Horizon Nuclear Power

This article is part of the Nuclear Spin project of Spinwatch.

Background

Horizon is a UK energy company formed in January 2009 by the German-owned E.ON UK and RWE npower in a joint venture to develop new nuclear power stations in the UK. Both E.ON and RWE already jointly owned three nuclear power stations in Germany, with stakes in 17 others worldwide.

In March 2012, however, the two announced their intention to withdraw from UK nuclear and seek new owners for Horizon. Both companies blamed this withdrawal on a lack of cash, partly resulting from recent lower profit margins in gas- and coal-powered electricity generation, along with the damage caused by the German government's decision to desert nuclear power in the wake of the Fukushima disaster.

In May 2012 MPs on the UK Commons select committee for energy and climate change were told by Volker Beckers, chief executive at RWE that persisting with Horizon was not an option, adding that "It would have meant a [credit] downgrading, and we could not afford to do that." The company had already suffered one downgrade and was reducing its capital requirements in response.

"Our decision was down to the financial firepower of the company," said Tony Cocker, chief executive of E.ON UK. "Nuclear is an extremely long-term investment."

Current activities

From Horizon's website as of June 2012:

Horizon is proposing to build a new nuclear power station on land next to the existing Wylfa A Power Station on Anglesey. The new power station would be expected to generate around 3,300 megawatts of low carbon electricity - enough to supply around five million homes.

As part of the planning process for the project, we are seeking the views of the local community, the general public, local authorities and a range of statutory and other non-statutory bodies.