LONDON, Nov. 8 (Xinhua) -- Japanese conglomerate Toshiba will end its nuclear project in the UK early next year, a statement released by the company read Thursday.
In the statement, Toshiba said it plans to start the winding-up process by Jan. 31, 2019 and will complete all British legal procedures.
"Toshiba announced its intention to withdraw from the nuclear power plant construction project in the UK," NuGeneration Limited, or NuGen, which in charge of running the project in Britain, posted on its official website Thursday.
As Toshiba's UK arm, NuGen stated that it had failed to reach any agreement following 18 months of negotiations with scores of potential owners.
It will keep a team in the UK to implement the winding-up work.
Based at the Moorside site in Cumbria UK, the suspension of the project could be problematic for the British administration, especially considering the uncertain process of Brexit, according to local media.
The Guardian newspaper said "the decision represents a major blow to the government's ambitions for new nuclear and leaves a huge hole in energy policy."