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NuGen nuclear power project in Moorside, Cumbria, UK, soon to bite the dust?

Sunday Times 4th Nov 2018 Plans to build a nuclear power station to provide up to 7% of the
country’s electricity could be ditched within days after talks with a
potential buyer stalled.

The planned NuGen plant in Moorside, Cumbria, has
been in trouble since financial problems emerged in 2016 at the owner,
Toshiba, and its nuclear subsidiary Westinghouse Electric filed for
bankruptcy protection.

Toshiba has been trying to sell the project.
However, talks with South Korea’s state-owned Korean Electric Power
Corporation (Kepco) have yet to lead to a deal, and Kepco was stripped of
preferred bidder status in August.

It is thought that Toshiba’s board is
set to meet in Tokyo on Thursday, when directors will decide whether to
continue trying to find a buyer or to wind up the project, which is
believed to have been costing millions of pounds a month.

Winding up NuGen— seen as the likely outcome — would deal a big blow to the
government’s energy strategy. NuGen had been due to start powering about
6m homes from 2025. The private equity firm Brookfield, which bought
Westinghouse, was also in talks with Toshiba over the deal but it is
believed these have collapsed. China’s CGN has also been interested.
https://www.thetimes.co.uk/edition/business/crunch-talks-to-rule-on-cumbria-nuclear-plant-gvtg2ztrh

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November 5, 2018 - Posted by | business and costs, UK

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