South Korean firm announced as preferred bidder at Moorside

South Korea’s state utility has been announced as the preferred bidder for Toshiba’s nuclear project in the UK. The Korea Electric Power Corporation (Kepco) has reached a provisional agreement to […]

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By Jonny Bairstow

South Korea’s state utility has been announced as the preferred bidder for Toshiba’s nuclear project in the UK.

The Korea Electric Power Corporation (Kepco) has reached a provisional agreement to buy the subsidiary NuGen, which is responsible for developing the Moorside nuclear project in Cumbria.

It beat away competition from China General Nuclear Power Corporation (CGN) to work on what is billed as the biggest nuclear plant in western Europe.

Negotiations are expected to continue over upcoming months and a deal is set to be signed early next year, subject to the relevant approvals and agreements.

Kepco has said it plans to implement its own nuclear reactor design.

The project was previously thrown into uncertainty when Toshiba’s US nuclear unit Westinghouse Electric Company (WEC) filed for bankruptcy and ENGIE pulled out.

The UK Government is providing up to £44 million for an advanced modular reactor feasibility and development programme.