This summer, the government announced a significant step in British nuclear power. 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.
The government's aim is to have up to a quarter of all the UK’s electricity coming from nuclear energy – a clean, safe, reliable, and abundant supply of homegrown energy. That’s up to 24 gigawatts of electricity coming from nuclear, enough to power 24 million homes across the country. Companies can now register their interest with Great British Nuclear to secure funding support to develop their products, harnessing billions of pounds of public and private sector investment in small modular reactors (SMRs). 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.
Richard Fuller MP said:
With the opening of Great British Nuclear, we are rapidly expanding nuclear power across the country to boost energy security, cut bills and grow the economy. Our aim is to have up to a quarter of all the UK’s electricity coming from nuclear energy – a clean, safe, reliable, and abundant supply of homegrown energy. That’s up to 24 gigawatts of electricity coming from nuclear, enough to power 24 million homes across the country.
This will not only boost our energy security, but will also create better-paid jobs across the county, drive down bills in the long-term, and help grow the economy – one of the Prime Minister’s five priorities.
The government is providing a grant funding package of £157 million to rapidly boost our homegrown supply of nuclear and other clean, reliable, energy.
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.
