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Released August 02, 2023 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--The U.K. government has finally launched its Great British Nuclear (GBN) body to spur growth in the small modular reactor (SMR) market and invited companies to apply for funding which could be in the billions of pounds.
SMRs are going to play a central role in the U.K.'s plan to revitalize its rapidly shrinking nuclear power sector. The government claimed that GBN will "drive rapid expansion of nuclear power at an unprecedented scale and pace...and the competition for game-changing SMR technology could result in billions of pounds of public and private sector investment in SMR projects". While not committing to an actual funding total at launch, the U.K.'s Energy Security Secretary Grant Shapps told media that the contract document suggested it could top £20 billion (US$26 billion) in the future.
Shapps said: "Britain has a rich history as a pioneer of nuclear power, having launched the era of civil nuclear power - and I'm 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 by tyrants like Putin. Today, as we open Great British Nuclear and the competition to develop cutting-edge small modular reactor technology, which could result in billions of pounds of public and private sector investment."
The move was welcomed by Tom Greatrex, chief executive of the Nuclear Industry Association: "The launch of GBN marks a new era for nuclear deployment in the U.K. -- 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 U.K. industrial supply chain here and abroad. There are a range of sites and communities across the country ready to host SMR technology, alongside the large-scale nuclear capacity we will also need."
At the launch the government announced funding of up to £157 million (US$202 million) for a variety of development programs including:
Nuclear's share of energy in the U.K. is currently about 15%, but almost half of the country's current capacity is due to be retired by 2025 and all but one of its reactors will retire by 2030. The U.K.'s only new nuclear power project at Hinkley Point C is facing a further one-year delay and a cost bump of up to £3 billion (US$3.8 billion). French energy major and project developer Électricité de France (EDF) (Paris) announced last year that first power for the project is now delayed until June 2027 and the project's completion costs are estimated in the range of £25 billion-£26 billion (US$31.2-$32.5 billion). Hinkley Point C is the U.K.'s first new nuclear project in more than 25 years and will be able to supply 7% of the country's electricity needs. Industrial Info is tracking the project, which will use two European Pressurized Reactors (EPR) reactors with a combined generating capacity of 3,300 megawatts (MW). The U.K. government wants to build up to eight new nuclear reactors as part of a sweeping energy strategy to strengthen its energy security in light of Russia's ongoing war in Ukraine. It is aiming to have 24 gigawatts (GW) of nuclear power by 2050, three times more than now and representing up to 25% of total power.
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).
SMRs are going to play a central role in the U.K.'s plan to revitalize its rapidly shrinking nuclear power sector. The government claimed that GBN will "drive rapid expansion of nuclear power at an unprecedented scale and pace...and the competition for game-changing SMR technology could result in billions of pounds of public and private sector investment in SMR projects". While not committing to an actual funding total at launch, the U.K.'s Energy Security Secretary Grant Shapps told media that the contract document suggested it could top £20 billion (US$26 billion) in the future.
Shapps said: "Britain has a rich history as a pioneer of nuclear power, having launched the era of civil nuclear power - and I'm 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 by tyrants like Putin. Today, as we open Great British Nuclear and the competition to develop cutting-edge small modular reactor technology, which could result in billions of pounds of public and private sector investment."
The move was welcomed by Tom Greatrex, chief executive of the Nuclear Industry Association: "The launch of GBN marks a new era for nuclear deployment in the U.K. -- 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 U.K. industrial supply chain here and abroad. There are a range of sites and communities across the country ready to host SMR technology, alongside the large-scale nuclear capacity we will also need."
At the launch the government announced funding of up to £157 million (US$202 million) for a variety of development programs including:
- Up to £77.1 million (US$99 million) of funding for companies to accelerate advanced nuclear business development in the U.K. and support advanced nuclear designs to enter U.K. regulation
- Up to £58 million (US$75 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.
- Awards of £22.3 million (US$28.6 million) from the Nuclear Fuel Fund to enable eight projects to develop new fuel production and manufacturing capabilities in the U.K., driving up energy security and supporting the global move away from Russian fuel.
Nuclear's share of energy in the U.K. is currently about 15%, but almost half of the country's current capacity is due to be retired by 2025 and all but one of its reactors will retire by 2030. The U.K.'s only new nuclear power project at Hinkley Point C is facing a further one-year delay and a cost bump of up to £3 billion (US$3.8 billion). French energy major and project developer Électricité de France (EDF) (Paris) announced last year that first power for the project is now delayed until June 2027 and the project's completion costs are estimated in the range of £25 billion-£26 billion (US$31.2-$32.5 billion). Hinkley Point C is the U.K.'s first new nuclear project in more than 25 years and will be able to supply 7% of the country's electricity needs. Industrial Info is tracking the project, which will use two European Pressurized Reactors (EPR) reactors with a combined generating capacity of 3,300 megawatts (MW). The U.K. government wants to build up to eight new nuclear reactors as part of a sweeping energy strategy to strengthen its energy security in light of Russia's ongoing war in Ukraine. It is aiming to have 24 gigawatts (GW) of nuclear power by 2050, three times more than now and representing up to 25% of total power.
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).
