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French utility Engie backs out of UK Moorside nuclear project

UK’s Moorside nuclear project in turmoil as Toshiba’s French partner backs out, Guardian, 5 Apr 17, 
Troubled tech giant forced to take sole ownership of NuGen after Engie sells stake, adding to uncertainty over plan for three reactors 
Toshiba has been forced to buy out the French utility Engie from a project to build three nuclear reactors in Moorside, northwest England, further straining the Japanese company’s finances and adding to uncertainty over the project.

Engie said on Tuesday it was exercising its right to sell its 40% stake in the NuGen venture to Toshiba following the bankruptcy of the Japanese firm’s Westinghouse nuclear power plant business. Toshiba will pay 15.3 billion yen ($138.5m) for the stake.

Toshiba is now the sole owner of NuGen, but has said it is looking for more investors to join the $15-20bn project or to sell out altogether…..

EDF’s £18bn Hinkley Point C nuclear project in Somerset got the final go-ahead in 2016 after several years of delay, but only after securing backing from the French government.

 The British government has been working to attract new investors to NuGen, and some analysts said Engie’s departure might make it easier for Toshiba to sell NuGen as a whole.

Korea Electric Power Corp (Kepco) is a potential investor: its chief executive said last month it was in talks to buy a stake in NuGen.

Britain’s energy minister is currently in South Korea for talks on future collaboration between the two countries, including nuclear projects, a government spokeswoman said…….


April 7, 2017 - Posted by | business and costs, technology, UK

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