Hitachi to Suspend Nuclear Power Project in Britain

Economy

Tokyo, Jan. 11 (Jiji Press)--Hitachi Ltd. <6501> is in the final stages of adjustments to suspend a project to build a nuclear power plant in Britain, it was learned Friday.

The major Japanese heavy machinery maker will confirm the move at a board meeting to be held as early as next week, informed sources said.

Hitachi is settling on the suspension as it is unclear whether the company will be able to receive additional assistance from the British government, the sources said. It has had difficulty finding investors for a subsidiary that will operate the plant, amid concerns over profitability.

Hitachi is expected to book up to around 300 billion yen in related losses in the business year through March, the sources said.

The project aims for the construction of a nuclear power plant on the island of Anglesey in western Britain, to go into operation in the early 2020s.

[Copyright The Jiji Press, Ltd.]

Jiji Press