KEPCO plans to acquire Toshiba’s stake in UK nuclear joint venture
Korea Electric Power (KEPCO) is reportedly planning to acquire Toshiba’s interest in the UK nuclear joint venture (JV) project, NuGen.
The company is currently negotiating with Japanese firm Toshiba and France-based Engie to purchase a stake in NuGen, reports Reuters.
NuGen is planning to develop three reactors at the Moorside site on the coast of Cumbria, which are expected to start producing electricity by 2025.
NuGen is expected to meet approximately 7% of the UK's future electricity needs.
As per the local media reporters, KEPCO is planning to acquire 60% interest, which is owned by troubled Toshiba, in the joint venture,
KEPCO CEO Cho Hwan-eik was quoted by Reuters as saying: "We will jump into (the deal) most quickly once its debt, equity structure is determined.”
Last February, Toshiba announced that its chairman Shigenori Shiga will step down from his position as the company reported a loss of $6.3bn in its nuclear business in the US.
Shiga, however, will remain as a Toshiba executive until a shareholder meeting scheduled to be held in June 2017.
The firm said that the Shiga was stepping down "to take management responsibility for the loss”.
The company has also forecast JPY390bn ($3.43bn) in group net loss for the full year ending 31 March, a revise from earlier anticipated YPY145bn ($1.27bn) profit, reported Bloomberg.
KEPCO is engaged in the development of electric power resources, electric power generation, transmission, transformation, and distribution.
It also involves in the related marketing, research, technological development, overseas business, investment, corporate social responsibility and use of its property.