Hitachi subsidiary Horizon Nuclear Power has been holding talks with UK government officials in recent weeks to revive plans for a proposed nuclear power plant at Wylfa in north Wales, the Financial Times reported.

Horizon has been trying to convince ministers that plans for two UK Advanced Boiling Water Reactors at the Wylfa Newydd station on Anglesey could be quickly restarted if they can produce a new financing model for large nuclear power stations in the UK, chief executive officer Duncan Hawthorne told the Financial Times.

Hitachi suspended the project in January 2019 after failing to reach a financing agreement, saying it posed too great of a commercial challenge. The Japanese company, however, kept a small staff at Horizon and continued to push for planning permission after the government began reviewing a regulated asset base (RAB) funding model, which limits construction risk for developers by having consumers pay upfront for a new plant through their energy bills. Horizon is said to ant clarity from the government on whether it can use the RAB model for Wylfa.