The British government are in talks with Hitachi for the possible construction of nuclear reactors for Hitachi-owned Horizon Nuclear Power plant in Wales.
Yesterday, it was reported that the UK government would give Hitachi £13.3bn in funding for the development, however, the Department for Business, Energy and Industrial Strategy confirmed that this was false.
A BEIS spokesperson said: “We don’t recognise these reports. Nuclear power remains a crucial part of the UK’s energy future but we have always been clear that this must be delivered at the right price for consumers and taxpayers.”
“This principle runs through all our engagement with any new build developers. These discussions are commercially sensitive and we have no further details at this time.”
The current nuclear reactors, which supply Britain with more than 20 per cent of its power, are becoming outdated and some will go offline by 2025.
There has been some internal debate on the funding offer as some MPs are opposed to give such a large amount of money to the nuclear project.
The Wylfa Newydd site is one if the two places Hitachi’s Horizon is planning to develop nuclear reactors, the second being Oldbury-on-Severn in England.
Concerns have been raised about Britain’s power plants becoming too old and not able to produce as much energy as expected after cracks were found in the core of the reactor at the Hunterston B plant in Scotland.
Hitachi bought Horizon Nuclear Power in November 2012 for £696m after wanting to expand abroad after the 2011 Fukushima crisis created a difficult nuclear market in Japan.
Credit source: http://www.cityam.com