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Hitachi halts work on UK nuclear power plant over financing

Power News - Published on Mon, 21 Jan 2019

Image Source: bdtonline.com
Economic Times reported that work on a major new nuclear power station in Britain was suspended after the contracted developer, Japan's Hitachi, said that it has been unable to agree on financing with the UK government. Hitachi said that it was halting work already underway on the Horizon Project, which is located in Wylfa, Wales, on the island of Anglesey. It will also suspend work on another site located in England.

The company had been in talks with the British government for years about how it might support the project financially, including through stock and debt investments.

Mr Duncan Hawthorne, chief executive of Hitachi's nuclear business said that "I am very sorry to say that, despite the best efforts of everyone involved, we've not been able to reach an agreement to the satisfaction of all concerned.”

The suspension is a blow to the British government, which is in the midst of political chaos over Brexit and under pressure to show it is open to business deals with companies and countries beyond the European Union.

It also comes just two months after another Japanese company, Toshiba, decided to not go ahead with a power station it was looking to build in Britain.

Source :

Posted By : Rabi Wangkhem on Mon, 21 Jan 2019
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