SMRs, which could be in use by the early 2030s according to government statements, have the potential to be much less expensive to build, operate and decommission than conventional nuclear power stations, which are multibillion pound, decades-long infrastructure projects.
Unlike parts for full-scale nuclear reactors, which are vast engineering challenges to manufacture and transport, SMR parts can be made in dedicated factories and transported on trucks and barges. SMRs can be assembled far more quickly and cheaply than full-scale reactors.
The £210m funding is part of the £385m Advanced Nuclear Fund previously announced as part of the prime minister’s “10-point plan” for decarbonisation.
Efforts to downscale the risk and cost involved with establishing nuclear operations are aimed at attracting domestic investors to the sector, as the government hopes to shift away from reliance on Chinese funding for new nuclear power stations. In September, reports...