BREAKING NEWS

Hitachi shares rise after report it is considering scrapping Britain nuclear project

Text size Aa Aa

TOKYO (Reuters) – Hitachi Ltd <6501.T> shares rose as much as 2.9 percent on Monday after Japan’s TV Asahi reported the firm is considering scrapping its 3 trillion yen (20.91 billion pounds) nuclear project in Britain due to projections of further increases in construction costs.

Hitachi’s Horizon Nuclear Power plans to build over 5 gigawatts of new nuclear capacity at two sites in Britain – the first at Wylfa Newydd in Wales.

The project will be discussed at Hitachi’s board meeting on Tuesday, and a conclusion is likely to be made by the end of the business year through March, TV Asahi reported. Giving up the project would incur Hitachi a 270 billion yen loss, it said.

A Hitachi spokesman declined to comment on the report when contacted by Reuters.

Hitachi shares ended up 1 percent at 3,254 yen, compared with a 2.1 percent decline in the Nikkei share average <.N225>.

(Reporting by Hideyuki Sano and Daiki Iga; Editing by Stephen Coates and Christopher Cushing)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.
Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.