i-Nuclear Update: German utilities RWE and E.On abandon plans to build new nuclear plants in UK

i-NUCLEAR

German utilities RWE and E.On abandon plans to build new nuclear plants in UK by I-Nuclear 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.” RWE And E.On Halt UK Nuclear Plans At Wylfa And Oldbury UK Energy Plans In 'Tatters' After Withdrawal Of Nuclear Utilities  Is The UK's Nuclear Future In Jeopardy?