nuclear-news

The News That Matters about the Nuclear Industry

South Korea’s Kepco would rescue Britain’s Moorside nuclear project, but only with its own reactors

Kepco confirms talks with Toshiba over UK nuclear — but only with its own reactors, Telegraph   28 JUNE 2017   South Korea’s largest power company is in talks with Toshiba to prop up its plans to build Europe’s largest new nuclear plant in the UK.


Jong-hyuck Park, an executive from Kepco, confirmed the group’s interest in buying a stake of the embattled Moorside nuclear project on the sidelines of an industry event, but said Kepco would want to use its own reactor design.

The South Korean state-backed utility is one of the world’s strongest nuclear developers and has harboured an interest in Moorside since 2013. Its appetite for a UK nuclear project was revived following the collapse of Toshiba’s US nuclear business, Westinghouse, which was supposed to provide the reactor design for the project.

A deal with Toshiba, the last remaining group behind the NuGeneration venture, could rescue the £10bn project. But a change in reactor design would also derail the 2025 start date by at least two years in a further blow to the UK’s new nuclear ambitions.

Earlier this week a French newspaper reported that EDF’s internal review of the Hinkley Point C new nuclear plant is expected to show a €3bn (£2.6bn) overspend and a two year delay, which would also push the start-date back to 2027.

The slow progress in securing new investment in baseload power generation raises questions over the UK’s energy supplies in the middle of the next decade. More than two thirds of the country’s power generation capacity will have retired between 2010 and 2030.

Moorside was plunged into doubt in recent months due to the Japanese conglomerate’s financial woes which threatened to derail the use of the Westinghouse 1000 reactor and cost the project its junior partner Engie. ….

Kepco’s renewed interest in Moorside emerged the same day that South Korean president Moon Jae-in suspended construction of two of Kepco’s partially built nuclear reactors to consult on whether they should move forward.

The decision comes following Mr Moon’s pledge to stop building nuclear reactors, and rid the country of nuclear power entirely by 2060. http://www.telegraph.co.uk/business/2017/06/28/kepco-confirms-talks-toshiba-uk-nuclear-but-reactors/

Advertisements

June 30, 2017 - Posted by | business and costs, politics, South Korea, UK

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: