Hitachi asks British PM for nuclear plant funding

Hitachi asks British PM for nuclear plant funding

Japan's electronics firm Hitachi may be asking the British government to take an ownership stake in its subsidiary which is to build and operate a proposed nuclear power plant in Wales.

Hitachi Chairman Hiroaki Nakanishi met Prime Minister Theresa May on Thursday in London.

Details of their discussion have yet to be made public, but it is believed that Nakanishi asked the prime minister to take a direct stake in Horizon Nuclear Power.

Hitachi plans to build 2 nuclear reactors on the Isle of Anglesey. It acquired complete ownership of the Britain-based energy firm in 2012 as part of the plan to expand its nuclear-related business there.

The increasing cost of safety measures for a new plant is a key factor for Hitachi in deciding whether to proceed with the project. The company is now calculating its profitability.

A final decision is expected sometime next year.