Japan's Hitachi Suspends NPP Project In North Wales Over Construction Costs -Press Release

Japan's Hitachi Suspends NPP Project in North Wales Over Construction Costs -Press Release

Japan's Hitachi multinational company decided to suspend its plan to construct Wylfa Newydd nuclear power station (NPP) on Wales' northern island of Anglesey over the failure to agree on the project's financial terms, Hitachi's subsidiary Horizon Nuclear Power responsible for the project's implementation said on Thursday in a press release

MOSCOW (Pakistan Point News / Sputnik - 17th January, 2019) Japan's Hitachi multinational company decided to suspend its plan to construct Wylfa Newydd nuclear power station (NPP) on Wales' northern island of Anglesey over the failure to agree on the project's financial terms, Hitachi's subsidiary Horizon Nuclear Power responsible for the project's implementation said on Thursday in a press release.

Earlier in January, media reported that the project's implementation, which cost Hitachi about $2 billion already, was in question since the Japanese company and the UK government were not able to reach consensus regarding the financial aspect of the future NPP construction.

"Horizon Nuclear Power has today announced that it will suspend its UK nuclear development programme, following a decision taken by its parent company Hitachi, Ltd. Horizon is developing the Wylfa Newydd nuclear plant on Anglesey in North Wales and has a second site at Oldbury on Severn in South Gloucestershire," the press release said.

The Horizon Nuclear Power explained that the step was taken over the failure to agree on financing and fix related commercial arrangements and did not rule out that the project might be resumed in the future if the existing problems were solved.

"Wylfa Newydd on Anglesey remains the best site for nuclear development in the UK and we remain committed to keeping channels of communication open with the Government and our other key stakeholders regarding future options at both our sites," Horizon Nuclear Power CEO Duncan Hawthorne was quoted as saying in the press release.

It was planned that the Wylfa Newydd (literally New Wylfa) NPP would be constructed on the site of Wylfa NPP, which was shut down in 2015 after over 40 years of working.