A Cumbria nuclear power station is facing further setbacks after a potential sale fell through following month of delays.
Korea Electric Power Corp (KEPCO) was selected as preferred bidder for Toshiba’s shares in the troubled Moorside nuclear project last year after the Japanese company’s nuclear arm Westinghouse went bankrupt.
However the sale, which was expected to be completed by this April, has now hit the buffers as Toshiba announced KEPCO is no longer in the running.
A Toshiba spokesperson said:“Toshiba continues to consider additional options including the sale of its shares in NuGen to KEPCO, and we are carefully monitoring the situation, in consultation with stakeholders including the UK government. We cannot comment on details.”
Delays to the sale have led to a review of the project and all 100 UK employees of NuGen - the joint venture set up to carry out the scheme - were put on notice of redundancy earlier this week.
“Toshiba has pursued a sale of NuGen to KEPCO and the prolonged time it has taken reach a conclusion has required NuGen to undertake a review,” a NuGen spokesperson said.
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