NuGeneration joint venture launched

By 29 November 2010 Industry news

Iberdrola, GDF Suez and Scottish and Southern Energy (SSE) have announced the formal launch of their joint venture for nuclear new-build in the UK.

The new joint venture company, NuGeneration Ltd (NuGen), aims to develop a nuclear power station of up to 3.6GWe generating capacity, on land near Sellafield in Cumbria. The consortium acquired an option on the site in October 2009.

NuGen is now preparing detailed plans for development of the site, and intends to make a final investment decision around 2015. Any new power station would then be commissioned around 2023.

The joint venture company is headed by Olivier Carret (previously at GDF Suez) as chief operating director, and Alfio Vidal (previously at Iberdrola) as chief nuclear director.

Vidal commented: “NuGen’s greatest strength is that it can draw upon the experience, resources and skills of three well established and respected energy companies, that have experience of operating and delivering nuclear, and other generation plants, across Europe.

“We also hope to draw upon the expertise and knowledge that comes from the long tradition of nuclear power in West Cumbria. We will shortly be establishing a permanent base in the area, from where we expect to contribute to Cumbria’s ‘Energy Coast’ vision and seek to develop strong and long term relationships with local communities in West Cumbria.”

The three consortium partners currently own and operate around 10GW of nuclear capacity in Spain, Belgium, Germany and France. GDF Suez and Iberdrola each hold 37.5 per cent of NuGen, while SSE holds 25 per cent.

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