HITACHI NUCLEAR CONSTRUCTION PROJECT ON HOLD
Hitachi has recently announced that it will cease operations on the Horizon Project; a UK-based nuclear power plant construction project. The project was suspended in January 2019 and the investment environment has become increasingly severe as a result of the impact of COVID-19, which spurred Hitachi to make the final decision to pull the plug.
The project was proposed by Horizon Nuclear Power Limited, to develop nuclear power stations at Wylfa Newydd in Anglesey in North Wales. However, in January 2019 the activity was suspended due to a lack of clear funding, and Hitachi needed time to decide on a financing structure for the project and the conditions for building and operating the nuclear power stations.
So what happens now? Steps will be taken for the closing down of all current development activities, but lines of communication will be kept open with the government and other key stakeholders regarding options for future projects.
“I understand this announcement will be disappointing for our many supporters who had hoped to see our project through to completion,” said Duncan Hawthorne, Horizon Nuclear Power Chief Executive, “and I would personally like to thank you for your support throughout our time on this project.”
Reacting to the news, Chief Executive of the Nuclear Industry Association, Tom Greatrex, said: “Today’s announcement is disappointing news which nevertheless underscores the urgent need for progress on new nuclear projects in the UK if net zero carbon emissions is to become a reality.”
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