Scottish and Southern Energy (SSE) has today pulled out of a consortium to build nuclear power stations.

SSE will sell its 25 per cent stake in NuGeneration (NuGen) to its joint venture partners GDF Suez and Iberdrola.

NuGen was set up by the three companies to build a power station near Sellafield in West Cumbria, but now SSE has decided it will instead concentrate its resources on its renewables ventures.

SSE’s generation and supply director Alistair Phillips-Davies said: “We have made it clear from the start of our involvement in NuGen that for SSE our core investment in generation should be in renewable energy.”

SSE had “always adopted a cautious approach to the financial and other issues associated with nuclear power development”, he said.

“NuGen will have to make a multi-billion pound investment decision around 2015, but even getting to the point of that decision will absorb, from now on, significant financial and management resources from everyone in the joint venture. We have concluded that, for the time being, our resources are better deployed on business activities and technologies where we have the greatest knowledge and experience.”

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