Hitachi says it will quit stalled British nuclear power project

Oil report

Reuters Staff

TOKYO, Sept 16 (Reuters) - Japanese conglomerate Hitachi Ltd said on Wednesday it would completely exit a stalled British nuclear power project, a decision that deals deal a blow to Britain’s plans to replace ageing plants.

“Hitachi made this decision given that 20 months have passed since the suspension, and the investment environment has become increasingly severe due to the impact of COVID-19,” the company said in a statement.

The decision is not expected to have significant impact on Hitachi’s business results as the company has already written down most of the related assets, the statement said.