GDF SUEZ and Toshiba have completed a deal that will boost development of the Moorside new nuclear power project on the West Cumbria coast in northwest England (United Kingdom). The agreement sees Toshiba acquiring a 60% stake and GDF SUEZ retaining a 40% holding in NuGeneration (NuGen), the UK-based nuclear energy company that plans to build three Westinghouse AP1000 reactors in West Cumbria. Each reactor will take approximately 4 years to build. When fully operational, the Moorside site is expected to deliver around 7% of the UK's future electricity requirements.
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. The management team's focus in 2014 will be on site investigations, preliminary studies for site layouts and stakeholder engagement and preparation for stakeholder consultations. The Moorside plant is targeted to come online in 2024. When fully operational, it will have a combined capacity of 3.4 GW, enough to deliver power to 6 million homes.
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