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Released July 07, 2014 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Japan's Toshiba Corporation (TYO:6502) (Tokyo, Japan) has confirmed its entry into the U.K. nuclear power market, with the purchase of a controlling stake in the NuGeneration Limited (NuGen) nuclear joint venture company for 128 million euros (US$173 million).
The company first revealed its aims in February and has now completed the purchase of a 50% stake from NuGen founding partner Iberdrola SA (MCE:IBE) (Bilbao, Spain) and 10% from GDF Suez (OTC:GDSZF) (Paris, France). GDF will retain a 40% stake. For additional information, see February 3, 2014, article - Toshiba Targets U.K. Nuclear Sector.
The deal will see NuGen push forward with plans to build the three-reactor Moorside plant near the Sellafield nuclear reprocessing site in West Cumbria. The proposed 3,400-megawatt (MW) plant, which would use three AP1000 nuclear reactors from Toshiba-owned Westinghouse, would be the single largest new nuclear project in Europe. Due to be commissioned in 2024, Moorside would be capable of generating enough power for approximately six million homes. Toshiba said this will represent nearly 7% of the U.K.'s projected electricity requirements.
"We welcome the closing of the contract, which reconfirms Toshiba's, GDF SUEZ' and Westinghouse's commitment to build three AP1000 reactors at Moorside," said Hisao Tanaka, President and chief executive officer (CEO), Toshiba Corporation. "We are confident this project will support the U.K. in meeting the challenges of securing a stable, affordable future energy supply and cutting CO2 emissions."
Toshiba is eager for new nuclear business outside of Japan following the Fukushima nuclear accident in Japan in 2011, which has led to all reactors in the country remaining closed. Weak nuclear business in Japan and abroad has led to financial losses for the company in the past year.
New NuGen CEO Sandy Rupprecht said: "Moorside is the most exciting new nuclear build project in Europe, without a doubt. We will be taking forward our project in West Cumbria, the U.K.'s nuclear heartland -- and we expect the national and regional economies to benefit extensively from the Moorside development. We will be working closely with our stakeholders, to keep them informed and included in the process, and we will be working towards building a robust business case for the project."
For the remainder of 2014, NuGen said it will be concentrating on site investigations, preliminary studies for site layouts and stakeholder engagement and preparation for stakeholder consultations. A final investment decision on Moorside is expected in 2018.
View Project Report - 300039998
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
The company first revealed its aims in February and has now completed the purchase of a 50% stake from NuGen founding partner Iberdrola SA (MCE:IBE) (Bilbao, Spain) and 10% from GDF Suez (OTC:GDSZF) (Paris, France). GDF will retain a 40% stake. For additional information, see February 3, 2014, article - Toshiba Targets U.K. Nuclear Sector.
The deal will see NuGen push forward with plans to build the three-reactor Moorside plant near the Sellafield nuclear reprocessing site in West Cumbria. The proposed 3,400-megawatt (MW) plant, which would use three AP1000 nuclear reactors from Toshiba-owned Westinghouse, would be the single largest new nuclear project in Europe. Due to be commissioned in 2024, Moorside would be capable of generating enough power for approximately six million homes. Toshiba said this will represent nearly 7% of the U.K.'s projected electricity requirements.
"We welcome the closing of the contract, which reconfirms Toshiba's, GDF SUEZ' and Westinghouse's commitment to build three AP1000 reactors at Moorside," said Hisao Tanaka, President and chief executive officer (CEO), Toshiba Corporation. "We are confident this project will support the U.K. in meeting the challenges of securing a stable, affordable future energy supply and cutting CO2 emissions."
Toshiba is eager for new nuclear business outside of Japan following the Fukushima nuclear accident in Japan in 2011, which has led to all reactors in the country remaining closed. Weak nuclear business in Japan and abroad has led to financial losses for the company in the past year.
New NuGen CEO Sandy Rupprecht said: "Moorside is the most exciting new nuclear build project in Europe, without a doubt. We will be taking forward our project in West Cumbria, the U.K.'s nuclear heartland -- and we expect the national and regional economies to benefit extensively from the Moorside development. We will be working closely with our stakeholders, to keep them informed and included in the process, and we will be working towards building a robust business case for the project."
For the remainder of 2014, NuGen said it will be concentrating on site investigations, preliminary studies for site layouts and stakeholder engagement and preparation for stakeholder consultations. A final investment decision on Moorside is expected in 2018.
View Project Report - 300039998
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
