A huge Government-led revival of nuclear power got underway today to boost energy security, create cheaper power and grow the economy.
Great British Nuclear (GBN), as it is known, will drive the rapid expansion of new nuclear power plants in the UK at an unprecedented scale and pace and place the UK at the forefront of the global race to develop cutting edge green energy technology. The aim is to provide a quarter of the UK’s electricity from homegrown nuclear by 2050.
This will boost UK energy security, reduce dependence on volatile fossil fuel imports, create more affordable power and grow the economy, with the nuclear industry estimated to generate around £6 billion for the UK economy.
From today, companies can register their interest with GBN to participate in a competition to secure funding support to develop their products. This could result in billions of pounds of public and private sector investment in small modular reactor (SMR) projects in the UK – demonstrating the government delivering on its priorities to partner with the nuclear industry and jointly spearhead the future of nuclear technologies.
In addition to supporting this emerging, more agile technology, the Government is committed to the mega projects of Sizewell C in Suffolk and Hinkley Point C in Somerset and will work with GBN to consider the potential role of further large gigawatt-scale nuclear power plants in the UK energy mix.
Dr Neil Hudson MP Member of the EFRA Committee said:
“I categorically welcome this long-term vision of Britain’s energy landscape which will boost energy security, create cheaper power and grow the economy. This transformative drive has my full support. Investing in the mega projects of Sizewell C and Hinkley Point C and developing innovative Small Modular Reactors (SMRs) across the UK are pivotal in securing our energy needs as a nation. In turn this will see more high paid jobs, growth in the local economy and the myriad benefits of investment already seen by charities, schools and community groups.
“Rolling out Great British Nuclear will be pivotal to providing abundant green energy for the nation, driving down bills and shaking off our reliance on energy from overseas."
The Government is also providing a grant funding package of £157 million to rapidly boost our homegrown supply of nuclear and other clean, reliable, energy.
Energy Security Secretary Grant Shapps added:
“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.”
For more details on the wider announcement, visit: www.gov.uk/government/news/british-nuclear-revival-to-move-towards-energy-independence
