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HITACHI SCRAPS UK NUCLEAR POWER PLANT PROJECT

7 months ago | World Business News | 0 comments

By Xai Reyes

Hitachi said Wednesday (Sep 16) it is pulling out of a multi-billion-pound nuclear power plant project in Wales, citing a worsening investment environment, in a blow to Britain’s low-carbon energy ambitions.

The project in Anglesey had already been suspended for 20 months, “and the investment environment has become increasingly severe due to the impact of COVID-19”, the Japanese firm said in a statement.

The company said it would coordinate with the UK government and others on the fate of its licenses and planned sites gave the withdrawal decision.

The Japanese industrial giant’s plans to build two reactors at the Wylfa Newydd site in Wales had been on hold since January 2019 because of financing concerns.

The cost of building the plant on Anglesey, off northwest Wales, had been estimated at up to £20 billion (US$25.7 billion, 21.7 billion euros).

Its targeted production capacity was nearly three gigawatts – enough to supply around six percent of Britain’s electricity needs.

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