Hi­tachi still un­de­cided on UK nu­clear project

The Gulf Today - Business - - INTERNATIONAL -

LON­DON/TOKYO: Ja­pan’s Hi­tachi has yet to de­cide whether to pro­ceed with its tril­lion yen ($28 bil­lion) nu­clear project in Bri­tain and talks with the gov­ern­ment are con­tin­u­ing, the com­pany and gov­ern­ment said.

Hi­tachi’s Hori­zon Nu­clear Power unit has strug­gled to find in­vestors for its plans to build a plant in Anglesey, Wales, which could pro­vide about 6 per cent of Bri­tain?s elec­tric­ity.

Ja­pan?s Nikkei busi­ness daily re­ported that Hi­tachi had de­cided to freeze the project, al­though it also re­ported that the board had yet to vote to make it a for­mal de­ci­sion.

A spokes­woman for Bri­tish Prime Min­is­ter Theresa May said talks with Hi­tachi were con­tin­u­ing.

“On Hi­tachi, the ne­go­ti­a­tions on that are on­go­ing and those are ob­vi­ously com­mer­cially sen­si­tive so I can’t com­ment,” the gov­ern­ment spokes­woman told re­porters when asked about the re­ports.

May met Ja­panese Prime min­is­ter Shinzo Abe this week in Lon­don. He told her Ja­pan did not want to see a dis­or­derly Brexit when Bri­tain leaves the Euro­pean Union in March.

Hi­tachi said in Fri­day’s state­ment that it had been as­sess­ing the project “in­clud­ing its po­ten­tial sus­pen­sion and re­lated fi­nan­cial im­pact.” “Should any mat­ter arise which needs to be dis­closed Hi­tachi will an­nounce in­for­ma­tion in a timely man­ner,” Hi­tachi said.

Nikkei re­ported that Hi­tachi had de­cided to freeze the project, lead­ing to a spe­cial loss of 200 bil­lion to 300 bil­lion yen ($1.9 bil­lion to $2.8 bil­lion) for the year end­ing in March. Hi­tachi’s board would vote on the sus­pen­sion at a meet­ing next week, it re­ported with­out cit­ing its sources.

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