A ‘massive revival of nuclear power’ got underway last month when Energy Security Secretary Grant Shapps announced how Great British Nuclear (GBN) will drive the rapid expansion of new nuclear power plants in the UK ‘at an unprecedented scale and pace’, boosting UK energy security, reducing dependence on volatile fossil fuel imports, creating more affordable power, and growing the economy, along with the nuclear industry generating an estimated £6 billion for the UK economy.
Companies can register their interest with GBN to participate in a competition to secure funding support to develop their products. This could result in billions of pounds of public and private sector investment in small modular reactor (SMR) projects in the UK, reaffirming the Government’s priority to partner with the nuclear industry and ‘jointly spearhead the future of nuclear technologies’.
Unlike conventional reactors that are built on site, SMRs are smaller, can be made in factories and ‘could transform how power stations are built by making construction faster, and less expensive’. GBN says it will play a key role in helping the Government achieve its ambition to provide up to a quarter of the UK’s electricity from homegrown nuclear energy by 2050, while achieving among the cheapest wholesale electricity prices in Europe and supporting jobs throughout the country.
In addition to supporting this emerging, ‘more agile’ technology, the Government says it remains committed to the mega projects of Hinkley Point C and Sizewell C and will work with GBN to consider the potential role of further large gigawatt-scale nuclear power plants in the UK energy mix.
Energy Security Secretary Grant Shapps said: “Britain has a rich history as a pioneer of nuclear power, having launched the era of civil nuclear power, and I am proud to be turbocharging its revival and placing our country once again at the forefront of global innovation. By rapidly boosting our homegrown supply of nuclear and other clean, reliable, and abundant energy, we will drive down bills for British homes and make sure the UK is never held to energy ransom.”
In addition to GBN’s competition launch, the Government also announced a grant funding package totalling up to £157 million.