techkenyot.com
techkenyot.com December 11, 2017


KEPCO Selected as Preferred Bidder for Acquisition of Toshiba's NuGen Shares

07 December 2017, 02:23 | Hattie Nash

The statement said that the selection does not mean the firm secured the contract, adding KEPCO and Toshiba will negotiate the terms over the next few months.

Toshiba holds a 100-percent stake in the project involving the construction of three 3.8 GW nuclear reactors by 2025.

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Today Trudy Harrison MP welcomed the news that KEPCO has been confirmed as the preferred bidder in the take over of the Moorside power plant developer, NuGen.

When asked about the resignation, before the end of his term in March 2018, Cho said in a statement: "Although I spent a lot of time thinking [about whether I should resign] before a massive task of winning orders for nuclear reactors in the United Kingdom, I am happy that I can step down after I could see the daylight".

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Cho's announcement on Thursday came soon after KEPCO said it was selected as the preferred bidder of Toshiba Corp.

The company said that the acquisition of stake will be subject to a number of factors, including satisfactory completion of negotiation with Toshiba. The NuGen project is expected to provide about 7 percent of Britain's electricity but was thrown into doubt after USA company Westinghouse declared bankruptcy and its partner in the project, France's Engie, pulled out.

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Kepco representatives have travelled to Japan for direct talks with the chief executive of Toshiba, which now owns NuGen outright. Britain needs to invest in new capacity to replace ageing coal and nuclear plants that are due to close in the 2020s, but large new plants have struggled to get off the ground due to high costs and weak electricity prices.



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