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Korea Electric eyes Toshiba's stake in UK nuclear venture

Utility waiting for parameters of deal to be set

KENICHI YAMADA, Nikkei staff writer | South Korea

SEOUL -- Korea Electric Power is keen to buy a stake in a U.K. nuclear venture from Toshiba, President Cho Hwan-eik said Wednesday, as the Japanese company pares its overseas nuclear business.

NuGeneration, a joint venture between Toshiba and French utility Engie, plans to build a nuclear power plant in northwestern England. Toshiba acquired a 60% stake for 102 million pounds ($126 million at current rates) in 2014. The conglomerate has discreetly sounded out Korea Electric about a sale.

"We'll be the first to make an offer" once the conditions are determined, including equity and debt structures, Cho told a media gathering in Sejong, marking the utility's first public expression of interest.

But solidifying the details of a proposal will require the blessing of the Japanese and U.K. governments, Cho said, noting that no such agreement has been reached.

(Nikkei)

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