Hitatchi Global Backs Away From Wales Nuclear Power Plant

After 20 months of suspended operations, Hitachi Global said Wednessday it would "end business operations on the nuclear power plant construction project in the United Kingdom ("Horizon Project"), slated for Wales. The company cited COVID-19 as a primary factor in their decision.

Wylfa N. The project was suspended in January 2019, more than a year before the COVID-19 pandemic began. Hitachi said in the 20 months that have passed since the suspension, the investment environment "has become increasingly severe due to the impact of COVID-19."

Hitachi acquired the Horizon Project with the intention of developing two UK ABWR nuclear power stations to be sited at Wylfa Newydd in Anglesey, North-West Wales.

Hitachi then decided to suspend the Project in January 2019, due to a changing financing structure for the Project and the conditions for building and operating the nuclear power stations.

Hitachi said it would coordinate with the UK government and relevant organizations regarding its cooperation as the owner of ABWR licence for the unbuilt plant, including the handling of the planned construction sites and other matters. This decision is not expected to have significant impact on Hitachi's business results as Hitachi had posted an impairment loss and other expenses of 294.6 billion yen on consolidated financial results for fiscal 2018, the year ending March 31, 2019 due to the suspension of the Project.

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