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£1.68bn pre-tax loss forHorizon Nuclear Power, builder for suspended Wylfa Newydd project

BBC 5th July 2019 The company behind plans to build a new nuclear power station on Anglesey has reported a £1.68bn pre-tax loss. Work at Wylfa Newydd was suspended in
January by Hitachi due to rising costs. The latest accounts filed by its
subsidiary Horizon Nuclear Power Ltd show it cut the value of the land and
equipment by £1.52bn as it does not intend to build a new power station.

The accounts also show that staff redundancies and winding up work also
cost £127m. Horizon will now be put into a “suspended state” following the
release of most of its workforce and termination of most of its commercial
contracts, according to its annual report.

A report by the Welsh Affairs Committee said the UK government should encourage Hitachi to sell the site if it is not prepared to resume work. Horizon previously said its main
planning permission was being considered, as it keeps its options open.
“They are going ahead with the application because they’ve done so much
work already, it’s worth spending the additional money to finish that
work,” said Dr Edward Jones, economics lecturer at Bangor University.

July 8, 2019 - Posted by | business and costs, UK

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