Germany utilities RWE and E.On announced March 29 they are dropping plans to build new nuclear power plants in the UK.
In
a blow to the UK’s new nuclear programme, the German utilities said
they would try to find a new owner for their UK joint venture, Horizon
Nuclear Power.
Both
companies cited global economic conditions and their own specific
economics following the accelerated nuclear phase-out in Germany, which
has hit both companies hard.
“A number of factors have changed since the formation of Horizon in 2009,” RWE said in a press statement.
“The
global economic crisis has meant that capital for major projects is at a
premium and nuclear power projects are particularly large scale, with
very long lead times and payback periods,” the company said.
It
also cited “the effect of the accelerated nuclear phase-out in Germany,
which has led to RWE adopting a number of measures, including
divestments, a capital increase, efficiency enhancements and a leaner
capital expenditure budget.”
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