OPINION | BACKING NUCLEAR
GBR and the promise of net zero nuclear
With the pressing need to meet ambitious Net Zero commitments, Great British Nuclear is a key step in the right direction as it fosters development of quick-to- build SMRs. But for all the promise of the UK emerging as a nuclear energy exporter there is still a long way to catch up
AS GOVERNMENTS CONTINUE TO SET and strive to meet net-zero targets, a common understanding is that the transition to sustainable energy is a far more complex issue than merely switching from non-renewable energy sources to green alternatives. There is a delicate balance that must be maintained between making progress on the transition to clean energy, achieving strong energy security throughout the process, and ensuring that this is all done at an affordable price point. The conflict in the Ukraine really brought to light how
Partner, Pillsbury Vince Zabielski
vital energy security is. Many countries were exposed due to the extent to which they rely on foreign energy imports. In the UK, it was a little over one year ago that the country was left with no option but to pay Belgium world-record breaking prices of over £10,000/MWh (EURXX/MWh) to stave off a blackout. For perspective, the spot price for electricity on the National Grid is currently hovering around £100/MWh (EURXX/MWh). The need for a sustainable, secure energy supply has perhaps never been so widely recognised and understood. As it turns out, keeping the lights on whilst reducing carbon emissions is no easy feat.
Backing nuclear ambitions The UK, which has set an ambitious target of being net zero by 2035, has nonetheless made some hugely promising steps with the recent launch of Great British Nuclear – a government-backed initiative dedicated to supporting one of, if not the most promising carbon-free energy solution that we have at our disposal. It should not be overlooked that other sources of clean energy, such as solar and wind, have also seen considerable support from both the public
and private sectors, and they have potential to play an important role in transitioning to a clean energy mix in line with the UK’s targets. However, these variable output options are necessarily ideal solutions and this is where nuclear power is demonstrably superior. Nuclear plants run 24/7 whilst emitting zero carbon, and they are not dependent on the weather or any other external conditions. This is in part why it is so encouraging to see the
government throwing its weight behind nuclear power with the launch of Great British Nuclear, which from its outset has pledged to deliver grant funding of up to £157mn (EURxxmn), as well as launching a competition to develop SMRs. This particular focus on SMRs is a wise one for the government to have taken, as their potential really speaks for itself; they take up vastly less space than their full-scale reactor counterparts, and being factory built, they come online quicker, meaning that those funding the transition can see a return on their investment sooner. Whereas full-scale reactors have often been criticised – and fairly so – for being slow, long-term projects that can be vulnerable to delays and cost overruns, if their promise is realised SMRs could be described as a relatively cheap, cheerful, and overall more attractive alternative from an investor’s perspective. The reduction in construction risk is also a major upside of SMRs from a climate protection point of view, as time is very much of the essence in our mission to mitigate and reverse the adverse effects of climate change. Put simply, time is against us with regards to solving the climate crisis, and SMRs offer a means to respond more quickly and on a more reliable time frame than full-scale reactors do.
Above: Dungeness could be joined by a new generation of SMRs as the UK looks to embrace nuclear power Photo credit: SJMPhotos/
Shutterstock.com
42 | September 2023 |
www.neimagazine.com
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