UK to Offer Grants to Builders of Small Reactors in Nuclear Push – by Priscila Azevedo Rocha (Bloomberg News – July 17, 2023)

(Bloomberg) — The UK announced a funding package to support nuclear power generated by small modular reactors in a bid to boost energy security while lowering the nation’s reliance on fossil fuels.

The government will provide grants totaling £157 million ($205 million) for companies to accelerate their nuclear business in the UK, as well as develop new reactors, it said on Tuesday with the launch of a competition.

The bid is part of the “Great British Nuclear” initiative aimed at boosting the country’s industry, including to develop new technology so the UK can hit its target of providing up to a quarter of the its electricity from domestic nuclear energy by 2050.

The UK and the rest of Europe are seeking to rebuild their energy infrastructure and cut reliance on natural gas following the energy crisis sparked by Russia’s invasion of Ukraine last year.

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