ARTICLE · 08 JANUARY 2014

Britain’s New Nuclear Reactors See Asian Investment

Zyda Law

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On 4th December 2013, the Chief Secretary to the Treasury, Danny Alexander, announced as part of the UK Government’s National Infrastructure Plan, that the government had signed a co-operation agreement with Japanese energy company Hitachi "to promote external financing" for a new nuclear power plant at Wylfa in Anglesey, Wales.

United KingdomGovernment, Public Sector

Paul Zyda

On 4^th December 2013, the Chief Secretary to the Treasury, Danny Alexander, announced as part of the UK Government's National Infrastructure Plan, that the government had signed a co-operation agreement with Japanese energy company Hitachi "to promote external financing" for a new nuclear power plant at Wylfa in Anglesey, Wales. The site was bought by Hitachi for around £700m in October 2012 and the plant will be built by Horizon Nuclear Power, a subsidiary of Hitachi, which they bought from E.ON UK and RWE npower.

The new nuclear power plant, formerly known as Wylfa B, has been renamed Wylfa Newydd ("New Wylfa" in Welsh), in recognition of the "opportunities" the facility will bring, including the creation of up to 6,000 jobs while the reactors are being built and around 1,000 when the plant is operating. Horizon plans to build two new 1,300 MW Advanced Boiling Water Reactors, the first commercial boiling reactors in the country. The development will be classed as a

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