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Toshiba acquires 50% of NuGeneration for UKL 85 million
NuGeneration acquires 50% stake in NuGeneration from Spain’s Iberdola
NuGeneration Ltd (NuGen)
NuGeneration Ltd. (NuGen) owns an option to purchase the 190 hectare Moorside site, located to the north of Sellafield, from the UK Nuclear Decommissioning Agency.
NuGeneration plans to build a 3.4 GigaWatt nuclear power station using three AP1000 reactors built by Westinghouse. Westinghouse is owned by Toshiba (87%), by Kazakhstan based Uranium and nuclear fuel producer KazAtomProm (10%) and the Japanese engineering company IHI (3%).
When finished, NuGeneration’s Moorside nuclear power plant is expected to deliver about 7% of UK’s electricity.
Two factors drive Toshiba to acquire a 50% share of NuGeneration (NuGen):
- the great uncertainty of the future of nuclear power in Japan following the Fukushima nuclear accident
- Toshiba’s commitment to nuclear power – and dependence on nuclear power construction following the acquisition of the majority of Westinghouse
Japanese investments in UK nuclear power generation
Toshiba’s investment in NuGeneration is the second large Japanese investment in UK nuclear power generation, following Hitachi’s acquisition of Horizon Nuclear Power from Germany’s RWE and EON Ag.
While Germany has decided to exit nuclear power with the “Energiewende”, the future of nuclear power in Japan is unclear – unlike in Germany, at the moment all Japanese nuclear power stations are switched off.
Interestingly Japanese and German companies react in opposite ways regarding the future of nuclear energy: German companies RWE and EON AG exit nuclear energy, while Toshiba and Hitachi grasp the opportunities and acquire nuclear power planning companies NuGen and Horizon Nuclear Power.
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