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China eyeing entry into fourth UK nuclear project
- 7 years ago (2017-09-20)
- David Flin
China General Nuclear Power Corporation (CGN) has said that it is exploring a bid to invest in Toshiba’s troubled £15 billion Moorside nuclear power station on the Cumbrian coast in northwest England. Moorside is projected to generate 3.8 GW.
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Huang Xiaofei, a spokesman for CGN, said that the company is prepared to bid to make an equity investment in NuGeneration (NuGen), the company behind Moorside, utilising CGN’s more than 30 years of experience in nuclear design, construction, and operation to support the UK’s nuclear industrial development plans.
CGN already holds a 33.5 per cent state in the Hinkley Point C project, a 20 per cent stake in the Sizewell project, and a 66.5 per cent share in the Bradwell nuclear power station plans.
NuGen was a 60-40 joint venture between Japan’s Toshiba and France’s Engie. Earlier this year, Engie quit the consortium, selling its 40 per cent stake to Toshiba.
Analysts said that CGN’s attempt to explore a bid for the Moorside project is part of its effort to use the UK as a springboard to further export its HPR1000 nuclear technology globally. Joseph Jacobelli, a senior analyst of Asia utilities at Bloomberg Intelligence, said: “Should CGN get the deal, it would give a tremendous boost to export its experience and know-how abroad. China is definitely one of the technology leaders, and its experience in China and strong policy and financial backing for overseas projects would help the company.”