As part of the Ten Point Plan for a greener economy, the government has declared its intention to develop nuclear power, in order to meet the expected doubling in electricity demand by 2050.
Point 3 includes:
- up to GBP 385 million for the Advanced Nuclear Fund, of which up to 215 million GBP is dedicated to Small Modular Reactors. The goal is to develop a domestic smaller-scale power plant technology design that could potentially be built in factories and then assembled on site.
- up to GBP 170 million for a R&D programme on Advanced Modular Reactors, which would operate at 800°C for the efficient production of hydrogen and synthetic fuels. The ambition is to build a demonstration project by early 2030s
- an additional GBP 40 million investment in developing the regulatory frameworks and supporting UK supply chains.
The plans aims to leverage up to 300 million GBP of investment from the private sector for these projects.