Last month, the government revealed its 2023 budget, with key announcements for nuclear. The news sets out the government’s intention to concentrate funds and resource on cleaner, home-grown energy sources, with nuclear at the core of its mission.
The key highlights:
✅£205 million allocated for Contracts for Difference. This significant cash injection will boost the industry as we move towards Net Zero by 2050.
✅Nuclear will be granted green status for investment, in a bid to attract further, crucial funding to the sector.
✅ Small Nuclear Reactor Competition – Great British Nuclear will judge the international competition to find the top designs for small modular reactors. This week, we welcomed Rolls Royce’s advancement to Step 2 of the Generic Design Assessment (GDA) with its SMR designs. Progress is being made at pace.
It is great to see the financial boost and renewed dedication from Government to drive forward nuclear technologies.
As a fully functioning nuclear region, we’re excited for the South West to support the delivery of these ambitions. With Hinkley Point C, the only nuclear new build currently underway in the UK and the Hinkley Point C Supply Chain – a well-established model which can be rolled-out across the country, we stand ready to deliver and guide the national drive to Net Zero by 2050.