Delta said in a statement that it “remains committed” to investing in new generating capacity and will restart the project as soon as external conditions improve.

Delta said it considers nuclear energy to be “a vital element in ensuring security of supply”. The utility said nuclear is highly cost-effective in the long-run, and will achieve “a massive reduction in carbon dioxide emissions compared to conventional generation methods”.

Delta said that it had told its shareholders that plans for a new reactor had been put on hold due to “a combination of the financial crisis, the high investment required for a nuclear power plant, the current investment climate and overcapaity in the electricity market combined with low energy prices.”

It said the decision was also influenced by uncertainty about Europe’s emissions trading system and the allocation of carbon dioxide emission rights. “These uncertainties are currently too great for a project of this magnitude,” Delta said.

But the company added that the Dutch government considers nuclear energy a potential component of a balanced energy mix and it is keen to grant a permit for a nuclear power plant if an energy company should apply for one.