Iberdrola eyes sale of NuGen

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SPANISH utilities giant Iberdrola is in talks to sell its 50 per cent stake in nuclear consortium NuGen to Toshiba-owned atomic plant builder Westinghouse, a source said yesterday.

The owner of Glasgow-based ScottishPower runs NuGen with French peer GDF Suez. Their joint venture owns a site at Sellafield, in the north-west of England, where it wants to build a 3.6 giga-watt power station.

The source said that a deal could be announced as early as next week.

They added: “Iberdrola wants to sell its 50 per cent stake. It has been in talks with Westinghouse but as things stand right now it is not a done deal.”

A Toshiba spokesman said: “Nothing has been decided at this time.”

Iberdrola and GDF Suez declined to comment.