Hitachi says it will quit stalled British nuclear power project

Hitachi says it will quit stalled British nuclear power project

Reuters  | Sep 16, 2020 04:48

Hitachi says it will quit stalled British nuclear power project

TOKYO (Reuters) - Japanese conglomerate Hitachi Ltd (T:6501) said on Wednesday it would exit a stalled British nuclear power project, a decision that deals a blow to Britain's plans to replace ageing plants.

"Hitachi made this decision given that 20 months have passed since the suspension, and the investment environment has become increasingly severe due to the impact of COVID-19," the company said in a statement.

Hitachi last year froze the 3 trillion yen ($28 billion) project on the island of Anglesey, in north Wales, and booked a writedown of 300 billion yen on its British nuclear unit as the project failed to find private investors.

Sources at the time said Hitachi had called on the British government to boost financial support for the project.

The project was expected to provide around 6% of Britain's electricity.

Hitachi said it would coordinate with the British government and relevant organisations regarding the handling of the planned construction sites and other matters.

© Reuters. FILE PHOTO: General view of the decommissioned Wylfa nuclear power station on the island of Anglesey

The decision was not expected to have significant impact on Hitachi's business results as the company has already written down most of the related assets, the company said.

Related News

Latest comments

Add a Comment
Please wait a minute before you try to comment again.
Discussion
Write a reply...
Please wait a minute before you try to comment again.

Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

English (USA) English (UK) English (India) English (Australia) English (South Africa) English (Philippines) English (Nigeria) Deutsch Español (España) Español (México) Français Italiano Nederlands Português (Portugal) Polski Português (Brasil) Русский Türkçe ‏العربية‏ Ελληνικά Svenska Suomi עברית 日本語 한국어 简体中文 繁體中文 Bahasa Indonesia Bahasa Melayu ไทย Tiếng Việt हिंदी
Sign out
Are you sure you want to sign out?
NoYes
CancelYes
Saving Changes

+

Download the Investing.com App

Get free real time quotes, charts and alerts on stocks, indices, currencies, commodities and bonds. Get free top of the line technical analysis/predictors.

Investing.com is better on the App!

More content, faster quotes and charts, and a smoother experience is available only on the App.

';