The head of Korea Electric Power Corp. has offered to quit, the company said Thursday, after South Korea's state-run utility firm was selected as the preferred bidder in a project to build a nuclear power plant in Britain.
Toshiba holds a 100-percent stake in the project involving the construction of three 3.8 GW nuclear reactors by 2025.
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.
Toshiba Corp., which has a 60 percent stake in the NuGen consortium in charge of building the nuclear power plant in Cumbria, northwest England, plans to announce soon that KEPCO has become the preferred bidder, according to industry insiders, who wanted to remain anonymous.
Earlier in the year, Kepco had confirmed that the company was in negotiations with Toshiba about buying some shares in its NuGen subsidiary. Toshiba's Westinghouse was initially expected to provide the reactor technology which already has GDA approval. "NuGen and its shareholder Toshiba are exploring a range of options for funding the Moorside project, which includes Toshiba selling some or all its shareholding in NuGen", he added.
"Kepco expects to sign a contract for shares acquisition in early 2018 and bring significant experience of nuclear new build to the United Kingdom". Nugen's chief executive told Reuters in October that a new delivery plan would be set up by the new owners but the plant should still be up and running before 2030.
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