Theresa May urged to come clean on ‘secret’ meeting with Hitachi boss over £2bn taxpayer bailout for new nuclear power project. Hitachi, responsible for the £20bn new nuclear power plant in Anglesey, North Wales, said the project was unaffordable without state support. The group is reported to have claimed the £20 billion project due to start generating in the mid-2020s is unaffordable without state support. It’s the latest blow to the Government’s energy policy after huge delays to the construction of the Hinkley Point nuke plant in Somerset. The PM’s official spokesman would only say Mrs May was taking part in “private meetings” at Downing Street yesterday afternoon. Hannah Martin, Greenpeace’s UK head of energy, said: “The information blackout about government nuclear policy is unjustifiable. The SNP demanded the Government rule out public money on “failing nuclear projects”. Drew Hendry, the Scottish Nationalists’ business spokesman, said: “This is yet another damning report of the UK government’s misguided nuclear obsession. “Hinkley Point is already set to cost consumers a fortune because of the appalling strike price deal the UK government made with EDF. “The Prime Minister must now categorically rule out any public bail out of this, or any other nuclear project and put an end to secret discussions behind closed doors.”
The Sun 4th May 2018 read more »
Hitachi chairman Hiroaki Nakanishi will shortly travel to the UK to ask the government to take a direct stake in the company that is to build and operate a nuclear power plant in Anglesey, Wales. The Wylfa project is now 100% owned by Hitachi Group. Hitachi expects the U.K. government will invite private British companies to participate and hopes to reduce its own stake to less than 50%. Hitachi has recently concluded that the risk of proceeding with the Anglesey project, at an estimated cost of more than 3 trillion yen ($27.5 billion), is too great to manage on its own as a private company. It plans to withdraw from the project if restructuring negotiations fall through. Such a move would have significant repercussions for nuclear power policy for both Britain and Japan. In response to Hitachi’s concerns, the British government has proposed that UK interests and Japanese public and private interests join with Hitachi to move Anglesey forward. The three sets of shareholders would each put 300 billion yen into the project, giving each a one-third stake. According to sources, the company and the Japanese government see it as too risky for Japanese interests to retain a majority shareholding and hope that British interests will acquire a controlling stake.
Modern Power Systems 4th May 2018 read more »