U.K. Moves Toward Involvement on $27 Billion Nuclear Plant
- Government talks with Hitachi, Japan on funding Wylfa project
- U.K. wants to reduce taxpayer costs below what it paid EDF
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The U.K. is considering whether to take an equity stake in a 20 billion-pound ($27 billion) nuclear project in Wales, a move that would mark a major step away from private control of energy markets.
Greg Clark, the Cabinet minister in charge of business and energy, confirmed the government has entered detailed negotiations with the developer Hitachi Ltd. and Japan about how to fund the project in Wylfa and that deeper involvement by the state is one of the options. No decision has been made, and the discussions may last months and require numerous regulatory approvals.