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Released January 17, 2023 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--The rapid rollout of small nuclear reactors (SMRs) in the U.K. looks unlikely following reports that the government will now delay a decision on vital funding for at least a year.
A funding deal to help companies develop technology and sites was expected to be in place in the coming months, but according to reports from The Times newspaper, a row over the spiraling costs of existing nuclear power projects will set back a funding decision for SMRs by a year. This will impact the plans by leading SMR proponents like car and aerospace company Rolls-Royce (London, England), which recently announced a shortlist for the locations of its first proposed U.K. SMR manufacturing plant and potential sites for the first SMR power plant. For additional information, see December 29, 2022, article - Rolls-Royce Reveals Contenders for Small Nuclear Reactor Plant.
Promised funding will be delayed by the Treasury, according to insiders, until SMR technology gets approval from the Office for Nuclear Regulation (ONR), which oversees the testing of proposed reactor designs. This is not expected until 2024. Last April, Rolls-Royce became the first company in the U.K. to submit its 470-megawatt (MW) SMR design to the Generic Design Assessment (GDA) process. Based on small pressurized water reactors , the company plans to build 16 SMRs, each capable of generating up to 470 MW of electricity--enough to power 450,000 homes for 60 years. Each plant will take up just 10% of the footprint of a conventional nuclear power plant. The government has already promised Rolls-Royce funding support of £210 million (US$284 million) while the newly formed government body, Great British Nuclear (GBN) has £120 million (US$146 million) in potential funding for new nuclear technologies and a mandate to accelerate the planning process.
Speaking to the media in the past week, a Rolls-Royce spokesperson said: "We are ready to enter into negotiations with government and, if we can agree a route forward within a reasonable timeframe, we could start building British factories, commissioning supply chain contracts and agreeing export deals abroad before the next general election. Rolls-Royce SMR is making strong progress towards its goal of deploying a fleet of factory-built power stations in the U.K. and across the globe. We are progressing well through the regulatory consent process for our design and have shortlisted sites for the first power stations and the factories where the components will be manufactured."
Over the past year, the U.K. has championed the return of traditional nuclear power and SMRs, alongside renewables and hydrogen, to help secure more energy independence and aid its transition to net zero emissions by 2050. Last April, the government announced its intention to build up to eight new nuclear reactors as well as fast-track SMRs. It wants to reverse decades of under-investment, with the goal of boosting nuclear power to 24 gigawatts (GW) by 2050, three times more than now and representing up to 25% of total power. Today, nuclear power accounts for just 15% of the total, with five out of the six aging reactors due to be taken offline before the end of the decade. Industrial Info is tracking the only U.K. new-build project under construction, at Hinkley Point C in Somerset, which last year saw costs rise again by up to £3 billion (US$3.8 billion). Developer Électricité de France (EDF) (Paris) announced as well rising costs that first power will be delayed until June 2027, instead of 2025. Project costs have climbed from £18 billion (US$22.5 billion) in 2016 to £25-26 billion (US$31.2-32.5 billion) today. For additional information, see May 31, 2022, article - Costs Rise and Delays Hit U.K.'s Hinkley Point C Nuclear Project.
The government hopes to fast-track a two-reactor project for the Sizewell nuclear site in Suffolk. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can click here for the Hinkley project reports and here for the Sizewell reports. For additional information, see April 19, 2022, article - U.K. Wants Eight New Nuclear Power Reactors.
There have been renewed calls on the government from the nuclear power industry in the U.K. to speed up the funding and the planning process. Tom Greatrex, chief executive of the Nuclear Industry Association, told City AM: "There is no doubt that the U.K. can be a global leader in SMR. Working alongside larger reactors and renewables, they will provide a vital source of reliable, clean power, essential to reducing our reliance on burning volatile fossil gas for power, heat and transport--while simultaneously strengthening U.K. energy security. Proceeding with pace and urgency will not only make power more reliably and predictably priced, but it will also mean that U.K. technology will create long-term, high-quality jobs and export opportunities from which the country will benefit."
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
A funding deal to help companies develop technology and sites was expected to be in place in the coming months, but according to reports from The Times newspaper, a row over the spiraling costs of existing nuclear power projects will set back a funding decision for SMRs by a year. This will impact the plans by leading SMR proponents like car and aerospace company Rolls-Royce (London, England), which recently announced a shortlist for the locations of its first proposed U.K. SMR manufacturing plant and potential sites for the first SMR power plant. For additional information, see December 29, 2022, article - Rolls-Royce Reveals Contenders for Small Nuclear Reactor Plant.
Promised funding will be delayed by the Treasury, according to insiders, until SMR technology gets approval from the Office for Nuclear Regulation (ONR), which oversees the testing of proposed reactor designs. This is not expected until 2024. Last April, Rolls-Royce became the first company in the U.K. to submit its 470-megawatt (MW) SMR design to the Generic Design Assessment (GDA) process. Based on small pressurized water reactors , the company plans to build 16 SMRs, each capable of generating up to 470 MW of electricity--enough to power 450,000 homes for 60 years. Each plant will take up just 10% of the footprint of a conventional nuclear power plant. The government has already promised Rolls-Royce funding support of £210 million (US$284 million) while the newly formed government body, Great British Nuclear (GBN) has £120 million (US$146 million) in potential funding for new nuclear technologies and a mandate to accelerate the planning process.
Speaking to the media in the past week, a Rolls-Royce spokesperson said: "We are ready to enter into negotiations with government and, if we can agree a route forward within a reasonable timeframe, we could start building British factories, commissioning supply chain contracts and agreeing export deals abroad before the next general election. Rolls-Royce SMR is making strong progress towards its goal of deploying a fleet of factory-built power stations in the U.K. and across the globe. We are progressing well through the regulatory consent process for our design and have shortlisted sites for the first power stations and the factories where the components will be manufactured."
Over the past year, the U.K. has championed the return of traditional nuclear power and SMRs, alongside renewables and hydrogen, to help secure more energy independence and aid its transition to net zero emissions by 2050. Last April, the government announced its intention to build up to eight new nuclear reactors as well as fast-track SMRs. It wants to reverse decades of under-investment, with the goal of boosting nuclear power to 24 gigawatts (GW) by 2050, three times more than now and representing up to 25% of total power. Today, nuclear power accounts for just 15% of the total, with five out of the six aging reactors due to be taken offline before the end of the decade. Industrial Info is tracking the only U.K. new-build project under construction, at Hinkley Point C in Somerset, which last year saw costs rise again by up to £3 billion (US$3.8 billion). Developer Électricité de France (EDF) (Paris) announced as well rising costs that first power will be delayed until June 2027, instead of 2025. Project costs have climbed from £18 billion (US$22.5 billion) in 2016 to £25-26 billion (US$31.2-32.5 billion) today. For additional information, see May 31, 2022, article - Costs Rise and Delays Hit U.K.'s Hinkley Point C Nuclear Project.
The government hopes to fast-track a two-reactor project for the Sizewell nuclear site in Suffolk. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can click here for the Hinkley project reports and here for the Sizewell reports. For additional information, see April 19, 2022, article - U.K. Wants Eight New Nuclear Power Reactors.
There have been renewed calls on the government from the nuclear power industry in the U.K. to speed up the funding and the planning process. Tom Greatrex, chief executive of the Nuclear Industry Association, told City AM: "There is no doubt that the U.K. can be a global leader in SMR. Working alongside larger reactors and renewables, they will provide a vital source of reliable, clean power, essential to reducing our reliance on burning volatile fossil gas for power, heat and transport--while simultaneously strengthening U.K. energy security. Proceeding with pace and urgency will not only make power more reliably and predictably priced, but it will also mean that U.K. technology will create long-term, high-quality jobs and export opportunities from which the country will benefit."
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
