KOREAN FIRM SCOPING WYLFA
Parent company Hitachi in talks with nuclear investors
A KOREAN state-owned energy company is looking at buying into the proposed £10bn Wylfa Newydd nuclear power plant.
Korea Hydro & Nuclear Power (KHNP) has, according to the Sunday Times, held talks with Horizon Nuclear Power about investments in the Anglesey site.
Horizon Nuclear Power is a wholly-owned subsidiary of the Japanese firm Hitachi.
Hitachi has been unwilling to pay for the whole £10bn project on its own and has been actively seeking investors.
KHNP would be expected to invest in Horizon as a minority shareholder and, according to the report, is hiring UK advisers.
Horizon has said it can “learn lessons” from last month’s critical National Audit Office report into the Government deal for the new nuclear power plant at Hinkley Point, Somerset.
A Horizon spokesman said: “The report rightly highlights both the benefits of new nuclear and the challenges that we need to address.
“We are confident, given the tried and tested nature of our technology and if we learn lessons from the NAO’s report, that we can meet these challenges and deliver at a competitive price.
“Our lead project, Wylfa Newydd, will be a vital part of the UK’s energy future, alongside other nuclear projects as well as renewables.
“We also recognise the need to continually remake the case for new nuclear, including on cost, as the report sets out. The benefits of nuclear in terms of clean, reliable and secure electricity are clear, but these must also be delivered at a price that works for consumers, the Government and investors.”
Plans for the £10bn site