A UK Government press release revealed plans unveiled by the UK Secretary of State for Energy Security on Tuesday to expand the country's nuclear energy capacity with small modular reactor (SMR) projects on an 'unprecedented scale and pace.'
The government announced a grant funding package of up to £157 million for the expansion of the country's nuclear capability.
The plans aim to increase energy security in the UK, lessen dependence on volatile fossil fuel imports, produce more affordable power and grow the economy, with the nuclear industry estimated to contribute around £6 billion to the UK economy.
Great British Nuclear (GBN) will play a key role in the government's goal to generate 25% of the UK's electricity from homegrown nuclear energy by 2050 and provide one of the cheapest wholesale electricity prices in Europe.
Starting today, companies wishing to benefit from government funding for SMR projects will be able to apply to secure funding support to develop their products. The initial selection of candidate companies will take place in the Autumn.
'As long-standing pioneers of nuclear, today we are marking its UK revival with the opening of Great British Nuclear, which will play an essential role in transforming the way we power Britain from Britain,' Parliamentary Under Secretary of State (Minister for Nuclear and Networks), Andrew Bowie, was quoted as saying in the statement.
Designs will be submitted from all around the world through the competitive selection process, Bowie said.
The government also announced that it will remain committed to the mega projects of Hinkley Point C in Somerset and Sizewell C in Suffolk, both under construction.
By Basak Erkalan
Anadolu Agency
energy@aa.com.tr