COMMENTARY | SMRs AND INNOVATION
SMRs driving the nuclear revolution
The world stands at a pivotal moment in its energy transition, striving to balance renewable energy growth with energy security. The rapid development of Small Modular Reactors (SMRs) will play a critical role in achieving this goal and provides a unique opportunity to lead the global clean energy revolution.
By Andrew Bowfield, Senior Business Development Manager at the Manufacturing Technology Centre (MTC)
AT THE SAME TIME AS innovative technologies promise safer, more efficient nuclear capacity expansion, driving the nuclear sector towards a sustainable and resilient future, the global energy crisis is escalating, with the demand for clean, sustainable energy sources growing. While traditional nuclear reactors have the capacity to produce substantial amounts of energy, they face challenges that impede their widespread adoption. Building large-scale reactors requires significant upfront
and ongoing financial investment before any power leaves the plant, with the International Energy Agency (IEA) reporting that the average construction cost for a traditional nuclear reactor is estimated to be around $6,000 to $8,000 per kilowatt of capacity. These high costs are compounded
by ongoing operational expenses, including maintenance and security. Such financial challenges can make nuclear energy less attractive compared to other forms of energy generation, especially when renewable energy technologies are increasingly cost-competitive. Adding to these financial concerns are the lengthy development timelines associated with large-scale nuclear reactors, with the construction of traditional reactors often taking over a decade to complete. Indeed, reactors already connected to the UK grid in 2023 had an average construction time of 121 months, or just over 10 years per reactor which is not conducive to meeting the urgent energy demands driven by climate change, electrification of transport and growing global populations.
Above: The site for the planned SMR project at Canada’s Darlington nuclear power plant 54 | February 2025 |
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