KEPCO considers investing in UK nuclear power plant

[THE INVESTOR] Korea Electric Power Corp. is weighing joining the NuGen Consortium for a 10 billion pounds (US$13.27 billion) nuclear power plant in UK, according to the Financial Times on Sept. 12.

The state-owned firm has resumed talks to join existing owners Toshiba of Japan and Engie of France to build a 3.8 gigawatt new plant at Moorside on the Cumbrian coast, which is expected to provide power to 6 million households. NuGen and KEPCO held negotiations in 2013 but failed to reach an agreement. 

NuGen plans to order three nuclear reactors from Toshiba’s UK subsidiary Westinghouse, but the South Korean public enterprise is hoping to provide its own reactors in addition to owning an equity stake.

KEPCO declined to comment but according to investment banking sources, it is in the process of selecting a legal counsel for the investment, local news reported on Sept. 11.

By Hwang You-mee (glamazon@heraldcorp.com)