UK Announces Plan to Invest Billions in Small Modular Reactors - EnergyPortal.eu
UK Announces Plan to Invest Billions in Small Modular Reactors
The UK government has made a significant commitment to nuclear energy, with plans to fund the construction of six to eight small modular reactors (SMRs) over the next 20 years. The goal is to generate 25% of the country’s electricity from nuclear power by 2050. The program, known as Great British Nuclear (GBN), aims to drive the rapid expansion of nuclear power on an unprecedented scale and pace.
The government’s investment in SMRs is expected to attract billions of pounds of public and private sector funding. In addition to the SMRs, the UK government has reaffirmed its support for the completion of the Hinkley Point C and Sizewell C projects. When both projects are complete, they will supply 3,340 MW of nuclear-generated electricity, meeting around 14% of the UK’s energy needs.
UK Energy Secretary Grant Shapps stated that the government’s commitment to nuclear energy is aimed at boosting energy security, reducing dependence on volatile fossil fuel imports, and creating more affordable power, which is estimated to contribute around £6 billion to the UK economy.
The government plans to hold a competition to select the SMR developers who will receive funding support. Rolls-Royce and GE-Hitachi are two leading contenders in the UK, with SMR designs of their own. Other potential competitors include X-Energy and NuScale.
This is not the first time the UK government has announced an SMR competition. In 2017, it promised funding for research and development in small nuclear reactors. Although the initial competition did not materialize, subsequent funding commitments were made for SMR projects.
The UK’s investment in SMRs reflects its determination to drive the global nuclear industry and reduce dependence on Russian nuclear fuel supplies. The government’s Nuclear Fuel Fund will support the development of Western nuclear fuel alternatives to replace Russian supplies.
The expansion of the UK’s nuclear industry is expected to create jobs and contribute to the nation’s energy security and grid resilience. With the commitment to SMRs, the UK is taking a significant step towards reducing CO2 emissions and achieving its net-zero carbon targets.
Related Knowledge Center: ENERGY BASICS: nuclear
Nuclear energy provides almost 20 percent of the U.S. electricity supply. Advocates have called for an expanded role for nuclear as an emissions-free fuel source. But the economics of building new reactors are daunting. In addition, lingering safety concerns are an institutionalized part of the calculation of nuclear regulation, and highly radioactive nuclear waste remains a can that public officials have been inclined to kick down the road. The Energy Information Administration projects a sharp decline in nuclear power generation over the next decade, as new nuclear plants — two are planned — are more than offset by anticipated retirements of several operating reactors.