RWE and E.ON abandon plans to construct nuclear power plants
Energy companies RWE npower and E.ON have abandoned to plans to develop nuclear power plants, in a decision which could severely impede the government's nuclear energy plans, according to an article published by the Independent.
RWE and E.ON originally had plans in place to develop plants at Wylfa, North Wales, and Oldbury-on-Severn, Gloucestershire; however because of financial constraints the two energy suppliers have announced that they will be seeking a new owner for their joint venture, entitled Horizon Nuclear Power.
The project was expected to have created around 5,000 construction jobs.
Chief executive of E.ON UK, Tony Cocker, stated: "E.ON has decided to focus its investment 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 Â£1 billion of investment in the last year alone, we will continue to select the right project in which to invest," he added.
Volker Beckers, chief executive of RWE npower, also stated that despite the companies' decision, nuclear power would still have a role to play in the UK's energy plans.
He said: "We remain convinced that Horizon's development projects represent excellent sites for new nuclear power stations in the UK."
Latest gas and electricity news brought to you by UK Power - the energy price comparison site.
Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.