KEPCO Picked as Preferred Bidder for UK Nuclear Project

Cho Hwan-eik announced his decision to step down after KEPCO was selected as the preferred bidder of Toshiba Corp. on Wednesday. The project calls for the construction of two nuclear reactors in Moorside northwest England

The Korea Electric Power Corporation (KEPCO) announced on December 6 that it has been selected as the preferred bidder for the acquisition of Toshiba's shares in NuGen.

Cho Hwan-eik said he thought that by stepping down he can "pave the way" for the younger generation and he is pleased to "leave the company in good spirits", as KEPCO is one step closer to winning a deal to build two nuclear reactors in Moorside, northwest England.

Cho has been serving as the CEO of KEPCO since 2012.

Greg Clark, U.K. business secretary, said in Seoul in April that KEPCO has "a very strong reputation internationally in nuclear energy".

The MP for Copeland has told Ministers that local benefit must be prioritised following the news that a South Korean energy company is to take over NuGen, the power plant developer.

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The announcement, made in South Korea on Wednesday, confirms reports in the Sunday Telegraph that the group would agree to kickstart the process of securing approvals before a final decision is made early next year.

The statement said that the selection does not mean the firm secured the contract, adding KEPCO and Toshiba will negotiate the terms over the next few months.

Expected to account for approximately 7% of the future electricity requirements in the country, the £10bn ($17bn) Moorside nuclear power plant is being developed by NuGeneration (NuGen), a joint venture between Toshiba with 60% stake and GDF SUEZ with 40% interest.

In 2009, a South Korean consortium led by KEPCO won a US$20 billion deal to build four nuclear power plants in the United Arab Emirates.

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