Local council leaders on Tuesday voiced concerns following reports that Japan's Hitachi is to withdraw from a multi-million-pound nuclear power project off northwest Wales.

Japanese media said the group's Horizon Nuclear subsidiary had decided to walk away from the Wylfa Newydd project and would rubber-stamp the decision on Wednesday.

Hitachi had put the plans to build two reactors at the site on Anglesey on hold because of financing concerns but insisted it was still committed to the project last month.

The plant, whose building cost was estimated at up to �20 billion ($25.7 billion, 21.7 billion euros), aimed to generate nearly three gigawatts, enough to supply around six percent of Britain's electricity needs.

The leader of Anglesey Council, Llinos Medi, said: "If this decision is confirmed then it will be a devastating blow to the Anglesey economy.

"The Wylfa Newydd project had the potential to transform the Anglesey and North Wales economy, particularly that of North Anglesey," she added in a statement.

"I will be calling for an urgent meeting with both UK and Welsh governments to discuss the future of the Wylfa site."

Both Hitachi and the UK government declined to comment.

The Japanese industrial giant had been waiting for the government's latest energy strategy, which could potentially include new financing models for the nuclear industry.

But the policy has not yet been published.

The expected withdrawal comes against a backdrop of concern at Chinese involvement in Britain's nuclear industry, and strained diplomatic ties between London and Beijing.

Lawmakers succeeded in securing a government change of heart to block Chinese telecoms provider Huawei from the country's 5G network on security grounds.

They are now asking questions about China General Nuclear Power's (CGN) involvement in several projects, including one in partnership with France's EDF.

The Hinkley Point scheme, in Somerset, western England, is currently the only nuclear project under construction and is due to be completed in 2025.

Britain's nuclear power plants built in the last century have either closed or are coming to the end of their lifespan.

The government however wants to maintain the 20 percent of electricity it gets from the nuclear sector, to help meet its pledge to reduce carbon emissions to net zero by 2050 and tackle climate change.

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