KEPCO selected as preferred bidder for Moorside nuclear project

A planned new multi-billion pound nuclear power station in west Cumbria has been handed a lifeline.

South Korean energy giant KEPCO has announced it is the preferred bidder to buy NuGen from Toshiba.

NuGen wants to build a nuclear power station at Moorside next to the Sellafield site.

The UK aims to build 18GW of new nuclear capacity and NuGen will contribute around 3GW of vital power from the Moorside site.

KEPCO expect to sign a contract for shares acquisition in early 2018 and says it hopes to bring significant experience of nuclear new build to the UK.

Toshiba made the following statement following the announcement: