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Hitachi to acquire nuclear power firm

Hitachi is to acquire the nuclear power firm Horizon Nuclear Power as its German owners seek to move towards other forms of energy generation.

31 October 2012

Posted by Edel Quinn

Horizon Nuclear Power is to be acquired by Hitachi in a £700 million deal that sees it take over existing plants and owning the rights to construct the next generation.

After successfully completing sales negotiations with E.On and RWE, the Japanese firm will take over the sites of the existing plants at Wylfa on Anglesey and Oldbury near Bristol, where it will build new reactors to replace the ageing existing ones.

Ironically, the sale was prompted by the nuclear disaster in Japan last year when the Fukushima Nuclear Plant overheated and spilt radiation into the local environment following the earthquake and tsunami.

This move prompted them to decide to move away from nuclear energy.

Welcoming the news, prime minister David Cameron said: "This is a decades-long, multi-billion pound vote of confidence in the UK, that will contribute vital new infrastructure to power our economy."

Government policy is for nuclear power to be expanded in accordance with Conservative support for this, while the Liberal Democrats can speak against new reactors but not vote against them, as laid out in their coalition agreement.

Source: Department of Energy and Climate Change October 30th

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