South Korean firm ‘to invest in nuclear plant in UK’

A South Korean energy firm is supposedly interested in a nuclear project in the UK. Korea Electric Power Corporation is planning to join the NuGen corporation, a consortium between Toshiba and Engie, according to reports. It aims to build and operate a £10 billion new nuclear plant called Moorside Power Station, with an expected capacity of up to 3.8GW in […]

UK confirms site for Cumbria nuclear power plant

The site in west Cumbria where Europe’s largest new nuclear station is to be built has been confirmed. NuGen – a joint venture between Japan’s Toshiba and France’s Engie, formerly GDF Suez – has signed a land contract with the Nuclear Decommissioning Authority (NDA) for the Moorside site. An undisclosed sum was paid to the NDA […]

Cash pledge for nuclear power plant in Cumbria

The developer of a new nuclear power plant in Cumbria has signed an agreement with the Treasury to promote financing for the project. The deal establishes a process to enable access to the UK Guarantee Scheme, which was introduced in 2012 to help developers gain external project finance to cover the upfront costs. The Moorside […]

More nuclear plants nigh after Toshiba and GDF SUEZ deal

A trio of new nuclear power stations in the UK are one step closer after Toshiba bought a 60% stake in company NuGen today. The Japanese firm’s deal with GDF SUEZ (which keeps the other 40%) should see three Westinghouse AP1000 reactors built in West Cumbria. The first reactor at Moorside power plant is hoped […]

‘Major milestone’ for Cumbrian nuclear with new £200m investment

Key commercial terms have been agreed with Japanese technology giant Toshiba and its partner GDF SUEZ for the construction of a new nuclear power station in West Cumbria. Toshiba signed a preliminary £102 million deal to buy a 60% stake in the NuGen nuclear venture in January and has pledged to invest £200 million as […]

Japan’s Toshiba buys 60% stake in UK’s nuclear plant

Japanese technology firm Toshiba yesterday bought 60% of NuGen, a project to build a new nuclear power station in West Cumbria. GDF SUEZ which owns the other 40% said the deal gives “new impetus” to plans for another UK nuclear plant. The 3,400 MW plant will be built with Westinghouse AP1000 technology, different to EDF’s […]

Toshiba to ‘buy stake in UK nuclear’

Engineering giant Toshiba’s US nuclear business Westinghouse is rumoured to be on the verge of buying a 50% stake in Britain’s NuGen. NuGen is a joint venture between Spanish utility Iberdrola and French firm GDF Suez. The firms plan to build up to 3.6GW of new nuclear at the Sellafield nuclear site on the northwest coast […]

Blog: SSE energy chief broadsides EDF’s nuclear bargaining

A hideous row over spending on nuclear power has been brewing in the energy sector for quite some time. Now it threatens to burst into the open air like a mushroom cloud over the new Energy Bill. That is, if it hasn’t already. SSE’s chief executive Ian Marchant took the bold move of penning an […]

SSE boss lambasts “opaque” nuclear negotiations between UK and EDF

The chief executive of SSE has warned UK consumers could end up footing an excessively high bill for nuclear power because of “opaque negotiations” between the UK Government and EDF Energy. Writing in a daily newspaper about the draft Energy Bill, which is meant to encourage investment by offering a guaranteed price for low carbon […]

Iberdrola: no UK nuclear decision until “clear framework”

Iberdrola’s chief today said it won’t make a decision on investing in the UK until there is a “clear framework” for a return on investment. The Spanish owner of ScottishPower is involved in NuGen, a joint venture with GDF Suez which plans to build a nuclear plant in Cumbria next to Sellafield. Jose Ignacio Sanchez Galan, […]