Cho Hwan-eik, the chief executive officer of Korea Electric Power Corporation (KEPCO) has confirmed that the company is discussing the possible purchase of Toshiba's 60 percent stake in NuGen, the company set to build three reactors on the coast of Cumbria in the United Kingdom.
NuGen is currently owned 60 percent by Toshiba, which is struggling financially, and 40 percent by French company Engie.
While Toshiba, also the owner of Westinghouse Electric Company, has been reviewing its options in nuclear power construction, NuGen has reassured the public that the reactor projects at the Moorside site were secure. This may be the case, but reports of KEPCO replacing Toshiba have been circulating in the media for several months, although they had not been confirmed until now.
“We will jump into (the mix) most quickly once its debt, equity structure is determined,” Cho told reporters on Tuesday. He also said that talks were informal, primarily because talks between the governments of Japan and Britain were not completed, which defines the talks up to date as preliminary.
KEPCO has also said that it would consider a purchase of Westinghouse if Toshiba approaches the company on the possibility, Reuters reported.