Great British Nuclear to boost UK energy security, reduce dependence on volatile fossil fuel imports and deliver government priority to grow the economy.
A massive revival of nuclear power is underway today, placing the UK at the forefront of a global race to develop cutting-edge technologies to rapidly deliver cleaner, cheaper, more secure energy.
Energy Security Secretary Grant Shapps announced how Great British Nuclear (GBN) will drive the rapid expansion of new nuclear power plants in the UK at an unprecedented scale and pace. 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.
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.
Unlike conventional reactors that are built on site, SMRs are smaller, can be made in factories and could transform how power stations are built by making construction faster, and less expensive. GBN will play a key role in helping the government hit its ambition to provide up to a quarter of the UK’s electricity from homegrown nuclear energy by 2050 and achieve among the cheapest wholesale electricity prices in Europe, whilst supporting jobs across the country.
In addition to supporting this emerging, more agile technology, the government remains committed to the mega projects of Hinkley Point C and Sizewell C and will work with GBN to consider the potential role of further large gigawatt-scale nuclear power plants in the UK energy mix.
Last year, the government made the historic decision to revitalise the UK nuclear industry by confirming the first state backing of a major nuclear project in over 30 years, investing £700 million in Sizewell C. Subject to final approval, the project will support 10,000 jobs at peak construction, and provide reliable, low-carbon power to the equivalent of 6 million homes for over 60 years.