KEPCO Selected as Preferred Bidder for Acquisition of Toshiba's NuGen Shares


An announcement naming Korean conglomerate Kepco as the preferred bidder for the Moorside nuclear power plant project and noting that the company is expected to purchase developer NuGen from Toshiba, is expected later this week, the Korea Herald reported Tuesday. KEPCO said in a statement the company planned to negotiate with Toshiba over the next few months to buy a stake in the nuclear project and sign a deal in the first half of next year if the negotiation progresses smoothly.

While the new administration under President Moon Jae-in has promised a policy of abandoning nuclear power generation domestically, it has urged the business world to export the technology overseas.

The Korea Electric Power Corporation (KEPCO) announced on December 6 that it has been selected as the preferred bidder for the acquisition of Toshiba's shares in NuGen.

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A former vice minister of trade, industry and energy, Cho also served as the president of the Korea Trade-Investment Promotion Agency and the Korea Trade Insurance Corp. Britain is seeking to maintain its nuclear power generation capacity as part of its efforts to diversify its energy supply. Toshiba acquired Westinghouse Electric Company in 2006 for US$5.4 billion, but recently chose to withdraw from the nuclear power industry after incurring losses.

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.

The statement added that meetings had taken place with the United Kingdom government and key figures in the nuclear industry in the United Kingdom and Korea.