Picture: Foreign and Commonwealth Office
According to reports, late last month, Chancellor Philip Hammond met with the chairman of Hitachi in order to discuss a deal to build the £10bn Horizon nuclear project that will be located on Anglesey in north Wales.
The Sunday Times reported that Hammond met with Hiroaki Nakanishi in London to talk about a deal for the plant, which must ensure support from the governments of both countries. The British government could end up getting an equity stake of around 25 percent in the Horizon project, though concerns of raising government debt have prompted delays.
The government is under immense pressure to get a better deal than it did for Hinkley Point C in 2016. It agreed to an inflation-linked £92.50 per megawatt hour for the first 35 years of electricity that the plant generates. The National Audit Office (NAO) later denounced the planned nuclear power station at Hinkley Point C as a “risky and expensive project with uncertain strategic and economic benefits.” It said that a direct taxpayer stake could have driven to lower costs for consumers.
Hitachi did not immediately reply to a request for comment while the Treasury refused to comment.