

The news comes as Toshiba’s US nuclear unit Westinghouse filed for bankruptcy last week.

Westinghouse’s reactor design has recently been approved by UK regulators.

ENGIE said: “NuGen, the UK-based nuclear energy company that plans to build three Westinghouse AP1000 reactors in West Cumbria, Moorside, is facing significant challenges which have led ENGIE to exercise its contractual rights in view of transferring its 40% of shares to Toshiba.”

It is the latest turn in a series of developments that have raised doubts over the future of the Moorside project, which is expected to meet 8% of Britain’s power needs.

Last week EDF announced concrete has been poured for the first permanent structures at Hinkley Point C nuclear power station.