London focuses on low-cost nuclear power: clean energy and geopolitical projection
The British government has pledged £ 210 million to finance the development project of a first modular mini reactor (SMR) under construction by Rolls-Royce SMR . Coupled with private sector funding of £ 250 million, the investment just made allows for phase 2 of the low-cost nuclear project .
Low-cost nuclear power is part of the Prime Minister's ten-point program to strengthen Britain's science & technology leadership and create highly skilled jobs in the UK. New nuclear technology has a crucial role to play in providing a reliable, affordable and low-carbon source of energy as the UK pursues an industrial policy of reducing dependence on volatile fossil fuels and exposure to gas price spikes. natural.
SMRs have the potential to be less expensive to build than full-scale nuclear power plants due to their small size. The modular nature of the components allows parts to be produced in dedicated factories and delivered through the logistics network, reducing construction time and costs. Rolls Royce SMR estimates that each Small Modular Reactor can power one million homes – equivalent to a city the size of Leeds.
The government investment was deliberated as Parliament debates the Nuclear Energy Financing Bill which introduces a new financing model for nuclear projects known as the Regulated Asset Base (RAB). The new mechanism is designed to attract a wider range of private investment in nuclear projects, reducing construction costs, consumer energy bills and the UK's dependence on foreign industrial partners and international capital.
London is investing heavily in the nuclear industry: £ 1.7 billion has been tied to the construction of at least one large-scale nuclear project. The Department of Industry and Energy has also launched a £ 120 million Nuclear Future Acceleration Fund to provide targeted support for further nuclear projects as part of the Net Zero goal.
Business Secretary Kwasi Kwarteng explained the benefits of the nuclear strategy: “Working with Rolls Royce has resulted in the largest engineering collaboration the UK has ever seen. The [public-private partnership] capitalizes on British know-how , creates new intellectual property and invigorates supply chains ”. But it is also evident that energy policy implements the Integrated Review , positioning the UK as a global leader in innovative nuclear technologies that can be exported, with obvious implications for Britain's geopolitical projection.
Rolls Royce CEO Warren East provided further details. According to East " Rolls-Royce SMR technology is a clean energy solution that can provide a competitive and scalable cost with zero net power for multiple applications, from mains and industrial electricity generation, to hydrogen, to synthetic fuel production" .
The investment could create 40,000 jobs, through growth induced by new manufacturing plants in the UK and growth induced by exports.
The government had already contributed £ 18 million in November 2019 to finance Phase 1 of the low-cost nuclear project. The additional £ 210 million SMR funding is part of the £ 385 million Advanced Nuclear Fund announced last year by Boris Johnson to finance the energy transition.
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This is a machine translation from Italian language of a post published on Atlantico Quotidiano at the URL http://www.atlanticoquotidiano.it/quotidiano/londra-punta-sul-nucleare-low-cost-energia-pulita-e-proiezione-geopolitica/ on Fri, 12 Nov 2021 03:59:00 +0000.