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UK Chancellor Philip Hammond looks to ‘ alternative financing model’to save Wylfa nuclear project

Wylfa Newydd: Chancellor Philip Hammond ‘hopeful’ of nuclear plant deal  BBC  30 Jan 19 Work on a multi-billion pound UK nuclear project could still “go ahead” if a new financing model is found, Chancellor Philip Hammond has said.Japanese firm Hitachi cited rising costs for halting work on the £13bn plant at Wylfa Newydd, Anglesey.

It had been in talks with the UK government since June about funding for the project, which was being built by its Horizon subsidiary.

Mr Hammond said an alternative model was being worked on.

“Obviously we are disappointed by the decision of Hitachi to suspend work on the Wylfa project, but we haven’t given up hope,” he told the House of Commons.

“They retain the site and we hope that the work that we’re doing on a possible alternative financing model may yet allow the project to go ahead.”………

If the Wylfa Newydd project is scrapped, it leaves the Hinkley Point power station in Somerset as the only new UK reactor still being built.

There are plans for new plants at Bradwell and Sizewell, but neither is currently under construction……https://www.bbc.com/news/business-47041043

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January 31, 2019 - Posted by | politics, UK

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