CGN will bid for a stake in Toshiba's NuGen (UK)

China General Nuclear Power Corporation (CGN) will bid for an equity stake in the NuGen site at Moorside in Cumbria, next to the old Sellafield plant (United Kingdom). Several other bidders have expressed an interest in buying a stake as well, including for instance the South Korean company Kepco. CGN already has a significant foothold in the UK nuclear sector, including a 33.5% stake in the Hinkley Point C nuclear power station project and a 20% interest in the Sizewell project. Besides, it will take a 66.5% share in a JV company behind the nuclear power project at Bradwell-on-Sea (Essex, UK).



In June 2017, CGN established three affiliates in the UK to foster its overseas development, namely Bradley Power Corporation (in charge of the 100% Chinese-built Bradley B nuclear power station), General Nuclear System Ltd (in charge of China's Hualong technology through the UK 5-y long approval process) and General Nuclear International (CGN's projects in the UK and in particular the Hinkley Point C).



NuGen is in charge of developing three Westinghouse AP1000 nuclear reactors of 1,200 MW each in Moorside, in West Cumbria (United Kingdom). The final investment decision is expected by end-2018 for a planned commissioning in 2025-2027.

In July 2017, Toshiba was forced by Engie to buy back the 40% of NuGen for Yen15.86bn (£108.8m or US$142m) and became the sole owner of the nuclear project. The withdrawal of Engie in NuGen deepened doubt over the project viability and Toshiba will need more investors and partners to join the US$15bn - US$20bn project or could be forced to sell it out as well.