Wylfa backers announce £1.7 billion losses

Horizon, the company that planned to build the new Wylfa nuclear power station has reported a £1.68bn pre-tax loss according to the BBC.

Work at Wylfa Newydd was suspended in January by Hitachi due to rising costs. Most of the Horizon staff have since been made redundant.

The latest accounts filed by its subsidiary Horizon Nuclear Power Ltd show it cut the value of the land and equipment by £1.52bn as it does not intend to build a new power station.

The accounts also show that staff redundancies and winding up work also cost £127m.

Horizon will now be put into a “suspended state” following the release of most of its workforce and termination of most of its commercial contracts, according to its annual report.

Director Tomorhiro Satake said: “This will see a very small number of staff continue a limited number of activities designed to keep the option open of a possible restart of Horizon’s projects, in particular the lead development at Wylfa Newydd