E.ON has today (THURS) announced that following a strategic review it will not proceed with plans to develop its 50-50 joint-venture, Horizon Nuclear Power.

It will instead look to find a new owner for Horizon, and, in the UK, it will focus on other strategic projects that will deliver earlier benefit for customers and the company. The other partner in Horizon, RWE npower, has simultaneously made the same announcement. The decision means that alternative investors will now be sought to advance the work of Horizon Nuclear Power.

The decision has been made following a full review and against the backdrop of the wider E.ON group's financial constraints. Commenting on the announcement Dr Tony Cocker, Chief Executive of E.ON UK said: "E.ON has decided to focus its investment in the UK on other strategic projects that will allow us to deliver earlier benefit for customers and our company, rather than the very long term and large investment new nuclear power calls for.

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"Our commitment to the UK remains as strong as ever and as our track record shows, with over £1bn of investment in the last year alone, we will continue to select the right projects in which to invest."

Senior figures from E.ON, RWE and Horizon informed Horizon staff of the decision at its headquarters near Gloucester this morning.

Dr. Cocker continued: "Today we informed staff of our decision and we will now make sure that, as we seek investors to take over the running of this project, we will provide all affected colleagues with the necessary help and support they require.

"We believe that for the right company Horizon remains an attractive project - but sadly, at this time, not for us. It is a very well run company and I'd like to thank both the dedicated team that has advanced plans for new nuclear development at both Wylfa and Oldbury for their commitment and achievements to date, and the local communities and our business partners for their support."

(CD/GK)