MULTINATIONAL conglomerate Hitachi is considering pulling the plug on Wylfa Newydd – according to Japanese media reports.

TV network Asahi claimed that plans for the £12bn nuclear project on Anglesey could be scrapped.

Hitachi, whose headquarters are based in Tokyo, are currently in negotiations with both the Japanese and UK Governments about potentially taking a stake in the project.

However, funding is believed to be the biggest hurdle, with the Japanese firm wanting additional partners investors to share the costs and risks of the project.

A Horizon Nuclear Power spokesperson said that negotiations with potential investors are ongoing, saying: "Since the Secretary of State’s statement to the House in June this year, we have been in formal negotiations with the UK Government regarding financing of the Wylfa Newydd project.

"We want to do this in a way that works both for investors and the UK electricity customer.

"This is one of the aspects of the project development phase that must be concluded before the construction of Wylfa Newydd can go ahead, but the discussions are commercially confidential and we won’t be commenting on rumours or speculation."

The National Infrastructure Planning committee is currently carrying out an examination of the application for the nuclear station.

The committee is expected to make its recommendation to the Business, Energy and Industrial Secretary next spring with a decision expected over the summer of 2019.

If the project is given the green light, then an estimated 9,000 workers would be involved in building two nuclear reactors on the island.

The plant would aim to have a generating capacity of 2900 MW by the mid-2020’s and have a 60-year operational life.

Work has already begun at the site of the project, although Horizon Nuclear Power, which is now owned by Hitachi, still needs to get planning permission and marine licences.