LONDON (Reuters) - Britain’s energy secretary said on Wednesday it is still possible to deploy the Wylfa nuclear power project in the 2030s if a financing model can be agreed.
Last month, Japan’s Hitachi Ltd put its plans for a nuclear plant at Wylfa in Anglesey, Wales, on hold after it failed to find private investors.
“It is still possible to deploy Wylfa in the 2030s if a financing model can be agreed,” Greg Clark told a parliamentary committee.
The government is looking at the potential for a different funding model such as a regulated asset-based one which it will update on during the summer.
“One of the reasons (nuclear plants) have proved difficult to finance is because there is an abundance of alternatives which are cheaper. Nuclear has a much longer lead time than any of those alternatives. There is no shortage of ability to replace that power,” Clark added.
Reporting by Nina Chestney; Editing by Dale Hudson