PROJECT | Staff Reporter, Korea

Kepco dropped as preferred bidder for UK nuclear project acquisition

But it will let Kepco revise its model and then compete with others.

Toshiba has decided that Kepco was no longer the preferred bidder for the acquisition of a 100% stake in the British nuclear project company NuGen, due to excessive operating expenses.

NuGen was the joint venture created by Toshiba and Engie in 2010 for the development of a 3.8 GWe nuclear power plant at the Moorside site in West Cumbria (United Kingdom). Since April 2017, Toshiba is the sole owner of NuGen as Engie has sold its stakes on the project. Kepco was selected as the preferred bidder for NuGen in December 2017.

Negotiations aren’t over yet, but will include other companies. Toshiba will grant Kepco some time to revise its business model so negotiations can be resumed, however, under a more competitive environment. Kepco and the UK's Department for Business, Energy and Industrial Strategy have held meetings to discuss "the profitability and risk management plan" and launch a joint feasibility study.

This article was originally published by Enerdata.

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