Business

Nuclear pair-up

THE UK's nuclear power industry was boosted when a joint venture deal brought the building of a new £10 billion power station a step closer.

Japanese engineering and technology firm Toshiba has signed an agreement to buy 60 per cent of NuGen, the UK-based group that plans to build three nuclear reactors next to the Sellafield site in west Cumbria.

The remaining 40 per cent of NuGen remains with European energy business GDF Suez.

The project is scheduled to be completed in 2024, will create up to 21,000 jobs and will generate 3.4 gigawatts of energy, which is enough to power six million homes - equivalent to 7 per cent of the UK's electricity requirement.

The three reactors will be built on the Moorside site near the existing Sellafield nuclear complex and will take approximately four years each to build.