The government is to pump millions into development of nuclear power to develop cutting-edge technologies delivering cleaner, cheaper, more secure energy.
Energy Security Secretary Grant Shapps says Great British Nuclear will drive the rapid expansion of new nuclear power plants in the UK at an unprecedented speed, boosting UK energy security, reducing dependence on fossil fuel imports, creating more affordable power and growing the economy, with the nuclear industry estimated to generate around £6 billion for the UK economy.
Companies are now able to register their interest with GBN to competeto secure funding support to develop their products, with the potential to create billions of pounds of public and private sector investment in small modular reactor (SMR) projects in the UK.
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 cheaper. Rolls-Royce at Derby has already done considerable work on the technology
GBN will play a key role in helping the government hit its ambition to provide up to a quarter of the UK’s electricity from homegrown nuclear energy by 2050 and achieve among the cheapest wholesale electricity prices in Europe, whilst supporting jobs across the country.
Simon Bowen, interim chair of GBN said: “GBN is core to delivering the government’s new nuclear programme. Building on the work done at Hinkley Point and Sizewell, announcement of the start of the SMR selection process signifies a real step forward in delivering the scale of nuclear power that Britain needs for secure, sustainable energy future.
“We look forward to working with all interested parties – technology vendors, the supply chain, the wider industry and local communities as we move this essential programme forward.”
On top of today’s GBN competition launch, the government is also announcing today a grant funding package totalling up to £157 million:
Up to £77.1 million for companies to accelerate advanced nuclear business development in the UK and support advanced nuclear designs to enter UK regulation, maximising the chance of small and advanced modular reactors being built during the next Parliament.
Up to £58 million funding for the further development and design of a type of advanced modular reactor (AMR) and next generation fuel. AMRs operate at a higher temperature than SMRs and as a result they could provide high temperature heat for hydrogen and other industrial uses alongside nuclear power.
Tom Greatrex, Chief Executive of the Nuclear Industry Association, said: “The launch of GBN marks a new era for nuclear deployment in the UK – helping drive a programme of construction at pace and at scale to strengthen our energy security, create good jobs across the country, and advance our net zero future by providing up to 25% of our future power needs.
“Focus on the SMR selection will demonstrate the commitment to deployment of innovative technologies and open up new opportunities for the UK industrial supply chain here and abroad. There a range of sites and communities across the country ready to host SMR technology, alongside the large scale nuclear capacity we will also need.
“Britain has an important leadership role in the global nuclear industry, and nowhere more so than in our determination to drive Russia out of the nuclear fuel markets. The government’s Nuclear Fuel Fund will bolster those world-class capabilities that make us uniquely placed to help our allies replace Russian supplies with Western nuclear fuel.”
