Hitachi Seeks to Revive U.K. Nuclear Plant Plans, FT Reports

Hitachi Ltd. subsidiary Horizon Nuclear Power has been holding detailed conversations with U.K. government officials in recent weeks to revive plans for a proposed nuclear power plant in north Wales, the Financial Times reported.

Horizon has been trying to convince ministers that plans for the Wylfa Newydd plant on Anglesey could be quickly restarted if they can produce a new financing model for large nuclear power stations in the U.K., Chief Executive Officer Duncan Hawthorne told the Financial Times.

Hitachi suspended the project in early 2019 after failing to reach a financing agreement, saying it posed too great of a commercial challenge. The Japanese company, however, kept a small staff at Horizon and continued to push for planning permission after the government began reviewing a “regulated asset base” funding model, which curbs construction risk for developers by having consumers pay upfront for a new plant through their energy bills.

A decision on the plant’s planning application is expected by the end of next month, according to the report.

©2020 Bloomberg L.P.

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