3. Making low-carbon energy affordable and investable with compact nuclear power stations
We’re leading a consortium of engineering, manufacturing and construction organisations to develop affordable power stations, by extending the principles of small modular reactor designs to an entire power station. It sounds futuristic, but it utilises the unique skills we’ve accumulated during decades of work in nuclear power.
Each power station can operate for 60 years and will generate 440 megawatts, enough to power a city the size of Leeds. When operated as a fleet, they solve the conundrum of how to create affordable low carbon energy quickly and at scale, with the potential to produce electricity at a similar cost to wind.
With continued support from the UK Government, including a matched-funding approach to help the design to be licensed for construction, we could begin building factories during 2021, with modules to build the power stations being produced by 2024 or 2025. The first power stations will be operational in 2029.
We think our consortium’s compact nuclear power station can become the hub of a decarbonised energy system, providing grid electricity for homes, businesses, schools and hospitals. It could also power industrial sites and be used to manufacture net zero sustainable fuels for land transport and aviation.