Toshiba Corp and GDF Suez have completed a deal that will result in Toshiba's acquiring a 60% stake and GDF Suez retaining a 40% holding in NuGeneration Ltd (NuGen), the UK based nuclear energy company that plans to build three Westinghouse AP1000 reactors at Moorside in West Cumbria, in the NW of the UK. Each reactor will take approximately four years to build. When fully operational, the Moorside site, which is the largest single proposed nuclear power plant construction project in Europe, is expected to deliver around 7% of the U.K.'s future electricity requirements.
A deal has also been concluded with the Nuclear Decommissioning Authority (NDA) on the extension of a land option agreement for the Moorside site.
Toshiba and GDF SUEZ will form a joint venture to drive the project forward. Each of the three Westinghouse reactors will take approximately four years to build. When fully operational, the Moorside site is expected to deliver around seven percent of the UK's future electricity requirements - the most from any single nuclear site in Britain.
A new NuGen management team will also be formed, under new chief executive Sandy Rupprecht, whose first tasks will concern immediate project milestones such as site assessments, site lay-out, and recruitment of nuclear professionals to join the project.
The first reactor is targeted to come online in 2024 - with full commercial operation of 3.4 GW tentatively scheduled to be delivered by 2026. The first public consultation on NuGen's plans is scheduled for 2015.
The fuel for the reactors will be supplied by the Springfields Fuel Fabrication facility near Preston, securing an indigenous UK fuel supply.
The AP1000 reactor - a PWR - is licensed by the U.S. Nuclear Regulatory Commission and has completed stage 1 of the UK regulator's Generic Design Assessment (GDA). Currently, eight AP1000s are under construction globally.
UK energy minister Michael Fallon commented:
"The Moorside new nuclear project will bring at least £10 billion of investment and is expected to create up to 21 000 jobs, while also providing a reliable source of low carbon energy for over 6 million homes. This announcement is a significant step towards new reactors likely to come online in 2024 and shows how attractive the UK is for investors".
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