(Yicai Global) Dec. 8 -- Korea Electric Power Corporation [NYSE:KEP] claimed on Dec.6 that it has been elected as the preferred negotiator for acquisition of the equity in NuGen, the propeller of Moorside nuclear power project in the United Kingdom, at the expense of China General Nuclear Power Group. The South Korean media hailed the decision as winning the first place in a fierce bid against China.

Being selected as a preferred negotiator does not mean winning the project. However, once it finally succeeds, South Korea will export nuclear power plants for a second time following its project in the United Arab Emirates (UAE), and gaining a foothold in the UK market will also help South Korea's nuclear power industry continue to build up its overseas presence.

NuGen, a joint venture between Japan's Toshiba Corp. [TYO:6502] and French energy giant Engie SA [EPA:ENGI], intends to build three AP1000 nuclear power units, which will power about 6 million households upon completion, at the Mooreside site in Cumbria in northwest England. According to the original plan, the first power generating unit will be put into operation in 2024.

As impacted by the bankruptcy reorganization and financial scandal of the US nuclear electronics subsidiary Westinghouse, Toshiba is now insolvent. In view of the apparent challenge facing NuGen, Engie exercised its rights in April, demanding that Toshiba purchase all 40 percent of its shares in NuGen. Toshiba said in its filing in July that the share purchase process was completed in the UK on July 25, and that it would continue to look for investors interested in NuGen for it was considering selling its stakes in it.

After the bankruptcy process of Westinghouse kicked off, Toshiba invited a number of global industry players to visit the Moorside project and negotiated with them on investing in NuGen, hoping to pick out NuGen's new buyer from the industry giants, including China General Nuclear Power Corporation. China General Nuclear Power Corporation, which has substantively participated in the construction of the British nuclear power project, confirmed its acceptance of the invitation to bid on NuGen, thepaper.cn reported in September.