Hitachi exits $26bn nuclear energy plant undertaking in UK

Japanese know-how firm Hitachi has introduced the top of plans for a multi-billion-pound nuclear energy plant undertaking in Wales, UK.

The Japanese firm already suspended operations on the $26bn (£20bn)  Horizon Mission in January final yr, after it couldn’t attain a monetary settlement with the UK authorities.

An organization spokesperson stated: “Hitachi made this decision given that 20 months have passed since the suspension, and the investment environment has become increasingly severe due to the impact of Covid-19.”

Hitachi’s UK subsidiary Horizon Nuclear Energy proposed the undertaking. Plans included development of two superior boiling water reactor (ABWR) at Wylfa Newydd in Anglesey, North-West Wales.

The spokesperson stated it would now coordinate with the UK authorities and different organisations related to the undertaking relating to its ABWR license, the administration of development websites, and different issues.

They continued: “Hitachi expresses its deepest gratitude to the UK authorities, the Wales authorities and residents, the Japanese authorities and different stakeholders for his or her continued help and cooperation.

“Hitachi will continue to contribute to improve social, environmental and economic value and people’s quality of life through its social innovation business, including its energy business.”

The UK authorities intends to assemble a number of nuclear reactors as a part of its power transition. Nevertheless, even after providing a financing package deal “well beyond what any government has been willing to consider in the past”, Hitachi remained uninterested.

Final month, Hitachi reportedly entered talks with the UK Authorities to revive plans for the Wylfa Newydd nuclear energy plant in north Wales after they stalled final yr.

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