Prospective nuclear developers in the UK welcomed Business and Energy Secretary Greg Clark’s announcement of formal negotiations with Hitachi over potentially taking a government stake in its primary UK nuclear newbuild project. Not only will Whitehall consider purchasing an equity stake in Hitachi’s project, but Clark also stated that the government is weighing alternative financing mechanisms, including one that would shift construction risk onto ratepayers. But there was still nothing concrete on the table, which means Clark may have to go further to convince Seoul to back a contemplated acquisition of NuGen, the developer owned by Japan’s Toshiba.
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