The UK government has advanced its ambition to achieve 24 gigawatts of nuclear capacity by 2050, shortlisting six companies, including Electricite de France SA (EPA:EDF) and Rolls-Royce Holdings Plc (LON:RR), to develop smaller reactors. This decision was announced on Monday.
Rolls-Royce (OTC:RYCEY), bolstered by £210 million ($260 million) in funding, is concentrating its efforts on Small Modular Reactor (SMR) technology. The firm aims to expedite construction and reduce costs with this approach. Chris Cholerton, CEO of Rolls-Royce SMR, underscored the importance of domestic contracts to this initiative.
Meanwhile, EDF's Hinkley Point C project has encountered hurdles, running over budget and behind schedule by 15 months. Despite these challenges, EDF remains a vital player in the UK's nuclear energy sector and continues to be part of the government's future plans.
This move by the UK government is a significant step towards achieving its nuclear capacity goals and underlines the importance of smaller reactors in this strategy. The inclusion of both established and emerging players like EDF and Rolls-Royce indicates a balanced approach to harnessing both proven and innovative technologies.
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