Nuclear: From vision to fission
An impending shift in UK nuclear energy policy
February 29, 2024
Nuclear: From vision to fissionAn impending shift in UK nuclear energy policyFebruary 29, 2024 The UK Government recently published its Civil Nuclear: Roadmap to 2050. This sets out an ambitious nuclear programme with the ultimate aim of quadrupling the country’s nuclear power generation to 24GW. Impact of the RoadmapThe ‘Roadmap’ outlines the possibility of a new power station capable of powering 6 million homes, as well as the development of numerous small modular reactors (“SMR”). SMRs can be constructed in factories far cheaper and quicker than conventional reactors, and consequently have the potential to transform the face of nuclear development. Large scale investment is also proposed into the production of uranium-based fuel used to power high tech nuclear reactors (currently only commercially available in Russia). If pursued, the UK would be the first European country to launch such a programme.
A new National Planning Statement for a modern nuclear sectorA consultation was published alongside the ‘Roadmap’, focusing on the policy approach for the siting of new nuclear power stations. It’s intended that this consultation will feed into a new National Policy Statement (“NPS”) for nuclear development (“EN-7”). Currently, the consultation is concerned with the general policy approach with a further formal consultation on the draft EN-7 projected for Autumn 2024, and publication of the final EN-7 expected a year later.
These ground-breaking proposals represent the biggest expansion to the nuclear sector in 70 years and could serve to protect the country from price volatility in the energy market and bolster the UK’s energy independence. The Government’s clear support of the nuclear sector also presents an excellent opportunity for investors and developers to step into this largely untapped development market, including promoting new (and potentially more speedy and cost efficient) SMR development. Latest Insights
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