Hitachi suspended the work on a 15 billion pound, nuclear power project in North Wales due to disagreement on financial terms with Japanese and British Governments. Hitachi has been developing a nuclear power plant on Anglesey Island which expected to provide 850 permanent jobs.
Justifying the move, Hitachi said that this decision was taken from the viewpoint of Hitachi’s economic rationality as a private enterprise. However the company will still continue the discussion with government but its staff of around 300 people would be cut down to a very handful numbers.
This decision would serve as a big blow to the British Government as it is heavily depending on such nuclear installations to meet country’s coming year’s power needs. Government is certainly rethinking on its energy policy and it would certainly go a long was to keep Hitachi on board for such projects. Providing 850 permanent jobs, this Hitachi power plant would have been a big respite for the local economy of North Wales.
On Hitachi’s part this announcement would come as the end of a long and expensive saga as it has recently acquired Horizon sites from two German utilities in 2012 for £697 million, or about $900 million. Hitachi hoped that this project would have been proved to an international showcase for its reactor designs but eventually the company lost patience with the high level of spending required for this project.