Britain could have mini-reactors producing electricity by as early as 2029, according to Paul Stein the chairman of Rolls-Royce Holdings PLC (LSE:RR.)’s nuclear division.
Stein told Reuters he expects approval for a small nuclear reactor (SMR) design by mid-2024 and reactors made by the aero-engine group to be generating electricity five years later.
The regulatory process was underway, he said, and likely to conclude by 2024, reiterating comments made by the company in March.
"We are trying to work with the UK Government, and others to get going now placing orders, so we can get power on grid by 2029."
UK begins approval process for Rolls-Royce's small nuclear reactors
Manufacturing of some standard parts has already started, he said.
The UK government backed Rolls' SMR plans with £210mln out of a £500mln funding round in November that also included the Qatar sovereign wealth fund.
A 470 megawatt (Mw SMR unit costs £1.8bn, generates as much electricity as 150 wind turbines and can be built on as small as a 10-acre site using a modular manufacturing process.
Rejuvenation of the UK’s nuclear sector was a key part of the government’s national energy strategy unveiled two weeks ago with eight new reactors proposed by the end of the decade under the guidance of a new body, Great British Nuclear.
Shares in Rolls-Royce rallied 1.6% to 94.9p.