Hitachi closes deal to buy E.ON and RWE’s nuclear venture

Posted at November 27, 2012 » By : » Categories : News » Comments Off on Hitachi closes deal to buy E.ON and RWE’s nuclear venture

Japanese company Hitachi yesterday completed its acquisition of German energy companies E.ON and RWE’s UK joint nuclear venture Horizon Nuclear Power for £696 million.

E.ON and RWE set up the 50:50 joint venture in 2009 to develop new nuclear generating capacity at Wylfa on Anglesey in Wales and at Oldbury in Gloucestershire.

But earlier this year, the partners announced their decision not to invest in new nuclear development in the UK and started looking for a buyer for the venture.

The decision coincided with the winding down of the Japanese nuclear sector in the wake of the Fukushima crisis.

The initial announcement that Hitachi was to take over E.ON and RWE’s interest in Horizon Nuclear Power was made last month.

Hitachi now says it plans to develop two to three 1300 MW nuclear power plants at each of the sites and will be seeking regulatory approval to use Advanced Boiling Water Reactor (ABWR) technology.

The ABWR design has already been approved for use in Japan and the US, however, plants in operation have been plagued by technical problems, argue critics.

“Hitachi is committed to helping the US achieve its vision of a secure, low-carbon and affordable energy supply,” vice president and executive officer Masaharu Hanyu commented in a statement. “The acquisition of Horizon is the first step in this journey, which will see us strive to build a strong UK power production company and support the creation of thousands of highly skilled jobs in the UK.”

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Related stories:
E.ON and RWE sell Horizon Nuclear Power to Hitachi (30-Oct)
Investment in UK nuclear revival plan looking uncertain (3-Oct)
EC gives go ahead for EDF’s Hinkley Point nuclear project (8-Aug)
E.ON and RWE npower drop UK nuclear development plans (29-Mar)

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