Reuters logo
UK energy minister met prospective South Korean investors in Moorside nuclear project
April 19, 2017 / 11:01 AM / 7 months ago

UK energy minister met prospective South Korean investors in Moorside nuclear project

LONDON (Reuters) - Britain’s energy secretary Greg Clark said he had met with potential investors in South Korea earlier this month in the hunt for a new partner for a stalled nuclear power project but no deals were agreed.

Britain's Secretary of State for Business, Energy and Industrial Strategy Greg Clark arrives at 10 Downing Street for a cabinet meeting ahead of the budget in London, March 8, 2017. REUTERS/Neil Hall/Files

“Any decisions are on the part of the consortium about who are its members but rather than wait to hear (that), I wanted to establish contact with prospective investors but that is some way from being anything which is agreed,” Clark told a parliamentary committee on Wednesday.

He did not give details about the identity of the prospective investors.

Toshiba has been forced to buy out French utility Engie from a project to build three nuclear reactors in Moorside, northwest England, adding to strains on the Japanese company’s finances and to uncertainty over the project.

Toshiba has said it is looking for more investors to join the $15-20 billion NuGen project or to sell out altogether.

South Korea’s KEPCO remains the most likely suitor, but people with direct knowledge of the matter have said the utility is in no great rush to get involved.

Reporting by Nina Chestney, editing by David Evans

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below