New Moorside Nuclear Plans May Be Shelved

From the Mail:


Plans for £10billion nuclear plant to provide 7% of Britain’s electricity may be shelved after talks with foreign buyers collapse

  • Japanese owner Toshiba and South Korean potential buyer Kepco failed to agree
  • The plans were thrown into doubt last year because of financial issues at Toshiba
  • Justin Bowden, of the GMB union, said we are relying on foreigners for our power

By Rachel Millard For The Daily Mail

Published: 01:26, 1 August 2018 | Updated: 01:38, 1 August 2018

Plans for a £10billion nuclear power plant to provide up to 7 per cent of the UK’s electricity could be abandoned after talks with foreign backers collapsed.

The project – led by nuclear development firm NuGen in South Moorside in Cumbria – may be shelved after Japanese owner Toshiba and South Korean state-owned potential buyer Kepco failed to reach a deal.

The plans were thrown into doubt last year due to financial issues at Toshiba and its subsidiary Westinghouse that prompted French backers Engie to pull ou

The project – led by nuclear development firm NuGen in South Moorside in Cumbria – may be shelved after Japanese owner Toshiba and South Korean state-owned potential buyer Kepco failed to reach a deal

It looked set to be rescued by Kepco with the deal due to close in April.

But Toshiba has now pulled preferred bidder status from Kepco, meaning it will consider other buyers.

Justin Bowden, national secretary for energy at the GMB union, said: ‘We are back to that age-old problem of relying on foreign governments or companies for our vital infrastructure … a solution has to be found – we need our power.’

NuGen had been due to provide power to about six million homes by 2025.

 

The plans were thrown into doubt last year due to financial issues at Toshiba and its subsidiary Westinghouse that prompted French backers Engie to pull out

Exact reasons for the breakdown in discussions are not clear. It is thought leadership changes at Kepco and the UK’s nuclear policy have both played a part.

NuGen’s 60 employees and 40 contractors have been told a consultation will take place on the firm’s future.

NuGen said it was ‘examining alternatives’ as to how to ‘best proceed with its continuing mission to deliver affordable and reliable low-carbon electricity for the UK’. Toshiba has said it continues to ‘consider additional options including the sale of its shares in NuGen to Kepco’.

http://www.dailymail.co.uk/news/article-6013197/Plans-10billion-nuclear-plant-provide-7-Britains-electricity-shelved.html?ns_mchannel=rss&ito=1490&ns_campaign=1490

 

UK energy policy continues to blunder from calamity to another.

via NOT A LOT OF PEOPLE KNOW THAT

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August 1, 2018 at 08:25AM

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