LONDON - Hitachi's UK unit Horizon Nuclear Power said it would suspend development programme after parent firm Hitachi said it would freeze plans for a new nuclear project in Wales.

Horizon is developing the Wylfa Newydd nuclear plant in Anglesey in North Wales and has a second site at Oldbury in South Gloucestershire, England.

The company said despite discussions with the British and Japanese governments it had not been able to reach agreement to the satisfaction of all parties.

"As a result we will be suspending the development of the Wylfa Newydd project, as well as work related to Oldbury, until a solution can be found. In the meantime we will take steps to reduce our presence but keep the option to resume development in future," Horizon CEO Duncan Hawthorne said in a statement.

Reuters