Moorside nuclear project seeks finance

NuGeneration Limited (NuGen) has signed a cooperation agreement with HM Treasury to facilitate financing for a new nuclear power station proposed at Moorside, West Cumbria. The agreement is to enable access to the UK Guarantee Scheme, which was introduced in 2012 to accelerate investments in major infrastructure projects and is a key component of any financing structure for new low carbon power plants.

NuGen and HM Treasury will work together to see how the Scheme can support the arrangement of external project finance for Moorside, set to be the UK's largest new nuclear power station project.

NuGen, supported by its parent companies, Toshiba and GDF SUEZ, is taking forward the project, which will see three Westinghouse AP1000(R) reactors built on land to the north and west of the Sellafield complex in West Cumbria. The first reactor is expected to be connected to the grid by the end of 2024 – with all three providing 3.4 GW of power by the end of 2026. If built, the development would be the largest new nuclear development in Europe.

       Meanwhile, the Office for Nuclear Regulation (ONR) has granted permission for Heysham 1 Reactor 1 to return to service following discovery of a crack in a boiler spine in the reactor.  The other three reactors at Hartlepool and Heysham 1, which were shut down as a precautionary measure, returned to service in November last year.