UK Government to invest £5 billion in Wylfa Newydd nuclear power plant

• 7 years ago (2018-06-05)
• David Flin

Europe 1162 Nuclear 725

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The UK Government has announced that it has reached an agreement with Hitachi to invest £5 billion into the Wylfa Newydd nuclear power plant in Wales. It was emphasised that the agreement was provisional and that a final decision had not yet been taken.

Greg Clark, the UK Business Secretary, said: “For this project the Government will be considering direct investment alongside Hitachi and Japanese government agencies.” This represents a change in Government policy. In 2010, the Government said that there “must be no public underwriting of construction cost overruns” on new nuclear plants.

Wylfa is expected to cost around £16 billion, financed equally by the UK Government, the Japanese Government, and Hitachi. The Government stake has also reduced the guaranteed price of power from the plant to around £75-77 per MWh.