This’revival’ of UK nuclear power plants, as Energy Security Secretary Grant Shapps announced today, will aid in providing consumers with clean and reasonably priced energy.
The UK government intends to build nuclear power plants on an unprecedented scale, eliminating the country’s reliance on imported fossil fuels and establishing strong energy security.
The government has opened a competition to develop small modular reactors (SMRs), and businesses can now submit funding applications to support their nuclear projects.
According to Grant Shapps, “Britain has a great history as a nuclear power pioneer, having started the era of civil nuclear power. I’m happy to be reviving nuclear power and putting our nation back at the forefront of global innovation.
We will lower energy costs for British households and ensure that the UK is never held to ransom for its energy by tyrants like Putin by substantially increasing our domestic production of nuclear power and other clean, dependable, and abundant energy.
We are witnessing the beginnings of our nuclear power renaissance to power up Britain and expand our economy for decades to come as we launch Great British Nuclear and the competition to develop cutting-edge small modular reactor technology, which could lead to billions of pounds of public and private sector investment.
How To Get Money To Fund SMR Projects
By 2050, the UK government hopes to have produced more than 25% of the nation’s electricity using domestic nuclear power.
SMRs will be crucial in reaching this objective. SMRs are much smaller and can be produced in factories than conventional nuclear reactors, which are constructed on-site. They could revolutionize nuclear power plant construction in the UK by speeding up development and saving money.
Companies can now sign up for GBN’s competition to win funding for their SMR projects from the public and commercial sectors, potentially amounting to billions of pounds.
The UK’s Minister for Nuclear, Andrew Bowie, said: “As longtime nuclear pioneers, we’re celebrating today with the launch of Great British Nuclear, which will play a crucial part in revolutionizing the way we power Britain from inside.
“As the UK takes its place front and center in the global race to unleash a new generation of nuclear technology, I look forward to seeing the world-class designs submitted from all around the world through the competitive selection process.”
A $157 Million Grant Financing Package Will Support The UK Nuclear Industry.
Additionally, the government has disclosed a grant financing program worth up to £157 million to advance the nation’s nuclear energy capabilities.
Companies will have access to up to £77.1 million to help enhance nuclear business growth in the UK and facilitate the entry of nuclear designs into UK regulatory framework.
An additional £58 million has been set aside to enhance the creation and design of advanced
AMRs, or advanced modular reactors, and modern fuel. Successful initiatives include:
Of this, £22.5 million has been given to Ultra Safe Nuclear Corporation UK to create a high temperature micro modular reactor (AMR) that can meet industry needs such manufacturing hydrogen and environmentally friendly aviation fuel;
£15 million in funding will be used by the National Nuclear Laboratory in Warrington to improve its high temperature reactor design; and
The National Nuclear Laboratory in Preston has received a £16 million grant to aid in the development of sovereign coated particle fuel capabilities, a cutting-edge high temperature reactor fuel.
Eight initiatives will help the UK develop its nuclear fuel manufacturing and production capabilities thanks to an additional £22.3 million from the Nuclear Fuel Fund.
“The launch of GBN marks a new era for nuclear deployment in the UK – 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,” said Tom Greatrex, Chief Executive of the Nuclear Industry Association.
Focusing on the SMR choice will show a dedication to using cutting-edge technology and provide new opportunities for the UK industrial supply chain both domestically and internationally.
