Negotiations are expected to continue over upcoming months and a deal is set to be signed early next year, subject to the relevant approvals and agreements.
Toshiba Corp., which has a 60 percent stake in the NuGen consortium in charge of building the nuclear power plant in Cumbria, northwest England, picked KEPCO as its preferred bidder.
Toshiba said in a brief comment to Yonhap News Agency that the company has chosen KEPCO as its preferred bidder, but it declined to give any further details.
A former high-ranking official of the Ministry of Trade, Industry and Energy said that many nuclear industry officials harbored "mixed feelings" toward such a contradictory policy.
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.
KEPCO plans to use its own April 1400 reactor design, the same that was used in a massive project Korea won in the UAE.
Image: Illustration of the Moorside nuclear power plant in the UK.
The statement added that meetings had taken place with the United Kingdom government and key figures in the nuclear industry in the United Kingdom and Korea.
Kepco is also expected to negotiate with the British government on an established price for its electricity and that price is expected to be lower than the publicly criticized price for electricity produced at the future Hinkley Point C nuclear power plant, which was set at $123.82 per megawatt hour, considerably higher than today's wholesale electricity price.
The Seoul government has vowed to support local companies' bids to export nuclear reactors overseas, in a move to ease concerns that the domestic nuclear phase-out plan could adversely affect efforts to newly secure contracts.