On Tuesday, the United Kingdom announced the formation of Great British Nuclear (GBN), a new government body that will oversee the development of small modular reactor (SMR) technology as part of the UK’s effort to prioritize zero-emission energy and reduce the need for Russian oil.
GBN will be tasked with initiating a competition between private companies vying for a government contract, offering a £157 million ($206 million) award to the winner. The nuclear energy sector reportedly generates £6 billion ($7.9 billion) for the UK economy every year, and that amount is likely to increase as the technology improves.
SMRs, thought to be the future of nuclear power, are smaller and cheaper to manufacture than traditional reactors, and the ability to produce them in factories means that they can quickly outpace both nuclear and fossil-based energy facilities. While the UK government has not given up on producing large-scale reactors, it hopes that incentivizing investment in SMRs as well will help the nation meet its emission goals that much faster.
Companies interested in competing for the contract can now register with GBN, putting them in the running alongside organizations like Rolls-Royce, which has been researching SMRs with multiple municipal and manufacturing applications. The government expects that the private sector competition GBN creates will result in billions of pounds being poured into the nuclear sector, allowing the UK to produce the cheapest electricity in Europe.
However, some experts remain skeptical of the initiative. SMR technology is largely untested at the scale the UK envisions, meaning extensive research will be required before the full operational risks are determined.
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