An announcement naming Korean conglomerate Kepco as the preferred bidder for the Moorside nuclear power plant project and noting that the company is expected to purchase developer NuGen from Toshiba, is expected later this week, the Korea Herald reported Tuesday.
Kepco, the Korean Electric Power Company, nudged out its one rival in the deal, China General Nuclear, based on its track record of maintaining an on time and within budget construction schedule in the United Arab Emirates project near Bakarah, British media are reporting.
The official announcement is expected later this week in conjunction with a nuclear conference in Britain. The Kepco coup, however, comes at a price for consumers, as the company must now put its APR-1400 technology through a lengthy regulatory review, which will push back the original completion date of the project, which had been set at 2025.
Kepco is also expected to negotiate with the British government on an established price for its electricity and that price is expected to be lower than the publicly criticized price for electricity produced at the future Hinkley Point C nuclear power plant, which was set at $123.82 per megawatt hour, considerably higher than today's wholesale electricity price.
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