January 11, 2019 Read More →

Hitachi reportedly on verge of canceling U.K. nuclear project

The Guardian:

The Japanese conglomerate Hitachi looks certain to cancel its plans for a £16bn nuclear power station in Wales, leaving Britain’s ambitions for a nuclear renaissance in tatters.

An impasse in months-long talks between the company, London and Tokyo on financing is expected to result in the flagship project being axed at a Hitachi board meeting next week, according to the Nikkei newspaper.

The company has spent nearly £2bn on the planned Wylfa power station on Anglesey, which would have powered around 5m homes.

Withdrawal by Hitachi would be a major blow to the UK’s plans to replace dirty coal and ageing reactors with new nuclear power plants, and heap pressure on ministers to consider other large-scale alternatives such as offshore windfarms.

Hitachi and the UK and Japanese governments have been negotiating over a guaranteed price of power from Wylfa and a potentially £5bn-plus UK public stake in the scheme. Talks have proved “tricky to find a solution that works for all parties”, industry sources said.

Hitachi said it had made no final decision. “No formal decision has been made in this regard currently, while Hitachi has been assessing the Horizon Project including its potential suspension and related financial impacts in terms of economic rationality as a private company,” it said. The reference to a “potential suspension”, however, was the first official public confirmation that a withdrawal was being considered.

More: Hitachi set to cancel plans for £16bn nuclear power station in Wales

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