Latest news with #GreatBritishEnergy–Nuclear
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
Yahoo
2 days ago
- Business
- Yahoo
Rolls-Royce named winning bidder for UK small nuclear reactors
Rolls-Royce has won a competition to be the first company to try to build small modular nuclear reactors (SMRs) in the UK, as part of a government effort to push Britain to the frontier of nuclear energy technology. Great British Energy – Nuclear said on Tuesday that Rolls-Royce SMR was the preferred bidder for the programme, after a drawn-out competition that pitted the FTSE 100 manufacturer against two US-owned companies. The state-owned power company's announcement came as part of a broader push for nuclear power by the government, as it promised to invest £14.2bn to build the large Sizewell C power station in Suffolk. Related: Sizewell C power station to be built as part of UK's £14bn nuclear investment The nuclear investments will form a key part of the spending review due to be announced by the chancellor, Rachel Reeves, on Wednesday as the government tries to shift attention from a U-turn on winter fuel payments for pensioners. Sizewell C will produce 3.2 gigawatts (GW) of power, enough for about 6m homes. By contrast, Rolls-Royce's SMRs will provide about 470 megawatts each. A separate government release said SMRs would collectively generate up to 1.5GW of electricity, suggesting that Rolls-Royce will be granted permission to build at least three SMRs. The crucial difference between large plants such as Sizewell C and the mini nuclear sites is that SMRs will mostly be built to a single design on a factory line, rather than individually on-site. Those factory-built 'modules' will then be fitted together at the site, in an effort to make the construction of nuclear plants cheaper, less complex and less prone to the hugely costly delays that have plagued the Hinkley Point C plant. The SMR approach is unproven, with no sites yet fully operational anywhere in the world. They are also likely to face local and national opposition. The Green party on Tuesday said that nuclear power was slow and expensive. However, Rolls-Royce has argued that the pressurised water reactor technology it has chosen is well understood, and will allow it to start generating power by 2032 at the earliest. Datacentres for tech companies are a key target customer. Ed Miliband, the energy secretary, said: 'We are ending the no-nuclear status quo as part of our plan for change and are entering a golden age of nuclear with the biggest building programme in a generation.' The government did not reveal the locations of the first UK SMRs, which some in the industry had hoped for to speed the process along. They are likely to be sited beside retired nuclear power stations such as Oldbury in Gloucestershire and Wylfa in north Wales. Derby-based Rolls-Royce beat competition from the US companies Holtec and GE Hitachi, while the Canadian-owned Westinghouse dropped out of the competition earlier. Rolls-Royce SMR was always considered by far the favourite. The company is majority-owned by Rolls-Royce, with other investors including Qatar's sovereign wealth fund, BNF Resources controlled by France's Perrodo family, whose wealth stems from fossil fuels, the US energy company Constellation, and the Czech utility CEZ. The decision will nevertheless represent a further boost for Rolls-Royce, which saw its share price hit a record high this month, making it Britain's biggest manufacturer by market value. Rolls-Royce's share price rose 2.4% on Tuesday to hit a new record high of £9.12. The company has benefited from the recovery in demand for its jet engines, the increase in defence spending prompted by Russia's invasion of Ukraine, as well as efforts to renegotiate contracts by the chief executive, Tufan Erginbilgiç. Erginbilgiç said: 'This is a very significant milestone for our business and Rolls-Royce SMR. It is a vote of confidence in our unique nuclear capabilities, which will be recognised by governments around the world.' The decision to try to build SMRs has been subject to years of delay. Rolls-Royce first submitted a design proposal in 2015 in the hope of building the first reactor in 2025. That target date kept slipping back as Rolls-Royce awaited approval under Conservative and now Labour governments. The government said the move would create 3,000 jobs at the peak of construction, grow regional economies and strengthen energy security. It will aim for 70% of the parts to be based in the UK, although the delay has already meant Rolls-Royce has chosen a non-UK supplier for crucial pressure vessels. While the UK is due to get the first reactor, Rolls-Royce has already agreed to produce an SMR in the Czech Republic, and it is in the final two in a competition in Sweden.
Powys County Times
2 days ago
- Business
- Powys County Times
Reeves says nuclear investment shows UK ‘back where it belongs'
Rachel Reeves has committed £16.7 billion to nuclear power projects as the country shifts away from fossil fuels. The Chancellor has signed off on £14.2 billion of investment to build the new Sizewell C nuclear plant in Suffolk, while Rolls-Royce has been named as the preferred bidder to build small modular reactors (SMRs) in a programme backed by £2.5 billion of taxpayers' cash. Ms Reeves will use Wednesday's spending review to allocate tens of billions of funding for major infrastructure projects over the rest of the decade. Officials hope SMRs will be cheaper and quicker to build than traditional power plants, and projects could be connected to the grid by the mid-2030s. Ms Reeves said: 'The UK is back where it belongs, taking the lead in the technologies of tomorrow with Rolls-Royce SMR as the preferred partner for this journey.' The SMR project could support up to 3,000 new skilled jobs and power the equivalent of around three million homes, with a first site expected to be allocated later this year by state-owned Great British Energy – Nuclear. Tuesday's announcement of Rolls-Royce as the preferred bidder came after the Government confirmed financial support for Sizewell C. Energy Secretary Ed Miliband said new nuclear power capacity was needed to deliver a 'golden age of clean energy abundance'. Trade unions welcomed the Sizewell move, which the Treasury said would go towards creating 10,000 jobs, including 1,500 apprenticeships. But the head of a campaign group opposing the plant criticised the decision to commit the funding, saying it is still not clear what the total cost will be. Nuclear plants are seen as increasingly important electricity sources as the Government tries to decarbonise Britain's grid by 2030, replacing fossil fuels with green power. The last time Britain completed one was in 1987, which was the Sizewell B plant. Hinkley Point C, in Somerset, is under construction and is expected to produce enough power for about six million homes when it opens, but that may not be until 2031. The Energy Secretary said: 'We need new nuclear to deliver a golden age of clean energy abundance, because that is the only way to protect family finances, take back control of our energy, and tackle the climate crisis. 'This is the Government's clean energy mission in action – investing in lower bills and good jobs for energy security.' It will get the UK off the 'fossil fuel rollercoaster', he separately told The Guardian. 'We know that we're going to have to see electricity demand at least double by 2050. All the expert advice says nuclear has a really important role to play in the energy system. 'In any sensible reckoning, this is essential to get to our clean power and net zero ambitions.' The joint managing directors of Sizewell C, Julia Pyke and Nigel Cann, said: 'Today marks the start of an exciting new chapter for Sizewell C, the UK's first British-owned nuclear power plant in over 30 years.' At the peak of construction, Sizewell C is expected to provide 10,000 jobs and the company behind the project has already signed £330 million worth of contracts with local businesses. The plant, which will power the equivalent of six million homes, is planned to be operational in the 2030s. The GMB union said giving Sizewell C the go-ahead was 'momentous'. Regional Secretary Warren Kenny said: 'Nuclear power is essential for clean, affordable, and reliable energy – without new nuclear, there can be no net zero. 'Sizewell C will provide thousands of good, skilled, unionised jobs and we look forward to working closely with the Government and Sizewell C to help secure a greener future for this country's energy sector.' Alison Downes, of Stop Sizewell C, said ministers had not 'come clean' about the full cost of the project, which the group have previously estimated could be some £40 billion. She said: 'Where is the benefit for voters in ploughing more money into Sizewell C that could be spent on other priorities, and when the project will add to consumer bills and is guaranteed to be late and overspent just like Hinkley C?'
The Herald Scotland
2 days ago
- Business
- The Herald Scotland
Reeves says nuclear investment shows UK ‘back where it belongs'
Ms Reeves will use Wednesday's spending review to allocate tens of billions of funding for major infrastructure projects over the rest of the decade. Officials hope SMRs will be cheaper and quicker to build than traditional power plants, and projects could be connected to the grid by the mid-2030s. Ms Reeves said: 'The UK is back where it belongs, taking the lead in the technologies of tomorrow with Rolls-Royce SMR as the preferred partner for this journey.' The SMR project could support up to 3,000 new skilled jobs and power the equivalent of around three million homes, with a first site expected to be allocated later this year by state-owned Great British Energy – Nuclear. Tuesday's announcement of Rolls-Royce as the preferred bidder came after the Government confirmed financial support for Sizewell C. Energy Secretary Ed Miliband said new nuclear power capacity was needed to deliver a 'golden age of clean energy abundance'. A general view of the Sizewell nuclear power plant in Suffolk (James Manning/PA) Trade unions welcomed the Sizewell move, which the Treasury said would go towards creating 10,000 jobs, including 1,500 apprenticeships. But the head of a campaign group opposing the plant criticised the decision to commit the funding, saying it is still not clear what the total cost will be. Nuclear plants are seen as increasingly important electricity sources as the Government tries to decarbonise Britain's grid by 2030, replacing fossil fuels with green power. The last time Britain completed one was in 1987, which was the Sizewell B plant. Hinkley Point C, in Somerset, is under construction and is expected to produce enough power for about six million homes when it opens, but that may not be until 2031. The Energy Secretary said: 'We need new nuclear to deliver a golden age of clean energy abundance, because that is the only way to protect family finances, take back control of our energy, and tackle the climate crisis. 'This is the Government's clean energy mission in action – investing in lower bills and good jobs for energy security.' It will get the UK off the 'fossil fuel rollercoaster', he separately told The Guardian. 'We know that we're going to have to see electricity demand at least double by 2050. All the expert advice says nuclear has a really important role to play in the energy system. 'In any sensible reckoning, this is essential to get to our clean power and net zero ambitions.' The joint managing directors of Sizewell C, Julia Pyke and Nigel Cann, said: 'Today marks the start of an exciting new chapter for Sizewell C, the UK's first British-owned nuclear power plant in over 30 years.' At the peak of construction, Sizewell C is expected to provide 10,000 jobs and the company behind the project has already signed £330 million worth of contracts with local businesses. The plant, which will power the equivalent of six million homes, is planned to be operational in the 2030s. The GMB union said giving Sizewell C the go-ahead was 'momentous'. Ed Miliband said new nuclear power capacity was needed to deliver a 'golden age of clean energy abundance' (Kin Cheung/PA) Regional Secretary Warren Kenny said: 'Nuclear power is essential for clean, affordable, and reliable energy – without new nuclear, there can be no net zero. 'Sizewell C will provide thousands of good, skilled, unionised jobs and we look forward to working closely with the Government and Sizewell C to help secure a greener future for this country's energy sector.' Alison Downes, of Stop Sizewell C, said ministers had not 'come clean' about the full cost of the project, which the group have previously estimated could be some £40 billion. She said: 'Where is the benefit for voters in ploughing more money into Sizewell C that could be spent on other priorities, and when the project will add to consumer bills and is guaranteed to be late and overspent just like Hinkley C?' The Government has also promised £2.5 billion over five years for fusion energy research and £6 billion of investment for the industrial base supporting the Royal Navy's nuclear submarine fleet.
