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Funding deadlock looks set to sink Japan’s last overseas nuclear project.

Nikkei Asian Review 11th Jan 2019 , Hitachi to suspend all work on UK nuclear plant. Funding deadlock looks set to sink Japan’s last overseas nuclear project. Hitachi plans to put a U.K.
nuclear power project on hold as negotiations with the British government over funding hit an impasse, all but closing the book on Tokyo’s vision for nuclear infrastructure exports.
The Japanese industrial conglomerate’s
board is expected to officially decide next week to suspend all work on the
plant, including design and preparations for construction. Hitachi will
freeze the roughly 300 billion yen ($2.77 billion) in assets held by its
British nuclear business and write down their value, likely booking a loss
of 200 billion yen to 300 billion yen for the fiscal year ending in March.
The move would bring to a halt Japan’s last active overseas nuclear project
after the news last month that a Japanese-led consortium including
Mitsubishi Heavy Industries was scrapping a project in Turkey. With the
aversion to nuclear power that took hold after the March 2011 Fukushima
Daiichi disaster showing little sign of abating, prospects look grim for a
sector that the Japanese government had positioned as a pillar of its
infrastructure export drive. Hitachi had taken on the planned construction
of two reactors on the Welsh island of Anglesey after acquiring U.K.-based
Horizon Nuclear Power in 2012. The company is leaving the door open to a
return. The project is “not being abandoned,” a source close to Hitachi
told Nikkei, suggesting the company would keep an eye on the situation and
resume the project if possible.
While negotiations with London are
apparently set to continue, reworking the project to the extent Hitachi
requires will be no easy task. As things stand now, it appears likely that
the company will ultimately be forced to bow out.

January 12, 2019 - Posted by | business and costs, Japan, UK

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