KEPCO, Toshiba Discuss Ways to Promote Cooperation on Nuclear Power Business
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KEPCO, Toshiba Discuss Ways to Promote Cooperation on Nuclear Power Business
KEPCO, Softbank agree to push for a ¡°super grid¡± business in Northeast Asia and implement diverse joint energy projects in the 4th Industrial Revolution

30(Sun), Jul, 2017




President Cho Hwan-eik of Korea Electric Power Corp. (KEPCO) met with Toshiba President Satoshi Tsunakawa on June 14 and discussed ways of promoting cooperation in the nuclear power business. 

Their meeting drew keen attention from market watchers as KEPCO is seeking to join the NuGen consortium that is planning to build a new U.K. nuclear plant. KEPCO wants to acquire a stake in NuGen from Toshiba, which is considering withdrawing from the nuclear power business due to snowballing losses.

KEPCO President Cho and Toshiba President Tsunakawa discussed how to help the two companies have synergetic effects in the new/renewable energy and overseas nuclear power businesses, KEPCO officials said. Cho said KEPCO will participate in an international bid to acquire a British government project to build the Moorside Nuclear Power Station in northwestern U.K. 

He made the remarks at a meeting with reporters in Sejong City on March 21 after a regular meeting of KEPCO¡¯s board of directors, where he was officially reelected for another year for the second time after finishing his initial three-year term. 

NuGen is to build three AP1000 nuclear reactors for the Moorside Nuclear Power Station on a site near Sellafield, in Cumbria, by 2025. The price tag is 15 billion pounds (about 21 trillion won). 

NuGen, a U.K. joint venture between Toshiba and ENGIE, has been working on the Nuclear Power Station since it was awarded the project from the British government. Toshiba has a 60 percent stake in NuGen. If KEPCO succeeds in acquiring the British project, it will be the second time Korea would land an overseas nuclear power project, and eight years after the nation won its first order for a nuclear power project from the United Arab Emirates.





¡®Super Grid¡¯ Project in Northeast Asia 

President Cho had a meeting with Softbank Chairman & CEO Masayoshi Son at the Softbank headquarters in Tokyo on June 14 and agreed to aggressively push for a super grid business in Northeast Asia and implement diverse joint energy projects as part of the 4th Industrial Revolution. 

The leaders of the two companies shared views that a super grid in the Northeast Asia will emerge as a new solution to reducing minute dust and greenhouse gas emissions And the two companies agreed to help find a breakthrough to build an economic community by connecting Northeast Asia with energy. The two companies discussed the development of new energy industries by combining KEPCO¡¯s big data and Softbank¡¯s new technologies in the IoT sector, and ways of promoting cooperation in the 4th Industrial Revolution area. 

Presient Cho said, ¡°Now is a golden time for creating a foundation to develop low-carbon, and eco-friendly power generation in the power sector, and KEPCO and Softbank are at the center of these changes.¡±

Meanwhile, President Cho toured a photovoltaic power plant in Chitose City, Hokkaido, KEPCO¡¯s first overseas photovoltaic power project. 

He stressed the importance of the project to secure a competitive edge in the Japanese new/renewable energy market. He also gave words of encouragement to related officials to help Korean companies solidify their presence. 

President Cho¡¯s trip to Japan is expected to contribute to building a cooperative foundation and information exchanges with global corporate players, as well as expanding future growth engines and jobs. 

   
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