Net zero secretary Grant Shapps has suggested some £20bn of public funds could be spent on the UK’s emerging fleet of mini-nuclear reactors over the coming years.
Officially unveiling a new arm’s length body, Great British Nuclear on Tuesday, Shapps earmarked the funding for emerging small modular reactor (SMR) technology.
This, it is hoped, will provide the UK with cheaper and quicker-to-develop nuclear energy than traditional European pressurised reactors like those at Sizewell and Hinkley Point.
Though Shapps’ £20bn figure was not an official funding commitment, he argued that the estimated spending showed how serious the government was on new nuclear during a speech at London’s Science Museum.
This will be shared between one and four companies developing SMRs, according to official documents, with a process to select winners set to begin this year.
SMRs are being developed by the likes of Rolls-Royce Holdings PLC (LSE:RR.) and General Electric with Great British Nuclear launched as the public body to aid their rollout in the UK, as well as allocate public funding to winners of its competition round.
Though Rolls-Royce is the only firm with its technology being currently assessed by regulators, Shapps dubbed the launch of Great British Nuclear as a revival for the industry.
“We are heralding the beginning of a new nuclear age, a renaissance in Britain’s nuclear industry,” he said, though when new plants will come online is yet to be pinned down.