Cumbria's Moorside nuclear new-build is likely to be thrown a multi-billion pound Korean lifeline this week.

It is expected that an announcement will be made this week by Korea Electric Power Corporation (Kepco) to say it is joining the consortium behind Europe’s largest new nuclear plant.

That agreement will begin the process of securing final approvals from nuclear regulators before a final decision is made early next year.

The Telegraph has reported that alongside the Korean announcement, Greg Clark, Secretary of State for Business, will reveal a number of government pledges for the nuclear industry.

Mr Clark held talks with South Korea’s trade minister last month and they signed a memorandum of understanding.

State-run Kepco revealed it was in talks to buy a stake in NuGen – which plans to build three new reactions in west Cumbria to provide seven per cent of the UK’s electricity needs.

Toshiba, NuGen’s current owner, has been exploring a range of options to fund the project after its then subsidiary Westinghouse Electric – due to supply three AP1000 reactors to Moorside – filed for Chapter 11 bankruptcy protection in the US, having overpaid by several billion dollars for another nuclear construction and services business.