Two nuclear power plants in the UK have lost their financial backing as E.ON and RWE npower have pulled out of the projects. The joint venture Horizon Nuclear Power was planning on investing in the construction of plants in Anglesey and Oldbury-on-Severn however both companies issued statements on 29 March explaining their decision to cease involvement in the schemes.
Chief Executive of E.ON UK, Dr. Tony Cocker, detailed: “E.ON has decided to focus its investment in the UK on other strategic projects that will allow us to deliver earlier benefit for customers and our company, rather than the very long term and large investment new nuclear power calls for. Our commitment to the UK remains as strong as ever and as our track record shows, with over £1bn of investment in the last year alone, we will continue to select the right projects in which to invest.”
Last year Germany made a huge commitment to close all of its nuclear power stations by 2022 after the devastating Fukushima disaster and the decision hit both E.ON and RWE npower hard. It is thought that this has had a direct effect on the two major firms pulling out of the UK projects.