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Released January 19, 2024 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--The U.K. government is hoping to resurrect its aging nuclear power industry by unveiling a plan that will see the country's biggest expansion in nuclear capacity in 70 years.
The ambitious Civil Nuclear Roadmap calls for the construction of a "large-scale nuclear plant,"on a site yet to be identified, that will quadruple energy supplies by 2050, up to 24 gigawatts (GW). It would be enough to provide a quarter of the U.K.'s electricity needs. Nuclear currently supplies around 15% of the U.K.'s total power from five active plants that supply roughly 6.5 GW. However, most of those plants will be offline well before the end of the decade and the country's only new nuclear project, Hinkley Point C, is still being constructed and is years overdue and billions of pounds over budget.
The roadmap includes a government ambition to secure 3-7 GW worth of investment decisions every five years from 2030 to 2044 on new nuclear projects. Faster permitting will be key to the faster rollouts. U.K. Prime Minister Rishi Sunak said: "Nuclear is the perfect antidote to the energy challenges facing Britain - it's green, cheaper in the long term and will ensure the U.K. 's energy security for the long-term. This is the right long-term decision and is the next step in our commitment to nuclear power, which puts us on course to achieve net zero by 2050 in a measured and sustainable way."
Secretary of State for Energy Security and Net Zero Claire Coutinho added: "Strengthening our energy security means that Britain will never again be held to ransom over energy by tyrants like Vladimir Putin. British nuclear, as one of the most reliable, low-carbon sources of energy around, will provide that security."
The government roadmap was welcomed by the nuclear industry. Tom Greatrex, chief executive of the Nuclear Industry Association, commented: "The commitment to explore a further large-scale project beyond Sizewell C in parallel with the deployment of small modular reactors (SMRs) is very welcome. We will need both large and small nuclear at scale and at pace for our energy security and net zero future. Allowing developers to engage with the government about Regulated Asset Base funding models should also make it cheaper to finance projects, cutting costs to the consumer. Decisions on 3-7GW in each 5 year period provides greater clarity and predictability, which in turn enables supply chain investment and more U.K. content in the future fleet."
French energy major Electricité de France (EDF) (Paris, France) is currently building the Hinkley Point C plant. It will use two European Pressurized Reactors (EPR) reactors with a combined generating capacity of 3,300 megawatts (MW), capable of supplying 7% of the country's electricity needs. Costs have been rising ever since the project began, and there have been notable delays. Last March, EDF warned that costs could rise by up to 20% to more than £32 billion (US$38.7 billion), up from 2022's estimate of almost £26 billion (US$31.4 billion). Industrial Info is also tracking plans for another, almost identical plant, at Sizewell C in Somerset, but no financial investment decision has been made despite government support to date of more than 1 billion pounds (US$1.3 billion).
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).
The ambitious Civil Nuclear Roadmap calls for the construction of a "large-scale nuclear plant,"on a site yet to be identified, that will quadruple energy supplies by 2050, up to 24 gigawatts (GW). It would be enough to provide a quarter of the U.K.'s electricity needs. Nuclear currently supplies around 15% of the U.K.'s total power from five active plants that supply roughly 6.5 GW. However, most of those plants will be offline well before the end of the decade and the country's only new nuclear project, Hinkley Point C, is still being constructed and is years overdue and billions of pounds over budget.
The roadmap includes a government ambition to secure 3-7 GW worth of investment decisions every five years from 2030 to 2044 on new nuclear projects. Faster permitting will be key to the faster rollouts. U.K. Prime Minister Rishi Sunak said: "Nuclear is the perfect antidote to the energy challenges facing Britain - it's green, cheaper in the long term and will ensure the U.K. 's energy security for the long-term. This is the right long-term decision and is the next step in our commitment to nuclear power, which puts us on course to achieve net zero by 2050 in a measured and sustainable way."
Secretary of State for Energy Security and Net Zero Claire Coutinho added: "Strengthening our energy security means that Britain will never again be held to ransom over energy by tyrants like Vladimir Putin. British nuclear, as one of the most reliable, low-carbon sources of energy around, will provide that security."
The government roadmap was welcomed by the nuclear industry. Tom Greatrex, chief executive of the Nuclear Industry Association, commented: "The commitment to explore a further large-scale project beyond Sizewell C in parallel with the deployment of small modular reactors (SMRs) is very welcome. We will need both large and small nuclear at scale and at pace for our energy security and net zero future. Allowing developers to engage with the government about Regulated Asset Base funding models should also make it cheaper to finance projects, cutting costs to the consumer. Decisions on 3-7GW in each 5 year period provides greater clarity and predictability, which in turn enables supply chain investment and more U.K. content in the future fleet."
French energy major Electricité de France (EDF) (Paris, France) is currently building the Hinkley Point C plant. It will use two European Pressurized Reactors (EPR) reactors with a combined generating capacity of 3,300 megawatts (MW), capable of supplying 7% of the country's electricity needs. Costs have been rising ever since the project began, and there have been notable delays. Last March, EDF warned that costs could rise by up to 20% to more than £32 billion (US$38.7 billion), up from 2022's estimate of almost £26 billion (US$31.4 billion). Industrial Info is also tracking plans for another, almost identical plant, at Sizewell C in Somerset, but no financial investment decision has been made despite government support to date of more than 1 billion pounds (US$1.3 billion).
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).
