E.ON and RWE to spend £15 billion on UK nuclear plants

FRANKFURT (Reuters) – German utilities E.ON AG and RWE expect to spend over 15 billion pounds on planned nuclear power plants in Britain as the country renews its ageing suite of stations.

The companies’ joint statement Thursday announced the start date for the joint venture company named Horizon Nuclear Power as November 16, owned on a 50/50 percent basis by E.ON UK and RWE npower.

The first joint nuclear power stations could start up by 2020, said the two companies, which together have shares in 23 reactor blocks worldwide.

The two intend to build up to 6,000 megawatts of new nuclear capacity by 2025 at Wylfa and Oldbury, where they bought land for the purpose earlier this year.

The statement said up to 5,000 workers at each site would be needed in the construction phase of the venture.

It also said it would be possible to employ 800 at each of the two sites for the permanent operations of the plants.

Equipment suppliers will be picked next year, and the statement said the two wanted this to happen as early as possible.

(Reporting by Vera Eckert, editing by Will Waterman)