Moorside nuclear project hits complications

Plans to build a new nuclear power station at Moorside in Cumbria have been put in jeopardy, first by the ‘Chapter 11' bankruptcy filing of the main developer Toshiba’s US-based nuclear unit Westinghouse, and second by the exit of French utility Engie from the project. Toshiba has been forced to buy Engie’s 40% share of the NuGen project to build three Westinghouse AP1000 nuclear reactors after Engie said it was exercising its right to sell its stake in the venture, having identified ‘significant challenges’ to the project. 

Toshiba is reported to be paying €129mn for the stake and to be looking for new investors to join the Moorside project.

South Korea’s biggest power company, the Korea Electric Power Corporation (Kepco), is reported to interested in taking a stake in NuGen. Engie says it remains willing to put its expertise at the service of NuGen and help any restructuring with new potential partners for the development, construction and operation of the project.

Earlier, on 30 March, Westinghouse had announced that the AP1000 had passed its regulatory design assessment in the UK. 

The Moorside project is just part of plans to build up to 16 GW of new nuclear capacity in the UK at six sites. Hinkley Point in Somerset has already been confirmed as the site for two EPR units and has seen the first ‘nuclear safety’ concrete pour; construction is ongoing.