South Korea's Kepco beats Chinese in Moorside nuclear race

President Cho Hwan-eik of the Korea Electric Power Corp. will resign later this week, more than three months ahead of his term which expires in March next year, the state-run utility firm said Thursday.

At present, Toshiba owns 60% of the NuGen consortium, which is leading the Moorside Nuclear Power Project.

Korea Electric Power (KEP -0.3%) wins the right to enter exclusive rights to buy the Toshiba subsidiary that is planning to build a multibillion-dollar nuclear power station in the United Kingdom.

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.

Still, a KEPCO official said he is trying to confirm the report, while the Ministry of Trade, Industry and Energy also said it has no information on the matter.

Britain has launched a program to inject more into its energy sector, as many of its nuclear reactors are coming to the end of their operational life cycles.

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. The Japanese group had initially planned to supply Westinghouse-designed reactors for the British project as part of an effort to expand its nuclear business.

KEPCO plans to put together a consortium and expects to sign the final deal next year.

The Seoul government, since, has affirmed its intention to fully support exports of South Korean businesses and technologies related to nuclear energy.

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