RWE, E. ON opt out of £15-bn UK nuclear project
30 Mar 2012
Britain's plans to build a fleet of new generation nuclear plants for its energy needs suffered a setback after two German utilities pulled out from building reactors, citing the German government's decision to abandon nuclear power, and also the economic crisis in Europe.
German energy giants RWE npower and E. ON yesterday announced that they would not proceed with the £15-billion ($23.78 billion) Horizon project to build nuclear reactors at Wylfa in North Wales and at Oldbury-on-Severn in Gloucestershire.
The withdrawal by the German companies comes after Scottish and Southern Energy last year said that it was pulling out of the NuGeneration joint venture to build a new plant near Sellafield, West Cumbria.
RWE and Eon were to build 6,000 MW of new nuclear power station capacity in the UK by 2025 at an investment of more than £15 billion. They were planning to start construction of the first reactor by 2015.
"A strategic decision has therefore been made by both RWE and E.ON that they will not develop new nuclear power projects in the UK through the Horizon joint venture," the companies said in a statement.
The companies said they would look for a buyer for Horizon as quickly as possible to ensure that work on development can be taken up by other potential investors.
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