The government has promised a “massive reactivation” of nuclear power as it unveiled details of how its new independent nuclear body will “drive the rapid expansion of new nuclear power stations in the UK”.
Great British Nuclear (GBN) was officially launched today (July 18) alongside a competition for funding and support to develop small modular reactor (SMR) technology, which the government said could lead to “billions of £ of public and private sector investment”.
He added that SMR technology could “transform how power plants are built by making construction faster and less expensive.”
Companies were invited to express their interest to GBN, which would then aim to select awardees for the autumn. The process may include financing for construction, “if this demonstrates value for money.”
The government promises two final investment decisions on nuclear projects during the next parliament, at least one of which will be an SMR project.
Energy Security Secretary Grant Shapps said that with the launch of GBN and the SMR competition, “we are seeing the first glimpses of our renaissance of nuclear power to power Britain and grow our economy for decades to come “.
Andrew Bowie, Nuclear Minister, said: “I look forward to seeing world-class designs submitted from around the world through the competitive selection process as the UK takes its place front and center in the global race to free a new generation from nuclear technology”.
Alongside the competition, the government will also provide up to £157m in grants to support the nuclear industry. This includes up to £77.1 million to support the business development of advanced nuclear technology, as well as supporting designs to enter UK regulation.
In the UK, Rolls-Royce is leading a consortium to develop SMR reactors, which includes contractors Laing O’Rourke and Bam Nuttall. Last year, a Rolls-Royce representative told MPs that the supply chain was impatient for the government to show its commitment in the construction of SMR.
Other contractors looking to work on SMR projects include Balfour Beatty, which, along with South Korea’s Hyundai Engineering and Construction Co, has signed a memorandum of understanding with energy company Holtec Great Britain work on building a planned development program.
In addition, UK and EU-based SMR company Newcleo this year announced a capital raise of up to £900m.
Last year, Construction news looked at the obstacles and opportunities that the construction industry faces as it seeks to deliver about the government’s nuclear ambitions.
A policy paper on GBN says the body will work to support access to potential sites for SMR technologies.
“As an infrastructure project of national significance, we recognize that community involvement is critical to overall success,” he adds.
A project developer will work with communities, councils, regulatory bodies and other stakeholders to shape proposals through the consultation and planning application process.
GBN interim chairman Simon Bowen said: “Building on the work carried out at Hinkley Point and Sizewell [nuclear power station builds]today’s announcement of the start of the SMR selection process marks a real step forward in delivering the scale of nuclear power that the UK needs for a secure and sustainable energy future.
“We look forward to working with all stakeholders – technology providers, the supply chain, the wider industry and local communities – as we move this essential program forward.”
