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12/6/2017, 2:35 PM (Source: TeleTrader)
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Kepco is preferred bidder for UK nuclear plant

South Korea’s state-run Korea Electric Power Corp. revealed on Wednesday it has been selected as the preferred bidder for Toshiba Corp.'s NuGen nuclear project in Cumbria in northwestern England. The conditions will be negotiated "over the next few months" and Britain will need to greenlight the project, the utility said.

The deal is part of a restructuring effort after Toshiba took a massive writedown from its US nuclear reactor business Westinghouse Electric Co. in March. A Westinghouse reactor, approved by the United Kingdom's nuclear regulator, had been slated for use in the project before the subsidiary went bankrupt. Kepco said its own reactor design would be submitted for review in early 2018. The process could take up to four years.

The company's winning bid is in line with the home country's policy of lowering its dependence on nuclear power, while still exporting the technology abroad. Conversely, Britain is investing in the sector in order to replace old facilities. Currently, 20% of electricity generated in Britain comes from nuclear power plants.

Breaking the News / DJ