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23 September, 2020

Hitachi to End Business Operations on UK Nuclear Power Project

On September 16, Hitachi, Ltd., announced that it would end business operations on a multi-billion-dollar project to construct nuclear power plants (NPPs) in the United Kingdom. It made the decision considering that twenty months had already elapsed since the project was suspended in January 2019, and also because the investment environment has “become increasingly severe” due to the impact of COVID-19.

In the project, Horizon Nuclear Power Limited in the UK— acquired by Hitachi in 2012 from the German power companies E.On and RWE—were to develop a nuclear power station (NPS) comprising two UK Advanced Boiling Water Reactor (ABWR) units (1,350 MW each) at Wylfa Newydd in Anglesey, located in northwest Wales. After Hitachi underwent a generic design assessment (GDA) and obtained approval from UK regulators to deploy the UK ABWR in the country, it started negotiating with the national government on a financing model and other issues toward realizing the project, but failed to reach an agreement in the end. In January 2019, then, Hitachi decided to freeze the project from the viewpoint of economic rationality. Because of the decision to withdraw from the project, Hitachi will now coordina...more
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