Germany's E.ON, RWE drop UK nuclear project

Germany's E.ON, RWE to give up UK nuclear power project, joint venture

Associated Press

BERLIN (AP) -- Germany energy companies RWE AG and E.ON AG are giving up their plans to build nuclear power stations in Britain and intend to sell a joint venture they set up to pursue the project.

The two companies set up Horizon Nuclear Power in late 2009. RWE unit npower said Thursday several things have changed since then: among them, capital for major projects "is at a premium" following the global economic crisis and nuclear projects are particularly large-scale.

It also cited the effects of the German government's decision last year to speed up the phasing-out of nuclear power in its home country. It noted that as a result RWE has embarked on efficiency enhancements and has a leaner capital expenditure budget.

RWE says it and E.ON "will now focus on finding a new owner" for Horizon.

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