nuclear-news

Hitachi, desperate for nuclear sales, will own Britain’s nuclear power enterprise!

Masaharu Hanyu, head of Hitachi’s nuclear division, hinted that the Japanese conglomerate had little choice but to win business abroad.

Hitachi enters Britain’s nuclear sector TOKYO, Oct. 31 (UPI) –– Japan’s Hitachi Ltd. will build up to six new nuclear reactors in the United Kingdom as part of its agreement to acquire Horizon Nuclear Power from German energy companies RWE and
E.ON.

The $1.1 billion deal announced this week propels Hitachi into the “new and uncomfortable” role as the owner of an entire atomic-power enterprise instead of just a contract reactor builder, says a report in the Financial Times.

Domestically, in the wake of the March 2011 Fukushima nuclear disaster, Japan aims to phase out nuclear power by 2040.

Masaharu Hanyu, head of Hitachi’s nuclear division, hinted that the Japanese conglomerate had little choice but to win business abroad.
“We aren’t doing it this way because we like it,” he was quoted as
saying by the Times. “We want a place to build nuclear reactors.” The
deal comes amid uncertainty about the level of support nuclear
developers can receive from the U.K. government, which has explicitly
ruled out public subsidies for nuclear power.

Its forthcoming energy bill, slated to go before Parliament in
November, is expected to guarantee returns for nuclear and renewable
groups and reduce their investment risk.

That bill, said Energy Minister John Hayes, will “ensure energy
security by providing investors like Hitachi with the certainty they
need, and to get the best deal for the consumer,” the BBC reports.

Other unknown factors regarding the deal, reports the BBC, include how
much it would cost Hitachi to build the nuclear facilities in the
United Kingdom, when the plants would be completed and who would
operate them. Furthermore, the government-guaranteed “strike price,”
or minimum price for nuclear-generated power, hasn’t been determined.

Hitachi said it will use its boiling water nuclear reactor technology,
which is already licensed in other countries. But that system has yet
to be granted U.K. safety approval, the BBC reports.

“Today starts our 100-year commitment to the U.K. and its vision to
achieve a long-term, secure, low-carbon, and affordable energy
supply,” Hitachi President Hiroaki Nakanishi said in a statement.

“We look forward to sharing Hitachi’s corporate vision and nuclear
business policy with the management and employees of Horizon and
working harmoniously with U.K. companies and stakeholders for the
delivery of this vital part of Britain’s national infrastructure and
the creation of a strong U.K. nuclear power company.”
http://www.upi.com/Business_News/Energy-Resources/2012/10/31/Hitachi-enters-Britains-nuclear-sector/UPI-80271351713000/#ixzz2B0EHXDIs

November 1, 2012 - Posted by Christina Macpherson | Japan, marketing, UK