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S. Korea's KEPCO seeks cooperation with Britain over Moorside nuclear project

2018/11/08 15:37

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SEJONG, Nov. 8 (Yonhap) -- South Korea's state-run utility firm said Thursday that it will continue to work with Britain over a nuclear power plant there as Japan's Toshiba Corp. has decided to liquidate its arm NuGen after failing to sell its Moorside project operations.

The Japanese industrial giant, which has a 100 percent stake in the nuclear power plant project, said earlier in the day that it would withdraw from Britain.

The Korea Electric Power Corp. (KEPCO) has been in negotiations with British authorities and Toshiba to acquire the 100-percent stake to venture into the British nuclear power sector.

The Korean utility firm was named as a preferred bidder in December, but it lost the status in July after the British government's decision to change profit models for the project.

The business license is expected to revert back to the British government and can be auctioned off later, according to industry sources.

Industry sources said KEPCO is highly likely to be picked as a preferred bidder again as the two sides have been in close consultation.

If KEPCO wins the project, it would be the second overseas project won by KEPCO after the US$20 billion deal in 2009 to build four commercial reactors in the United Arab Emirates (UAE).