Great British Nuclear (GBN) will fuel the rapid development of UK nuclear power stations, adding an estimated £6bn to the country’s economy.
Announced today by Energy Security Secretary Grant Shapps, this ‘revival’ of UK nuclear power stations will help to deliver clean and affordable energy to consumers.
The government plan to develop nuclear power stations in the UK at an unprecedented scale, reducing the nation’s dependence on foreign fossil fuel imports and creating robust energy security.
Companies can now apply for funding to fuel their nuclear projects, with the government opening a competition to pioneer small modular reactors (SMRs).
Grant Shapps explained: “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, we are seeing the first brush strokes of our nuclear power renaissance to power up Britain and grow our economy for decades to come.”
How to secure funding for SMR projects
The UK Government has set the ambitious target of generating more than 25% of the country’s electricity from homegrown nuclear energy by 2050.
SMRs will be key to achieving this goal. SMRs, unlike regular nuclear reactors built on-site, are much smaller and can be manufactured in factories. They can potentially revolutionise how UK nuclear power stations are built by reducing development time and saving money.
Companies can now register their interest in GBN’s competition to secure what could be billions of pounds of public and private sector funding for their SMR projects.
Andrew Bowie, the UK Minister for Nuclear, commented: “As long-standing pioneers of nuclear, today we’re marking its UK revival with the opening of Great British Nuclear, which will play an essential role in transforming the way we power Britain from Britain.
“I look forward to seeing the world-class designs submitted from all around the world through the competitive selection process as the UK takes its place front and centre in the global race to unleash a new generation of nuclear technology.”
£157m grant funding package will drive the UK’s nuclear sector
The government has also announced a grant funding package of up to £157m to boost the country’s nuclear energy capabilities.
Up to £77.1m will be available for companies to accelerate advanced nuclear business development in the UK and support nuclear designs to enter UK regulation.
A further £58m has been allocated to advance the development and design of advanced modular reactors (AMRs) and next-generation fuel. Winning projects include:
- Ultra Safe Nuclear Corporation UK has been awarded £22.5m of this to design a high temperature micro modular reactor – an AMR suited to industrial demands such as producing hydrogen and sustainable aviation fuel;
- The National Nuclear Laboratory in Warrington will use £15m funding to refine its high temperature reactor design; and
- £16m funding for the National Nuclear Laboratory in Preston will help develop sovereign coated particle fuel capability, an advanced high temperature reactor fuel.
An additional £22.3m from the Nuclear Fuel Fund will allow eight projects to pioneer UK nuclear fuel production and manufacturing capabilities.
Tom Greatrex, Chief Executive of the Nuclear Industry Association, concluded: “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.
“Focus on the SMR selection will demonstrate the commitment to the deployment of innovative technologies and open up new opportunities for the UK industrial supply chain here and abroad.”
