The cost of CfDs to kick start the SMR industry could be comparable to those for Hinkley C
Early days for nuclear SMR sector
Industry needs more certainty on siting and finance before sector moves forward
Small modular reactors (SMRs) are part of the UK’s ambitious nuclear plans, but the technology will need significant government support if it is to have an impact by the 2030s. In April 2022, the government’s British Energy Security Strategy (BESS) set a target of 24GW of installed nuclear capacity by 2050, up from 5.9GW currently. The BESS includes a goal to take one project to FID this parliament—almost certain to be French energy company EDF’s 3.2GW Sizewell C, a replica of the Hinkley C project—and two in the next parliament, “including SMRs, subject to value for money and relevant approvals”. Chicken and egg SMRs sacrifice economies of scale but are expected to benefit from cost savings
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