Support for SMRs and Generation IV would provide a clearer indication of the likelihood of realising the benefits from these two technologies and their role in helping the UK meet its target of a net zero energy system by 2050.
The report recommends, providing costs come down, at least a further 10GW of new established reactor designs are built. This is over three times more capacity than will come online from two new EPR units under construction at the Hinkley Point C power station. It says around 50 GW of nuclear may be needed by 2050, the report says.
The report says its modelling strengthens the case that a small modular light-water reactor programme should proceed, similarly focused on the potential for cost-reduction.
The London-based Nuclear Industry Association welcomed the report as “a detailed technical and economic assessment” which shows that delivering a net zero energy system should include a significant proportion of new nuclear capacity.
NIA chief executive Tom Greatrex said costs can be reduced through repeat build and new construction techniques – but also, and most significantly, with a different approach to financing.
He said it is imperative the government get on and concludes its review of financing options for new nuclear, so the industry can make progress.
