Hong Kong (CNN Business) Hitachi has shelved plans for a $20 billion nuclear power plant in the United Kingdom, raising questions over future energy supplies in the country.

The Japanese conglomerate said in a statement Thursday that it has stopped work on the project in Wales after failing to reach a deal with the British government.

Horizon Nuclear Power, the company's UK nuclear division, said the decision was made after several years of negotiations over financing with UK authorities failed to yield results.

Hitachi is the second big Japanese company to back away from the UK nuclear energy industry in recent months.

In November, Toshiba ( TOSBF ) said it would shut down its UK nuclear power operation NuGen early this year after failing to find a buyer.

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