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4-Traders Homepage  >  Equities  >  KOREA EXCHANGE  >  Korea Electric Power Corporation    015760   KR7015760002

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Korea Electric Power : South Korea's KEPCO picked as preferred bidder for UK nuclear project

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12/06/2017 | 12:26pm CET
Power transmission towers are seen near the plant of new Shin Kori No. 3 reactor and No. 4 reactor of state-run utility Korea Electric Power Corp (KEPCO) in Ulsan

South Korea's state utility Korea Electric Power Corp (KEPCO) said on Wednesday that it had been picked as a preferred bidder for Toshiba's NuGen nuclear project in Britain, throwing the troubled project a lifeline.

KEPCO said in a statement the company planned to negotiate with Toshiba over the next few months to buy a stake in the nuclear project and sign a deal in the first half of next year if the negotiation progresses smoothly.

KEPCO's win occurs as South Korea, the world's fifth-biggest nuclear power user, plans to lower its dependence on nuclear power at home mainly due to safety concerns, while continuing its nuclear export drive abroad.

KEPCO had been negotiating with Toshiba to buy a stake in Britain's NuGen nuclear project in Moorside, northwest England, for months.

A KEPCO spokesman said the company had yet to get a nuclear design approval from the British government, known as a generic design assessment (GDA), to use its own nuclear reactor design.

The GDA approval process typically takes about four years.

Toshiba’s Westinghouse was initially expected to provide the reactor technology which already has GDA approval.

"Toshiba has been engaged with multiple credible and capable parties who have expressed an interest in acquiring NuGen, further testimony of the attractiveness of the nuclear industry in the UK and an indication of the degree of foreign investment that is ready and willing to enter this market," a NuGen spokesman said.

"NuGen and its shareholder Toshiba are exploring a range of options for funding the Moorside project, which includes Toshiba selling some or all its shareholding in NuGen," he added.

The ​NuGen project is expected to provide about 7 percent of Britain's electricity but was thrown into doubt after U.S. company Westinghouse declared bankruptcy and its partner in the project, France's Engie, pulled out.

It was initially hoped electricity generation would begin by 2025. Nugen's chief executive told Reuters in October that a new delivery plan would be set up by the new owners but the plant should still be up and running before 2030.

Britain needs to invest in new capacity to replace ageing coal and nuclear plants that are due to close in the 2020s, but large new plants have struggled to get off the ground due to high costs and weak electricity prices.

(Reporting by Jane Chung; Additional reporting by Nina Chestney in London; Editing by Tom Hogue and Edmund Blair)

By Jane Chung

Stocks treated in this article : Toshiba Corp, Korea Electric Power Corporation
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Financials ( KRW)
Sales 2017 59 367 B
EBIT 2017 6 480 B
Net income 2017 3 593 B
Debt 2017 49 265 B
Yield 2017 3,29%
P/E ratio 2017 6,98
P/E ratio 2018 5,84
EV / Sales 2017 1,25x
EV / Sales 2018 1,22x
Capitalization 24 844 B
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 48 483  KRW
Spread / Average Target 25%
EPS Revisions
Managers
NameTitle
Hwan-Eik Cho President & Director
Kang-Hee Lee Outside Director
Jeon-Hyuk Cho Outside Director
Ki-Ryeon Choi Director
Tae-Hyun Sung Director
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