Toshiba and GDF strike deal to build EU’s largest new nuclear project

Japan’s Toshiba and France’s GDF Suez have finalised a deal to come together and build to develop the NuGeneration nuclear power project in Cumbria, UK.

The former is to acquire a 60 per cent stake and the latter a 40 per cent stake in the largest single proposed nuclear power plant construction in Europe. The project is forecast to create between 14,000 and 21,000 jobs and cater for the provision of 7 per cent of the UK’s electricity requirements.
NuGen
The NuGen company plans to build three Westinghouse AP1000 reactors in Moorside, West Cumbria, northwest England. Each reactor will take approximately four years to build.

Targeted to come online in 2024, it will have a combined capacity of 3.4 GW, enough to deliver power to six million homes.

Before the final investment decision which is forecast to be taken by the end of 2018, NuGen will be undertaking a broad range of preparatory works, including regulatory, permitting and commercial activities.

Westinghouse intends to utilise its Springfields facility, a UK-licensed fuel manufacturing facility near Preston to manufacture the fuel for AP1000 reactors built in the UK, thereby securing indigenous fuel supply.

GDF SUEZ Chairman and CEO, Gérard Mestrallet, stated: “We wish to mention and recognize the UK’s strong strategic vision and political consensus which have enabled the framework designed to ensure a secure, low-carbon electricity generation future – with nuclear energy as part of it, while remaining attractive to investors.”



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