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KEPCO in talks to buy Toshiba's stake in UK nuclear project NuGen

Staff Writer |
Korea Electric Power Corp. (KEPCO) is in talks to buy a stake in the Toshiba-Engie British nuclear joint venture NuGen, chief executive officer of the South Korean utility said.

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Media reports late last year had said KEPCO was in talks with Japan's Toshiba and France's Engie for a stake in NuGen, which plans to build three reactors at the Moorside site on the coast of Cumbria and expects electricity generation to start in 2025.

KEPCO is interested in taking over the 60 percent stake owned by the troubled Japanese company Toshiba and has been negotiating informally, CEO Cho Hwan-eik told local media reporters.

"We will jump into (the deal) most quickly once its debt, equity structure is determined," Cho said, adding that nothing had been formalized yet as negotiations between the Japanese and UK governments were not done.

KEPCO is also seen by industry executives as a potential buyer of Toshiba's U.S. nuclear unit Westinghouse. The South Korean firm has said it would consider an approach by Toshiba.


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