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Government Must Take Stake In Moorside

Thursday, December 7, 2017

GMB CALLS ON UK GOVERNMENT TO TAKE A STAKE IN MOORSIDE AS SOUTH KOREANS GIVE NUCLEAR POWER STATION IN CUMBRIA NEW LEASE OF LIFE

The obvious next step is for Government to take a stake in the finance of the project - this would give certainty and drive the costs down significantly for UK electricity bill payers further down the line says GMB.

GMB, the union for nuclear workers, is urging the Government to take a stake in the financing of the the troubled £10 billion Moorside nuclear reactor.

The call comes as Korea Electric Power Corporation (Kepco), the world’s fifth biggest nuclear power producer, announced plans to negotiate with Toshiba to keep the build on track. [1]

The Moorside rector in Cumbria is set to have been delivering 7% of the UK’s electricity needs from 2025.

But project has been beset by a number of setbacks in recent months beginning with Toshiba’s US arm Westinghouse, which is producing reactors for Moorside, going bust [2] which led to Toshiba chairman Shigenori Shiga stepping down [3] and French investors Engie walking away from the deal. [4]

In September, state backed China General Nuclear (CGN), confirmed it was in the running to shore up the £10billion project [5] – but Kepco now looks to be the likely winner.

Justin Bowden, GMB National Secretary for Energy said:

“The involvement of the Koreans may provide a welcome lifeline for the Moorside nuclear power station after the disastrous mess caused by the collapse of Toshiba.

“But with this new lease of life, it is crucial too that the lessons of the Toshiba collapse are learned - that it is foolish and costly to rely solely on foreign companies or states to build our vital new energy infrastructure.

“Government is always ‘lender of last resort’ when it comes to keeping the lights on so it makes sense to save consumers avoidable extra costs on their bills and stop pretending the buck stops with them.

“The obvious next step is for goverment to take a stake in the finance of the project - this would give certainty and drive the costs down significantly for UK electricity bill payers further down the line.

“The UK and Cumbria vitally need Moorside to be built without any further avoidable delays.”

ENDS

Contact: Justin Bowden on 07710 631351 or GMB press office on 07958 156846 or at press.office@gmb.org.uk

Notes to editors:

[1] https://www.theguardian.com/business/2017/dec/06/korean-energy-firm-kepco-rescue-moorside-nuclear-power-project

[2] GMB Demands Moorside Reassurance as Westinghouse Goes Bust

Wednesday, March 29, 2017

It’s vital project is given certainty in wake of Westinghouse bankruptcy says union Read more: http://www.gmb.org.uk/newsroom/westinghouse-goes-bust

[3] Toshiba Resignation Must Not Jeopardise Moorside

Tuesday, February 14, 2017

Fiasco shows exactly why relying on foreign companies for energy needs ‘plain stupid“.

Read more: http://www.gmb.org.uk/newsroom/toshiba-resignation-fears

[4] 'Huge Concern' As Moorside Investor Walks Away

Wednesday, April 5, 2017

‘There is too much at stake for project not to go ahead’ says union.

Read more: http://www.gmb.org.uk/newsroom/huge-concern-moorside

[5] GMB Says Chinese Bid Is Not the Solution to Moorside Nuclear Plant in Cumbria and Suggests the Lessons of the Toshiba Collapse Have Not Been Learned

Thursday, September 21, 2017

Most members of the public will be looking on in continued bewilderment at the financing pantomime surrounding Moorside and asking why on earth the UK government hasn’t stepped in says GMB.

Read more: http://www.gmb.org.uk/newsroom/moorside-china-bid

Previous press releases:

Delayed Toshiba Accounts Show Govt Must Act On Moorside

Thursday, August 10, 2017

The chaos at Toshiba must shake government out of its stupor of inertia and act to ensure the zero carbon electricity we vitally need is produced at Moorside says GMB.

Read more: http://www.gmb.org.uk/newsroom/toshiba-account-losses

'Keep Moorside on Track'

Thursday, February 2, 2017

Relying on foreign money to build our infrastructure is always fraught with risks says GMB

Read more: http://www.gmb.org.uk/newsroom/keep-moorside-track

GMB Demands Clarity over Moorside

Tuesday, February 14, 2017

Union says this is why foreign investors shouldn't be left to keep Britain's lights on

Read more: http://www.gmb.org.uk/newsroom/clarity-over-moorside

'Monumental Moorside Cock Up'

Wednesday, April 12, 2017

What the hell is the UK Government to take control of the situation says union.

Read more: http://www.gmb.org.uk/newsroom/moorside-cock-up
 

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