ENGLISH
|
JAPANESE
|
CONNECT WITH US:
Home
About
Contact
Log in
Home
Press release
Sep 16, 2020 19:17 JST
Source:
Hitachi, Ltd.
Hitachi to End Business Operations on the UK Nuclear Power Stations Construction Project
TOKYO, Sep 16, 2020 - (JCN Newswire) - Hitachi, Ltd. (TSE: 6501) today announced that it will end business operations on the nuclear power plant construction project in the United Kingdom (Horizon Project), which was suspended in January 2019 (1). Hitachi made this decision given that 20 months have passed since the suspension, and the investment environment has become increasingly severe due to the impact of COVID-19.
The Horizon Project is a proposal by Horizon Nuclear Power Limited, which Hitachi acquired in November 2012, to develop nuclear power stations comprising of two units of UK ABWR(2) at Wylfa Newydd in Anglesey, North-West Wales, with the intention to develop Hitachi's nuclear business in the UK and contribute to the energy policy of the UK government, as well as maintaining the business foundation that supports the nuclear industry in Japan.
Hitachi decided to suspend the Project in January 2019, from the viewpoint of Hitachi's economic rationality as a private company because it was clear that further time was needed to decide on a financing structure for the Project and the conditions for building and operating the nuclear power stations.
As a result of this decision to end business operations on the Horizon Project, Hitachi will coordinate with the UK government and relevant organizations regarding its cooperation as the owner of ABWR licence(3) and the handling of the planned construction sites and other matters. This decision is not expected to have significant impact on Hitachi's business results as Hitachi had posted an impairment loss and other expenses of 294.6 billion yen on consolidated financial results for fiscal 2018, the year ending March 31, 2019 due to the suspension of the Project.
Hitachi expresses its deepest gratitude to the UK government, the Wales government and residents, the Japanese government and other stakeholders for their continued support and cooperation. Hitachi will continue to contribute to improve social, environmental and economic value and people's quality of life through its Social Innovation Business, including the energy business.
(1) January 17, 2019 "Hitachi Announces Suspension of UK Nuclear Power Stations Construction Project and Posting of Impairment Loss and Related Expenses on Consolidated Basis, Posting of Extraordinary Loss on Unconsolidated Basis, and Revisions to Full-year Consolidated Business Forecast"
(2) A reactor adapted to UK requirements based on ABWR(Advanced Boiling Water Reactor)
(3) December 14, 2017 "UK ABWR successfully completes GDA process"
Source: Hitachi, Ltd.
Sectors: Alternative Energy
Copyright ©2021 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.
Latest Release
Honda, Cruise and GM Take Next Steps Toward Autonomous Vehicle Mobility Service Business in Japan
Jan 20, 2021 11:29 JST
DENSO Collaborates with Aeva to Bring New LiDAR to Market
Jan 20, 2021 09:34 JST
Mitsubishi Corporation: Commercial Operations Commence at Methanol / Dimethyl Ether Plant in Trinidad and Tobago
Jan 19, 2021 10:25 JST
TOYOTA GAZOO Racing Targets the Top Step on Classic Season Opener
Jan 18, 2021 18:08 JST
Second Overall as Toyota Gazoo Racing Fights To the End of Dakar 2021
Jan 18, 2021 17:30 JST
SDK to increase capacity of aluminum substrate for hard disks
Jan 15, 2021 10:00 JST
Toyota Gazoo Racing Introduces GR010 Hybrid Hypercar
Jan 15, 2021 08:37 JST
New-Look Toyota Yaris Wrc Ready to Fight for More Titles in 2021
Jan 15, 2021 08:16 JST
NEC Concludes Contract to Supply the Palau Cable 2 (PC2) Optical Submarine Cable
Jan 14, 2021 14:01 JST
Fujitsu Leverages Deep Learning to Achieve World's Most Accurate Recognition of Complex Actions and Behaviors Based on Skeleton Data
Jan 13, 2021 10:55 JST
Eisai to Present Abstracts on Lenvatinib at 2021 Gastrointestinal Cancers Symposium
Jan 12, 2021 12:37 JST
Thailand's First Demonstration Project of Optimized Performance Enabling Network for Volt/Var(Q) (OPENVQ) in Power Transmission Networks
Jan 12, 2021 12:21 JST
NEC Releases 'WISE VISION Endoscopy' in Europe and Japan
Jan 12, 2021 10:56 JST
Norwegian Block Exchange (NBX) Raises Capital for Growth
Jan 12, 2021 07:30 JST
MHI Thermal Systems Receives 2020 "Agency for Natural Resources and Energy Commissioner's Award" for MSV2 Series of High-efficiency, Air-cooled Heat Pump Chillers
Jan 07, 2021 15:20 JST
Olympus and Hitachi Announce Long-Term Business Alliance regarding Endoscopic Ultrasound Systems
Jan 06, 2021 18:48 JST
Hitachi Automotive Systems, Keihin, Showa, and Nissin Kogyo Conclude Management Integration and Commence Operations as Hitachi Astemo
Jan 06, 2021 18:17 JST
NEC's Northgate Public Services Acquires Charter Systems Ltd to Improve Information Sharing for Undercover Policing
Jan 05, 2021 10:19 JST
New Year Message from Kohei Morikawa, Showa Denko President and CEO
Jan 04, 2021 14:00 JST
Mazda Production and Sales Results for November 2020
Dec 28, 2020 10:37 JST
More Latest Release >>
Related Release
Thailand's First Demonstration Project of Optimized Performance Enabling Network for Volt/Var(Q) (OPENVQ) in Power Transmission Networks
January 12 2021 11:21 JST
Olympus and Hitachi Announce Long-Term Business Alliance regarding Endoscopic Ultrasound Systems
January 06 2021 17:48 JST
Hitachi Automotive Systems, Keihin, Showa, and Nissin Kogyo Conclude Management Integration and Commence Operations as Hitachi Astemo
January 06 2021 17:17 JST
Hitachi Capital, Hitachi Asia, and SANTEC Begin Collaboration to Drive Solar Power Generation Business in Thailand
December 28 2020 08:19 JST
Hitachi Automotive Systems Stereo Camera with Lane Keep Assist Adopted by Suzuki for their 'XBEE' with Enhanced Safety Devices
December 18 2020 14:09 JST
Hitachi ABB Power Grids launches all-new remote terminal unit to support grid modernization and renewables integration
December 17 2020 15:04 JST
Arcelik and Hitachi Global Life Solutions Announce their Intention to Form a Joint Venture in the Global Home Appliances Business (excluding Japan)
December 17 2020 12:36 JST
Hitachi ABB Power Grids Energizes NordLink and Accelerates Europe Towards a Carbon-neutral Energy System
December 10 2020 08:14 JST
Hitachi ABB Power Grids' Innovative Technology Sset to Contribute to the UK's Carbon-neutral Future
December 07 2020 06:29 JST
Hitachi Develops IoT Platform for the High Value-added Buildings Required for the New Normal
November 13 2020 09:13 JST
More Press release >>