Hitachi has officially confirmed it is withdrawing from Wylfa Newydd.
The nuclear plant on Anglesey was tipped to bring hundreds of skilled long term jobs to Anglesey but was placed on hold by the Japanese company in January 2019.
Planning for the site continued with hopes it could be restarted but yesterday Business Live revealed Hitachi was preparing to walk away from the site.
Hitachi today confirmed that it will "end business operations on the nuclear power plant construction project in the United Kingdom".
They said: "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 Horizon Project is a proposal by Horizon Nuclear Power Limited, which Hitachi acquired in November 2012, to develop nuclear power stations comprising of two units of 海角视频 ABWR (2) at Wylfa Newydd in Anglesey, North-West Wales, with the intention to develop Hitachi's nuclear business in the 海角视频 and contribute to the energy policy of the 海角视频 government, as well as maintaining the business foundation that supports the nuclear industry in Japan.
"Hitachi decided to suspend the Project in January 2019, from the viewpoint of Hitachi's economic rationality as a private company because it was clear that further time was needed to decide on a financing structure for the project and the conditions for building and operating the nuclear power stations.
"As a result of this decision to end business operations on the Horizon Project, Hitachi will coordinate with the 海角视频 government and relevant organizations regarding its cooperation as the owner of ABWR licence (3) and the handling of the planned construction sites and other matters."
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They added: "Hitachi expresses its deepest gratitude to the 海角视频 government, the Wales government and residents, the Japanese government and other stakeholders for their continued support and cooperation.
"Hitachi will continue to contribute to improve social, environmental and economic value and people's quality of life through its Social Innovation Business, including the energy business."
This comes ahead of the Development Consent Order(DCO) decision which was due to be announced by Secretary of State for Business, Energy and Industrial Strategy(BEIS) Alok Sharma by the end of September.
The development of the two-reactor nuclear site had been expected to be a major source of employment on Anglesey and a boost to the region’s economy.
A 海角视频 Government spokeperson said: "We recognise that this will be very disappointing news for the people of North Wales.
“Nuclear power will play a key role in the 海角视频’s future energy mix as we transition to a low-carbon economy, including through our investments in small and advanced modular reactors.
"That’s why we previously offered a significant package of potential support to this project that went well beyond what any government has been willing to consider in the past. This included taking a one third equity stake, providing all of the required debt financing to complete construction, and providing generous financial support through our Contract for Difference scheme.
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“We remain willing to discuss new nuclear projects with any viable companies and investors wishing to develop sites in the 海角视频, including in North Wales.”
Welsh Government Economy Minister, Ken Skates, said: "There has been a tremendous effort by Horizon Nuclear Power, Ynys Mon Council, the North Wales region and all our partners to bring this important project forward. Now is the time to continue with this strong partnership and build upon those efforts.
“We must not lose sight that Wylfa remains one the best sites in the 海角视频 for new nuclear development.
“We will work with our partners to explore all other options, including internationally with key allies, to deliver a sustainable future for the site.
“This must build on the skills and the supply chain capability we have in the region and across Wales.
It places us in a robust position to benefit from existing and future opportunities within the nuclear sector. In North Wales, these include cutting edge decommissioning and future technologies’ deployment at the Trawsfynydd site and advanced research and development derived from investment in the Nuclear Futures Institute at Bangor University and the new AMRC Cymru facility on Deeside.
“We will also continue to press the 海角视频 Government to make their commitment clear on Wylfa. We must all work together to realise the potential this site has to transform the economy of North West Wales and significantly contribute towards net zero carbon”
Virginia Crosbie, MP for Ynys Môn, said: "Over the past few months I have been working hard with key stakeholders locally and nationally to promote and support this project.
"I know that many people on Ynys Môn will feel disillusioned if there is yet another setback in the plans for Wylfa.
"However, I remain committed to my manifesto pledge to bring quality jobs, skilled employment and investment to Ynys Môn.
"I still believe that the Wylfa site offers great opportunities for the 海角视频 Government to deliver both its levelling-up agenda and net-zero carbon objectives.
"It is a prime location for a nuclear energy plant and if Hitachi does withdraw then I will continue to work on the island and in Westminster to seek alternative approaches for the site."