The UK government is holding early-stage talks to buy a site in Wales to build a nuclear power plant, a move aimed at reviving Britain’s ageing nuclear fleet, the Financial Times newspaper reported.
State-owned Great British Nuclear is said to be holding discussions with Hitachi to buy a site in Wylfa in Anglesey, an island off north Wales, the Financial Times said, citing confirmation from an unidentified minister. The government would then aim to find a new private investor to develop the site, the newspaper said.
Japan-based firm Hitachi walked away from plans to build a new nuclear reactor at the Welsh site in January 2019 after failing to secure a financial agreement with the British government. The move ended up costing the company £2.1 billion (US$2.7 billion), according to the newspaper.
Last month, Electricite de France SA said its nuclear project at Hinkley Point, the UK’s largest energy project, will cost as much as £10 billion extra to build and take several years longer than planned. The UK government also announced an additional £1.3 billion for the Sizewell C nuclear plant as it seeks to attract private capital.
Power output from the UK’s nuclear power plants fell to the lowest in more than four decades last year, signalling an increasing reliance on fossil fuels that will make it more difficult to reach the nation’s net zero emissions target.