Reports related to this article:
Project(s): View 2 related projects in PECWeb
Plant(s): View 2 related plants in PECWeb
Released September 02, 2016 | SUGAR LAND
en
Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--The developers behind a number of vital nuclear power projects in the U.K. have called on the new government to guarantee that the projects are still going ahead before they lose valuable backers.
Duncan Hawthorne, chief executive officer of Horizon Nuclear Power (Gloucester, England), which is proposing to build the £10 billion ($14.6 billion) Wylfa Newydd nuclear power plant project in Wales wants reassurances from the new Prime Minister Theresa May, following the surprise decision last month to review the permitted Hinkley Point C nuclear power project. For additional information, see August 1, 2016, article--EDF Go-Ahead for U.K. Nuclear Project but Government Wavers.
Hawthorne said that Horizon, which is owned by Hitachi Limited (OTC:HTHIF) (Tokyo, Japan), doubts whether the huge amount of money it has already invested will be recouped.
"We've spent £1.2 billion ($1.6 billion) on this project that we may never see again if we don't get a successful conclusion," Hawthorne told the Sunday Times newspaper. "A statement from this Prime Minister would be highly valuable."
Industrial Info reported on similar doubts expressed by Hitachi in February, before the U.K. voted to leave the European Union (EU) in the so-called 'Brexit' vote. For additional information, see February 5, 2016, article - Hitachi is Nervous over Planned Nuclear Plant in Wales.
Vincent de Rivaz, chief executive officer of the U.K. arm of Électricité de France S.A. (EPA:EDF) (Paris, France) set out his reasons this week why Hinkley Point C projects will benefit the U.K.
"Four weeks ago, EDF's board gave its approval for two new nuclear reactors at Hinkley Point in Somerset," de Rivaz explained. "The Government said it will take a short time to consider the project. That is understandable and I fully respect the decision. Detractors have filled many column inches and broadcast hours. However, some critics risk losing sight of the bigger picture by overlooking the positive impact and importance of this investment for Britain."
He added: "China's participation is much more than £6 billion ($8 billion) of inward investment. It brings the benefits of a 30-year partnership between EDF and China General Nuclear Power Company (CGN) in nuclear construction in China, a country with the largest civil nuclear programme in the world. We need to replace our ageing fossil fuel plants with new low-carbon electricity. It's a more complex future with interconnectors, batteries, gas, small and large nuclear, renewables, central and decentralised generation. The challenge is to get the right mix. There is no single technology which offers a panacea for our future needs. We need them all, including new nuclear."
Last month, China's ambassador to Britain warned the government that its suspension of the £18 billion ($23.7 billion) Hinkley Point C nuclear project threatened future trade relations. For additional information, see August 15, 2016, article--China Warns U.K. Over Hinkley Nuclear Delay.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
Duncan Hawthorne, chief executive officer of Horizon Nuclear Power (Gloucester, England), which is proposing to build the £10 billion ($14.6 billion) Wylfa Newydd nuclear power plant project in Wales wants reassurances from the new Prime Minister Theresa May, following the surprise decision last month to review the permitted Hinkley Point C nuclear power project. For additional information, see August 1, 2016, article--EDF Go-Ahead for U.K. Nuclear Project but Government Wavers.
Hawthorne said that Horizon, which is owned by Hitachi Limited (OTC:HTHIF) (Tokyo, Japan), doubts whether the huge amount of money it has already invested will be recouped.
"We've spent £1.2 billion ($1.6 billion) on this project that we may never see again if we don't get a successful conclusion," Hawthorne told the Sunday Times newspaper. "A statement from this Prime Minister would be highly valuable."
Industrial Info reported on similar doubts expressed by Hitachi in February, before the U.K. voted to leave the European Union (EU) in the so-called 'Brexit' vote. For additional information, see February 5, 2016, article - Hitachi is Nervous over Planned Nuclear Plant in Wales.
Vincent de Rivaz, chief executive officer of the U.K. arm of Électricité de France S.A. (EPA:EDF) (Paris, France) set out his reasons this week why Hinkley Point C projects will benefit the U.K.
"Four weeks ago, EDF's board gave its approval for two new nuclear reactors at Hinkley Point in Somerset," de Rivaz explained. "The Government said it will take a short time to consider the project. That is understandable and I fully respect the decision. Detractors have filled many column inches and broadcast hours. However, some critics risk losing sight of the bigger picture by overlooking the positive impact and importance of this investment for Britain."
He added: "China's participation is much more than £6 billion ($8 billion) of inward investment. It brings the benefits of a 30-year partnership between EDF and China General Nuclear Power Company (CGN) in nuclear construction in China, a country with the largest civil nuclear programme in the world. We need to replace our ageing fossil fuel plants with new low-carbon electricity. It's a more complex future with interconnectors, batteries, gas, small and large nuclear, renewables, central and decentralised generation. The challenge is to get the right mix. There is no single technology which offers a panacea for our future needs. We need them all, including new nuclear."
Last month, China's ambassador to Britain warned the government that its suspension of the £18 billion ($23.7 billion) Hinkley Point C nuclear project threatened future trade relations. For additional information, see August 15, 2016, article--China Warns U.K. Over Hinkley Nuclear Delay.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
