The UK Has Set Aside $25 Billion To Establish A Fleet Of New Nuclear Reactors

Stepping into a new era of energy security and sustainability, the United Kingdom has taken a bold stride, setting aside a whopping £20 billion (US$25 billion) to forge ahead with a cutting-edge fleet of nuclear reactors.

The £20 billion allocated to build a brand-new fleet of nuclear reactors signifies the nation’s unwavering commitment to securing its energy future. Spearheading this mission is the trailblazing independent body, Great British Nuclear (GBN), which seeks to usher in a “new nuclear age” and ignite a renaissance in Britain’s nuclear industry.

With a legacy spanning seven decades, the UK’s nuclear prowess finds its origins in the world’s first nuclear reactor constructed under Winston Churchill’s leadership in 1953. However, the path of nuclear progress was marred by opposition and reluctance, leading to a pause in commissioning projects at newer sites.

Presently, nine nuclear power plants operate in the region, but the inevitable decommissioning of seven of these by 2028 has thrust the nation into action. Following the upheaval caused by Russia’s aggression in Ukraine, energy prices surged, prompting the UK to seek self-reliance, steering away from fossil fuels.

Grant Shapps, the Secretary of State for Energy Security and Net Zero, set the wheels in motion as he formally inaugurated the GBN, signaling a new era in nuclear energy. Branding past hesitations as a “colossal mistake,” Shapps envisions GBN as the harbinger of transformation that will redefine the UK’s energy landscape. A tender accompanying the GBN’s launch beckoned contracts to develop a fleet of small modular reactors (SMRs), presenting a swift and more adaptable solution compared to traditional nuclear facilities like Hinkley Point C.

The urgent urgency of climate change across the globe underscores the imperative to prioritize nuclear energy. Europe witnessed a catastrophic summer with rivers experiencing the worst drought in 500 years, while land temperatures soared beyond 104 degrees Fahrenheit (40 degrees Celsius). Although the UK has invested substantially in offshore wind farms, the need for a reliable power source when the winds are still demands an alternative. Nuclear power plants offer a low-carbon solution, but their implementation and operation entail years, if not a decade, of effort.

GBN’s mandate to enhance nuclear energy’s contribution to the UK’s energy mix, from the current 15 percent to 25 percent within the next 25 years, is an ambitious yet vital goal. The advent of small modular reactors, pioneered by companies like Rolls-Royce, has captured attention as a potential game-changer in the nuclear realm. While these SMRs boast a smaller capacity, generating 300 MW, they have demonstrated promise, buoyed by China’s successful deployment of commercial-scale SMRs.

Though the government’s intervention aims to bring clarity and certainty to the nuclear energy market, skeptics contend that investing in time-consuming projects might divert resources from speedier renewable endeavors. Grant Shapps clarified that the earmarked funding is not a “spending commitment,” and decisions on project approvals may take up to six years.

As the world looks to tackle climate change and energy challenges head-on, the UK is taking center stage, ready to shine in the new age of nuclear power.