Supporters of the £ 20 billion Wylfa Newydd nuclear power plant in Anglesey are poised to resume operations as “detailed talks” begin with the government.
Duncan Hawthorne, CEO of Horizon Nuclear Power, announced that talks are ongoing with the government about a new funding mechanism.
Work on the site was suspended in January 2019 after Hitachi, the parent company of Horizon Nuclear Power, withdrew funding due to cost reasons and a lack of investors.
However, Horizon has continued its building permit application for Wylfa after the government initiated a review of a “regulated asset base” funding model.
A few remaining staff have also stayed on site to mobilize again when Horizon receives the go-ahead from the government.
Hawthorne said that FT: “What I’ve been trying to do lately is convince people that our lockdown hasn’t in any way undermined our ability to restart quickly.
“We are ready to go[…]but the financing model must be in place. We have a competitive project that will create jobs quickly and really boost the economy in the region where the plant is located. “
“If we can’t make our transaction viable in this environment, it will never happen.”
A Horizon spokesperson added: “As we have done since the difficult decision to suspend activities, we continue to work with the UK government and others to create the right conditions to support a possible restart for Wylfa Newydd.
“Given the benefits it will bring at both local and national levels, it is too important an opportunity not to deliver and we remain determined to do everything in our power to move this transformation project forward.”
When it is built, the facility will feed 2.9 GW of electricity into the national grid.
A spokesman for the Department of Business, Energy and Industrial Strategy said: “New nuclear energy plays an important role in providing reliable, low-carbon energy as part of our future energy mix in the fight against climate change. We regularly exchange ideas with developers about their projects. “
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