Iberdrola mulls an exit from UK nuclear project

 
Marion Dakers
IBERDROLA is said to be considering an exit from its UK nuclear plans as part of its debt-cutting strategy.

The NuGen project, a joint venture between Spain’s Iberdrola and French group GDF, is set up to develop a 3.6 gigawatt nuclear power station at Moorside, near Sellafield in West Cumbria.

But Iberdrola has been scaling back operations in Britain, with plans to sell off its power grid network, and yesterday the Sunday Times reported that it has told GDF it can no longer continue with NuGen.

A spokesperson for the venture told City A.M.: “Both partners are 100 per cent committed to the Moorside project.” Iberdrola did not respond to calls for comment.

NuGen has already lost one partner, after Scottish & Southern Energy disposed of its stake last year.

A final decision on whether the project will proceed is not due until 2015.

NuGen is one of three UK nuclear projects in the pipeline. Several firms put in bids to take over the Horizon venture from E.ON and RWE last week.