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Kepco remains interested in British nuclear power deal

Nov 09,2018
Korea’s state-run utility said Thursday that it will continue to work with Britain on a nuclear power plant there despite Toshiba’s decision to liquidate its NuGen business after failing to sell it.

The Japanese company, which has a 100-percent stake in the nuclear power plant project, said earlier in the day that it will withdraw from Britain.

The Korea Electric Power Corporation (Kepco) has been in negotiations with British authorities and Toshiba to acquire the venture.

The Korean utility firm was named a preferred bidder in December, but it lost the status in July after the British government decided to change the profit model for the project.

The business license is expected to revert back to the British government and be auctioned off later, according to industry sources.

Industry sources also said Kepco is highly likely to be picked as the preferred bidder again, as the two sides have been in close consultation.

If Kepco wins the project, it would be the second overseas nuclear project for the company after a $20 billion deal in 2009 to build four commercial reactors in the United Arab Emirates (UAE).