The company initially entered talks about joining the NuGen consortium, which is developing the project, three years ago. Negotiations have now resumed, according to four sources “with knowledge of the situation” which were quoted by the paper.
The sources said progress has been made towards a potential equity stake for Kepco as well as possible role in construction. The company is 51 per cent owned the South Korean government, which has set the target of becoming the world’s third largest nuclear reactor exporter by 2030.
The Moorside project is currently a joint venture between Engie and Toshiba. It will use three AP1000 reactors supplied by Westinghouse – the US-subsidiary of Toshiba. With a total capacity of 3.4GW, once operational it will meet around 7 per cent of the UK’s electricity needs.
A spokesman for NuGen said: “NuGen does not comment on speculation about discussions with potential investors into our Moorside Project.
“There is a universe of options open to us. As you would expect, we are talking to potential investors familiar with the nuclear industry, including banks, credit-export agencies and nuclear companies in countries interested in nuclear new build projects.”
In May it was revealed the first of the reactors will not be up and running until the end of 2025, and not in 2024 as previously thought.