The cost of CfDs to kick start the SMR industry could be comparable to those for Hinkley C
Early days for nuclear SMR sector
Industry needs more certainty on siting and finance before sector moves forward
Small modular reactors (SMRs) are part of the UK’s ambitious nuclear plans, but the technology will need significant government support if it is to have an impact by the 2030s. In April 2022, the government’s British Energy Security Strategy (BESS) set a target of 24GW of installed nuclear capacity by 2050, up from 5.9GW currently. The BESS includes a goal to take one project to FID this parliament—almost certain to be French energy company EDF’s 3.2GW Sizewell C, a replica of the Hinkley C project—and two in the next parliament, “including SMRs, subject to value for money and relevant approvals”. Chicken and egg SMRs sacrifice economies of scale but are expected to benefit from cost savings
Also in this section
19 December 2024
The utility-scale battery energy storage system market is evolving rapidly, with diverse offtake models emerging to offer bespoke, flexible contracting solutions
13 December 2024
Prices in world’s largest compliance market have risen this year but remain below those seen in the EU
11 December 2024
Policymakers need to step up with a long-term, global strategy if the energy transition is ever to be a success
11 December 2024
CCUS and other carbon management technologies are gaining traction around the world, but heightened policy risk and other pressures will make 2025 a challenging year in some regions
