Hitachi ‘withdraws’ from £20bn nuclear project

Unless this scheme is revived, the UK government is putting even more pressure on its ridiculous and damaging ‘net zero’ energy policy. The likely gap between future electricity supply and demand seems wider than ever.

H/T Hatter Eggburn
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Plans for a £15-£20bn nuclear power plant in Wales have been scrapped, reports BBC News.

Work on the Wylfa Newydd project on Anglesey was suspended in January last year because of rising costs after Hitachi failed to reach a funding agreement with the UK government.

Isle of Anglesey council said the company had now confirmed in writing it is withdrawing from the project.

Council leader Llinos Medi said: “This is very disappointing, particularly at such a difficult time economically.”

Hitachi shelved the scheme, the biggest energy project ever proposed in Wales, over funding issues.

Anglesey council said it had received a letter from the Tokyo-based parent company confirming its decision.

Developer Horizon Nuclear, which is owned by Hitachi, said it would not comment.
. . .
Analysis by BBC Wales business correspondent Brian Meechan

As one of Wales’ biggest proposed construction projects, Wylfa Newydd has faced turbulent times.

The company behind it, Hitachi, has always been concerned about the costs of building the new nuclear power plant.

The UK government went some way in offering financial support to the project but it wasn’t enough to satisfy Hitachi’s concerns over the financial risks.

The UK government also held a consultation on plans that would see energy customers pay upfront for the costs of construction.

The industry has been waiting for months for an outcome to that.

When the UK government said nuclear was part of its push for green energy, the industry thought it was a positive sign for Wylfa Newydd.

But critics question how green nuclear energy really is, not to mention how safe it is.

Wales has been called the “land of artists’ impressions” with many big schemes that are talked about and never happen.

Full report and analysis here.

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September 16, 2020 at 03:42AM

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