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The British government has offered 2 trillion yen ($18 billion) to Hitachi to built Wylfa nuclear power station

British government offers $18 billion to Hitachi’s UK nuclear project: Kyodo, Reuters Staff TOKYO (Reuters) 17 May 18 – The British government has offered 2 trillion yen ($18 billion)in financial support to a unit of Japan’s Hitachi Ltd (6501.T) to build nuclear reactors in Wales, Kyodo News reported on Thursday.

…….. The British government is offering support in loans and other ways to Hitachi unit Horizon Nuclear Power to cover a large proportion of the cost of its Wylfa Newydd project in Wales, Kyodo reported, citing a source close to the matter.

…….. Hitachi could decide as early as this week whether to go ahead, Kyodo said. It said the government’s offer was aimed at easing concerns about rising cost expectations, which have increased to 3 trillion yen.

A Hitachi spokesman declined to comment when contacted by Reuters.

The Kyodo report cited unidentified observers questioning whether the government would be able to carry out the offer, due to parliamentary opposition.

The British government played down a Japanese media report last week which said it would guarantee loans for the construction of the two reactors in Wales.

Britain is seeking new ways to fund nuclear projects after drawing criticism over a deal awarded to France’s EDF (EDF.PA) to build the UK’s first nuclear plant for 20 years, which could cost 30 billion pounds ($40 billion).

Hitachi’s Horizon plans to construct at least 5.4 gigawatts of nuclear capacity at two sites in Britain – the first at Wylfa Newydd, and the second at Oldbury-on-Severn in England…….. Reporting by Aaron Sheldrick and Kiyoshi Takenaka; additional reporting by Nina Chestney in London; editing by Christian Schmollinger, Jason Neely and Dale Hudson https://www.reuters.com/article/us-britain-nuclear-hitachi/british-government-offers-18-billion-to-hitachis-uk-nuclear-project-kyodo-idUSKCN1II17C

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May 18, 2018 - Posted by | politics, UK

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