Wylfa Newydd backer set for crunch talks with PM with fears company could quit nuclear project. The company behind Wylfa Newydd is set to hold crunch talks with PM Theresa May with concerns it could quit the project if it can’t offload a significant stake in the venture. Hitachi Chairman Hiroaki Nakanishi is expected to meet the prime minister on Thursday to get an update on the financial support on offer from the UK Government. It has been reported in the Japanese press that Hitachi wants to reduce its own stake in Horizon Nuclear Power to less than 50% with hopes the UK and Japanese Governments and private investors will share the risk of the £12bn project.
Daily Post 2nd May 2018 read more »
In response to reports that Hiroaki Nakanishi, the CEO of Hitachi, is scheduled to meet Theresa May tomorrow to negotiate the UK government investing in their proposed new reactor at Wylfa, Anglesey, Hannah Martin, Head of Energy at Greenpeace UK, said – “The government’s love affair with nuclear is turning Britain into the life-support system for this tottering industry. Hitachi’s boss is coming to the UK cap in hand, asking Theresa May for billions of UK tax-payers’ money for a project no bank or hedge fund would touch. If nuclear is too risky for the world’s biggest financial institutions, why should the UK public be forced to take the bet? This is a project in need of a bailout before it’s even got started. We urgently need to decarbonise. New reactors require more time than we have, more money than we can afford, and apparently a total lack of transparency, with the public kept in the dark over the deal. It is inexplicable that this outdated technology is still the government’s favoured option when the other nuclear states are trying to reduce their exposure. Modern, clean technologies like offshore wind can do the job faster, cheaper and without any of this secrecy. Before we’re forced to buy into this white elephant, the public should be told why.”
Greenpeace UK 2nd May 2018 read more »
Ekklesia 2nd May 2018 read more »
Urgent Joint Statement: Hitachi’s nuclear export transfers risks to both Japanese and British people while companies get profits. Hitachi’s Chairman Nakanishi is reportedly going to visit British Prime Minister Teresa May on 3rd May to ask the U.K. government to take a direct stake in Wylfa Newydd nuclear power project in Anglesey, Wales. Hitachi’s struggle just shows the risks of the nuclear power project is simply huge. While putting huge risks and cost onto both Japanese and British people, it is unacceptable that companies and banks take profit. Friends of the Earth Japan jointly with People Against Wylfa B released an urgent statement. The report says Hitachi is going to ask not only for direct investment but also an assurance for a power purchase agreement. Hitachi’s struggle just shows the risks of the nuclear power project is simply huge. In February, Mr. Nakanishi already expressed the view that the project would not happen without government commitment and stated “Both UK and Japanese governments understand that the project would not go on without the commitment by the governments”. To reduce the risk of the project, the project is said to be insured by Nippon Export and Investment Insurance (NEXI), 100 percent Japanese government owned export credit agency. In addition to huge construction cost, nuclear projects are associated with various risks such as accidents, increased cost for tougher regulations, opposition from local people, radioactive waste management and so on. Risks are too huge to manage. Thus, it is clear that companies should decide to retreat from the project. While transferring risks of the project to people, it is unacceptable that the companies and banks take profits. The Spokesperson from People Against Wylfa B, Dylan Morgan says; “Don’t pour good money in to the bottomless black hole of nuclear power. This is an old fashioned, dirty, dangerous and extortionately expensive technology. The Fukushima triple explosions and meltdowns has and will continue to cost the people of Japan greatly. There is no end in sight for this continuing tragedy, which means that no new nuclear reactors are going to be built in Japan. It is unacceptable that Japan wish to export this deadly technology to another state in order to keep Japan in the nuclear club.”
FoE Japan 2nd May 2018 read more »
The boss of Hitachi is meeting prime minister Theresa May today, in a bid to secure government funding for its proposed nuclear plant in Anglesey.
New Civil Engineer 3rd May 2018 read more »