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KEPCO Poised to Land UK Nuclear Power Plant Deal

07 December 2017

President Cho Hwan-eik of the Korea Electric Power Corp. will resign later this week, more than three months ahead of his term which expires in March next year, the state-run utility firm said Thursday.

Toshiba Corp., which has a 60 percent stake in the NuGen consortium in charge of building the nuclear power plant in Cumbria, northwest England, plans to announce soon that KEPCO has become the preferred bidder, according to industry insiders, who wanted to remain anonymous. Clark visited Seoul to meet with South Korean officials and executives of KEPCO and prospective investors about the nuclear power project.

The partially state-owned utility known as Kepco said Wednesday it had been awarded preferential negotiating rights on purchasing a stake in the wholly owned Toshiba unit, whose future has become uncertain in light of the Japanese conglomerate's dire financial troubles and the bankruptcy of its former US nuclear subsidiary, Westinghouse Electric. China General Nuclear Power had also expressed interest in bidding for the deal. "NuGen and its shareholder Toshiba are exploring a range of options for funding the Moorside project, which includes Toshiba selling some or all its shareholding in NuGen", he added. It was initially hoped electricity generation would begin by 2025.

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Kepco representatives have travelled to Japan for direct talks with the chief executive of Toshiba, which now owns NuGen outright.

Korea Electric Power is entering one-on-one talks to acquire Toshiba's NuGen nuclear power business in the United Kingdom, seeking a win for a South Korean team trying to expand its reactor-building business overseas.

KEPCO Poised to Land UK Nuclear Power Plant Deal