KEPCO chief announces resignation one day after winning reactor export contract


The statement said: "Kepco is excited about bringing their delivery experience to the United Kingdom and build on the important nuclear heritage of the UK".

Cho is set to leave the company in a ceremony scheduled on Friday.

Cho was formerly a bureaucrat at the Ministry of Trade, Industry and Energy, but assumed his current post at Kepco in 2012. I was pleased to meet with the South Korean company's senior leaders during the summer and was able to convey the many reasons for investing in West Cumbria, not least, a 70-year track record of leading the world's nuclear expertise.

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Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. Deutsche Bank has "Neutral" rating and $68 target. (NASDAQ: TMUS ) earned "Buy" rating by SunTrust on Friday, November 17.

Cho's announcement on Thursday came soon after KEPCO said it was selected as the preferred bidder of Toshiba Corp.

Toshiba holds a 100-percent stake in the project involving the construction of three 3.8 GW nuclear reactors by 2025.

Britain has launched a program to inject more into its energy sector, as many of its nuclear reactors are coming to the end of their operational life cycles. The NuGen project is expected to provide about 7 percent of Britain's electricity but was thrown into doubt after US company Westinghouse declared bankruptcy and its partner in the project, France's Engie, pulled out.

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"KEPCO and Toshiba will talk over the contract terms over the next few months and will finalize the deal when the negotiations are complete and the British government approves the project", KEPCO said in a statement.

Mrs Harrison, said: "The recent announcement that KEPCO is bidding for NuGen is encouraging news".

KEPCO's win occurs as South Korea, the world's fifth-biggest nuclear power user, plans to lower its dependence on nuclear power at home mainly due to safety concerns, while continuing its nuclear export drive overseas.

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