Rolls-Royce Holdings PLC (LSE:RR.) is fearing months worth of delays in rolling out the UK’s flagship mini nuclear reactors.
Discussing the proposed use of small modular reactors (SMRs) at the Northern Nuclear Conference, Rolls-Royce argued the UK risked falling behind other countries due to government setbacks.
“We cannot continue to be credible in those processes whilst we still haven’t got a project that we can point to in the UK,” Rolls-Royce director Alan Woods warned.
According to Woods, the increased focus on energy security after the start of the Ukraine war has quickened the development of mini-nuclear reactors in other countries.
This has left Rolls-Royce, which is the only company to have a small reactor passing through the UK’s regulatory process, at risk of falling behind international rivals.
Though Rolls-Royce is poised to enter the UK’s small modular reactor selection competition, ministers have said the winning designs will not be unveiled until 2024.
Government body Great British Nuclear is due to be launched on July 13 meanwhile, four months after being announced as an aide to the adoption of new smaller reactors during Jeremy Hunt’s spring budget.
“We’re impressing on government that pace is important,” Woods added, “they recognise that […] and they’re running a process now. Let’s keep that pace going.”