South Korean energy giant Kepco has won out over rival Chinese bidders to take a stake in Britain's troubled £15bn nuclear power project at Moorside.
KEPCO plans to put together a consortium and expects to sign the final deal next year. KEPCO had been negotiating with Toshiba to buy a stake in Britain's NuGen nuclear project in Moorside, northwest England, for months.
Kepco is also expected to negotiate with the British government on an established price for its electricity and that price is expected to be lower than the publicly criticized price for electricity produced at the future Hinkley Point C nuclear power plant, which was set at $123.82 per megawatt hour, considerably higher than today's wholesale electricity price.
The proposed deal would give KEP a foothold in one of the few developed countries committed to building new nuclear reactors and rescue a project that was thrown into doubt by the turmoil at Toshiba.
"Toshiba has been engaged with multiple credible and capable parties who have expressed an interest in acquiring NuGen, further testimony of the attractiveness of the nuclear industry in the United Kingdom and an indication of the degree of foreign investment that is ready and willing to enter this market", a NuGen spokesperson said. Britain is seeking to maintain its nuclear power generation capacity as part of its efforts to diversify its energy supply. It has previously said the plant should still be running before 2030. It marked South Korea's first export of nuclear reactors.