Engie’s decision to exercise a put option to sell its 40% stake in UK nuclear developer NuGen to 60%-owner Toshiba will merely increase Toshiba’s eagerness to sell NuGen entirely. And the longer Toshiba founders without a buyer for NuGen the more pressure there will be from both Tokyo and Whitehall to sell the company — which currently plans to build three AP1000s at the Moorside site in Cumbria — at any price. Toshiba’s best hope for a NuGen buyer is Korea Electric Power Co. (Kepco), which explains why UK government officials alongside senior NuGen executives flew to Seoul this week to discuss options.
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