Source · Select Committees · Science, Innovation and Technology Committee
Recommendation 20
20
Accepted
Paragraph: 107
Answer key questions on SMR deployment, technology, sites, and financial models in the Nuclear Plan.
Recommendation
In developing a Nuclear Strategic Plan the Government should answer the questions of: • what deployment of SMRs it wants to see, if any; • what technologies and vendors it intends to deploy, and whether they will be from a single supplier or multiple suppliers; • what sites should SMRs be located at; and • what financial model would be used to support the contribution of SMRs to electricity supply?
Government Response Summary
The government is addressing these questions by launching a Small Modular Reactor Technology Selection Process, providing co-funding, developing a new Nuclear National Policy Statement, and intending to consult later this year on future SMR siting strategy and financing models.
Paragraph Reference:
107
Government Response
Accepted
HM Government
Accepted
The government sees SMRs as having a crucial role to play in our future energy mix as we transition to net zero and support our energy security. GBN has launched a Small Modular Reactor Technology Selection Process (TSP) to identify those companies best able to reach a project FID by 2029, which could result in billions of pounds of public and private investment in SMRs. The Government will provide co-funding to be deployed by GBN to support the development of these selected technologies and will work with successful bidders on ensuring the right financing and site arrangements are in place. to market for new nuclear projects in addition to the TSP. The evidence received will help shape future policy and ensure that the UK’s nuclear programme is as comprehensive and inclusive as possible. We are developing a new nuclear National Policy Statement (NPS), which will cover the deployment of new nuclear power stations beyond 2025. This new NPS will take into account the changes in the nuclear landscape since the current NPS was published in 2011, including the realistic potential for deployment of advanced nuclear technologies such as SMRs. We are intending to consult later this year on the future siting strategy. In addition, GBN will work with wider Government on access to potential sites for new nuclear projects to achieve our long-term ambition. The Nuclear Energy (Financing) Act 2022 has introduced the Regulated Asset Base (RAB) funding model as an option for new-build nuclear projects in the UK. Consultation and further engagement with stakeholders in Autumn 2023 will help to confirm the most appropriate funding model for SMRs to assist their deployment for electricity generation and supply in the UK.