Britain's Anglesey nuclear power project stalls Hitachi announced its withdrawal

Japanese conglomerate Hitachi Ltd.
said on Wednesday it would withdraw from stalled Britain's nuclear power project, a decision that dealt a blow to Britain's plans to
replace aging power plants.

"Hitachi made this decision given that 20 months have passed since the shutdown and the investment environment has become increasingly challenging
due to the impact of COVID-19," the company said in a statement.
”

Hitachi froze the 3 trillion yen ($28 billion) project on Anglesey Island in North Wales last year and wrote down 300 billion yen
to its British nuclear subsidiary after the project failed to find private investors.
At the time, it was reported that Hitachi called on the British government to increase financial support
for the project.

Hitachi said it would coordinate with the British government and relevant organisations to handle the planned construction site and other matters
.
The decision is not expected to have a material impact on Hitachi's business results, as the company has written down most of the underlying assets
.

The UK government said in a statement: "We recognise this will be very disappointing news
for the people of North Wales.
But it insisted that as the country transitioned to a "low-carbon economy", "nuclear power will play a key role in the UK's future energy mix".

The target production capacity of Anglesey Nuclear Power Station is almost 3 GW, enough to meet about 6% of the UK's electricity needs
.
Hitachi's subsidiary Horizo?? n Nuclear has insisted last month that it remains committed to the project
.

Hitachi has been waiting for the UK government's latest energy strategy, which could include a new financing model
for the nuclear industry.

Tom Greatrex, chief executive of the Nuclear Industry Association, said Hitachi's decision "emphasises the need for the UK to make progress on new nuclear projects to achieve net zero carbon emissions"
.

In a statement, he said the government "can secure these economic and environmental opportunities
for future generations by setting a clear pathway for new nuclear power in an upcoming policy statement.
" ”

Nuclear power plants built in Britain in the last century have been shut down or are about to expire
.
But the country wants to maintain 20 percent of its nuclear power generation to help meet its pledge
to reduce carbon emissions to net zero by 2050 and combat climate change.

Currently, the Cape Hinkley program in southwest England is the only nuclear project under construction, scheduled for completion
in 2025.

Steve Thomas, a professor of energy policy at the University of Greenwich in London, told AFP: "Hitachi's decision is a blow to
the British government.
”

Justin Bowden, a senior official at the UK Energy Alliance GMB, said it was a "fantasy"
to have foreign companies and governments fund the UK's future energy needs.

"Hitachi's fully predictable announcement is the result of a successive failure by the (UK) government to take decisive action on the new nuclear issue, particularly in its financing approach
," Bowden said.
”

Hitachi's move also undercuts Japan's attempts to
expand its nuclear operations overseas after the Fukushima disaster effectively halted demand for new reactors in its domestic market.