🤑 It doesn’t get more affordable. Grab this 60% OFF Black Friday offer before it disappears…CLAIM SALE

UK National Grid pauses on Moorside nuclear project power line

Published 16/05/2017, 12:27
UK National Grid pauses on Moorside nuclear project power line
EDF
-
NG
-

LONDON (Reuters) - National Grid (LON:NG) has put on hold development consent for a proposed power line connecting Britain's transmission network to the Moorside nuclear project in northwest England, in another blow to the project.

National Grid said it had paused its work to approve the 2.8 billion pounds ($3.6 billion) North West Coast Connections project following Moorside developer NuGen's decision to carry out a strategic review.

The nuclear project has been in doubt since Japan's Toshiba Corp pulled out of the construction work in February after its Westinghouse unit filed for bankruptcy. French energy group Engie also pulled out of the project, exercising its right to sell its 40 percent stake in NuGen to Toshiba.

NuGen has said the strategic review of the 10 billion pound Moorside project was due to "shareholder and vendor challenges".

"As a result of focussing their efforts on this review, NuGen are pausing work on their development consent order for Moorside," National Grid said.

"In light of this, we have decided to pause our work to consent NuGen's connection and take the time to understand NuGen's programme to make sure our projects are aligned," it added.

The grid operator said the consents should run in parallel so the Planning Inspectorate can examine the consent application for the connection line knowing there is a strong need for it.

"Despite this pause, we are confident the connection will still be ready when NuGen requires it and are continuing to work closely with them," it added.

Britain needs to invest in new infrastructure to replace ageing coal and nuclear plants set to close in the 2020s, but has struggled to get large projects built, especially nuclear, due to the costs involved.

EDF (PA:EDF)'s 18 billion pound Hinkley Point C nuclear project in southwest England got the final go-ahead in 2016 after several years of delay, but only after securing backing from the French government.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.