Latest news with #ChrisCholerton
Yahoo
a day ago
- Business
- Yahoo
Rolls-Royce chosen by Great British Energy to build SMRs in UK
Great British Energy – Nuclear has selected Rolls-Royce SMR as the preferred bidder to develop small modular reactors (SMRs) in the UK, pending final governmental approvals and contract agreement. The development follows a rigorous two-year competition to choose nuclear technology for deployment in the UK, aimed at generating clean energy for the country through a publicly-owned company. The competition result paves the way for cost reduction and attracting private investment - key steps towards the UK's goal of achieving one of the earliest SMR fleets in Europe. Great British Energy - Nuclear (GBN), previously known as Great British Nuclear, is an allied company of Great British Energy. The two publicly owned companies will focus on expanding clean energy production across the UK. Contracts between Rolls-Royce SMR and Great British Energy - Nuclear are expected to be signed by the end of 2025, following which the two companies will form a development company. Great British Energy - Nuclear also plans to allocate a site in 2024 to connect projects to the grid by mid-2030s. Simon Bowen, chairman of Great British Energy – Nuclear, stated: 'This announcement is a defining moment for the UK's energy and industrial future. 'By selecting a preferred bidder, we are taking a decisive step toward delivering clean, secure and sovereign power. This is about more than energy—it's about revitalising British industry, creating thousands of skilled jobs, and building a platform for long-term economic growth.' The UK government has pledged more than £2.5bn ($3.38bn) for the overall SMR programme during the current spending review period. The project could create up to 3,000 skilled jobs and provide enough clean power for three million homes. It represents one of the biggest nuclear rollouts, designed to boost energy security while protecting household finances across Britain. With SMRs and Sizewell C to become operational in the 2030s alongside Hinkley Point C's new station, more nuclear power will be added to the grid than in any previous years. Rolls-Royce SMR chief executive Chris Cholerton stated: 'This success is testament to our incredible team, which has developed a world-leading technology and worked tirelessly over the last two years to ensure we could provide a winning tender to GBN. 'As well as delivering affordable, clean energy to support our nation's energy independence – deploying three of our units will drive domestic growth by creating thousands of highly skilled, well-paid jobs and supply chain opportunities.' In 2024, Rolls-Royce SMR partnered with the University of Sheffield to create a new manufacturing and testing facility in South Yorkshire for mini nuclear reactors. "Rolls-Royce chosen by Great British Energy to build SMRs in UK" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Arabian Post
2 days ago
- Business
- Arabian Post
UK Invests £14 Billion in Nuclear Revival
A decisive £14.2 billion funding package has been confirmed to propel the construction of the Sizewell C nuclear power station and to seed the development of the country's first small modular reactor fleet. The government asserts this marks a pivotal moment in reshaping the national energy landscape, targeting energy security, net‑zero goals, and economic growth through job creation and industrial benefits. Energy secretary Ed Miliband described the commitment as heralding a 'golden age of nuclear', driven by the need to break free from volatile fossil‑fuel dependencies and rapidly rising electricity demand projected for mid‑century. The financing will facilitate two French-designed EPR reactors at Sizewell C in Suffolk—expected to supply electricity for approximately six million households—and support a pioneering SMR programme by Rolls‑Royce SMR, designed to generate up to 1.5 GW across multiple sites. The Sizewell C project has been under consideration since 2010, and the latest capital injection resolves enduring uncertainties surrounding its fate. State funding of £14.2 billion, alongside previous public commitments, brings total taxpayer investment to nearly £17.8 billion. EDF holds a 16.2% share in the project, with government ownership at 83.8% as of December—which is likely to shift over time. ADVERTISEMENT At the height of construction, Sizewell C is expected to employ around 10,000 people and create 1,500 apprenticeship roles. Contracts totalling £330 million have already been awarded locally, with forecasts indicating up to 70% of future contracts going to UK‑based suppliers, encompassing over 3,500 domestic firms. The SMR competition concluded with Rolls‑Royce SMR chosen as the preferred builder after two years of evaluation against rivals Holtec and GE Hitachi. HM Treasury has pledged £2.5 billion for SMR development over five years, and government agency Great British Nuclear anticipates deploying three Rolls‑Royce reactors, generating around 3 GW and supporting 3,000 jobs at peak construction. Rolls‑Royce SMR emphasises its reactors will be factory‑built pressurised water designs intended to reduce cost, complexity, and delivery times, with grid connection anticipated in the mid‑2030s. Chief executive Chris Cholerton hailed the decision as 'a milestone achievement' for domestic growth and high‑skilled jobs. Critics caution that such megaprojects often encounter cost overruns and delays—Hinkley Point C being cited as a cautionary precedent. Detractors warn that the Sizewell C cost may escalate to £40 billion and that consumer electricity bills may increase by approximately £1 monthly to fund the investment recovery. Alison Downes of Stop Sizewell C questioned whether full costs have been disclosed and argued the project risks burdening taxpayers and households. The government contends it has learned from Hinkley by establishing a new regulatory and commercial framework intended to align shareholder incentives with schedule and budget adherence. Ofgem will act as economic regulator to safeguard consumer interests. Complementary investments include £2.5 billion in fusion energy research over five years; £6 billion towards the submarine industrial base, and subsequent investments in advanced fuel infrastructure aimed at reducing reliance on non‑domestic nuclear fuel sources. EDF's UK CEO Simone Rossi welcomed the funding decision as an affirmation of Hinkley Point C's role in revitalising Britain's nuclear expertise and capacity. Industry leaders such as Tom Greatrex of the Nuclear Industry Association view the integrated Sizewell C and SMR strategy as a crucial industrial and export opportunity for British nuclear manufacturing.
