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18 January, 2019 00:00 00 AM
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Japan’s Hitachi freezes British nuclear project

AFP, Tokyo

Hitachi said yesterday it would freeze construction of its stalled nuclear power station in Wales due to financing problems, a blow to Britain's nuclear strategy and a costly decision for the Japanese firm.

Shelving the project at the Wylfa Newydd plant on Anglesey, a small island off the Welsh coast, will cost the Japanese firm 300 billion yen ($2.8 billion), it said.

Hitachi launched the three trillion yen project after acquiring Britain-based Horizon Nuclear Power in 2012.

The British government had reportedly agreed to finance two thirds of the construction cost, with Hitachi as well as Japanese and British investors scheduled to cover the balance.

But Hitachi's fund-raising efforts have been deadlocked at home while its request for additional investment from the British government has been shelved with London consumed by Brexit. "Unfortunately, despite the best efforts of everyone involved, the parties have not been able to reach an agreement to the satisfaction of all concerned," Hitachi said.

The Japanese firm added: "As a result, Hitachi has decided to suspend the project at this time... as it is now clear that further time is needed to develop a financial structure" for the project.

It said it had made the decision based on its economic reasoning as a private company.

But in an apparent bid to reassure London of its commitment to the country, Hitachi also said it would "continue to discuss a nuclear power programme with the UK Government" which it hoped would "further contribute to UK energy policy."

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Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
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Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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