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02.08.2018 13:03
© NuGeneration
Toshiba Corporation has informed Korea Electric Power Company (Kepco) that it is no longer the preferred bidder to acquire its UK nuclear power development company – NuGeneration. Nonetheless, Toshiba has said that it will continue to negotiate with Kepco, along with other interested companies for the acquisition, World Nuclear News reports.
NuGeneration was formed in 2010 as а joint venture between Toshiba and Engie in order to build a nuclear power plant of up to 3.8 GWe gross capacity at the Moorside site in West Cumbriа. The reactors used would be the AP1000 technology, provided by Westinghouse. Additionally, the reactor design completed the UK regulatory assessment process in March 2017. In July 2017, Toshiba became the sole owner of NuGen, after Engie exercised its right to require the Japanese conglomerate to purchase its stake.
In December 2017, Toshiba announced that Kepco had been selected as the preferred bidder for NuGeneration. At that time, then Kepco CEO Hwan-Eik Cho said the company intended to "progress negotiations to a positive conclusion" to achieve a target closing of the proposed acquisition early this year.
However, South Korea's Ministry of Trade, Industry and Energy (MOTIE) announced today that Toshiba had notified Kepco on 25 July that it had terminated its status as preferred bidder. The ministry said Toshiba had made the decision in order to "have opportunities to negotiate with Kepco as well as other companies due to excessive operating expenses" created by the delay in selling its stake in NuGeneration.
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