KEPCO selected as preferred bidder for nuclear plant in UK

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KEPCO's win occurs as South Korea, the world's fifth-biggest nuclear power user, plans to lower its dependence on nuclear power at home mainly due to safety concerns, while continuing its nuclear export drive overseas.

The meeting came following news of a new buyer for NuGen, the company developing Moorside in Copeland.

Kepco released a statement this morning and said it was undertaking due diligence on legal, financial, accounting and technological issues, and reviewing project risks. It marked South Korea's first export of nuclear reactors.

"Growing local businesses, with nuclear expertise and supporting diversification will enable the socio-economic spring board we need". Clark visited Seoul to meet with South Korean officials and executives of KEPCO and prospective investors about the nuclear power project.

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Expected to account for approximately 7% of the future electricity requirements in the country, the £10bn ($17bn) Moorside nuclear power plant is being developed by NuGeneration (NuGen), a joint venture between Toshiba with 60% stake and GDF SUEZ with 40% interest.

Britain has launched a program to inject more into its energy sector, as many of its nuclear reactors are coming to the end of their operational life cycles.

KEPCO said it is set to hold negotiations with Toshiba for months to work out details in buying Toshiba's stake in the NuGen consortium.

Kepco, the Korean Electric Power Company, nudged out its one rival in the deal, China General Nuclear, based on its track record of maintaining an on time and within budget construction schedule in the United Arab Emirates project near Bakarah, British media are reporting.

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