Hitachi cancels its £20bn Wylfa Newydd power plant

Hitachi cancels its £20bn Wylfa Newydd power plant

The company officially confirmed it was permanently cancelling plans for the Wylfa Newydd power station today, following Tuesday’s announcement from the Isle of Anglesey County Council that it had received news of the cancellation. Work on the Wylfa Newydd project on Anglesey was suspended in January 2019 due to rising costs, after Hitachi failed to reach a funding agreement with the UK government. Hitachi said on Wednesday that it has taken this final decision given that 20 months had passed since the project had paused “and the investment environment has become increasingly severe due to the impact of Covid-19”. The company has ensured it will coordinate with the British Government and related organisations regarding the handling of the planned construction sites and other issues. The scrapping of the project is not expected to have significant impact on Hitachi’s business results as the company has already written down most of the related assets. The cancellation comes as “disappointing news” After Hitachi announced that it will be terminating its involvement in UK nuclear projects at Wylfa Newydd, the news sparked some concern over the UK’s renewable energy agenda. Reacting to the news, Nuclear Industry Association chief executive 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.” Despite the current events, Greatrex expressed hopes about the possibility of new upcoming nuclear project and the use of the Wylfa site. “It is ...
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