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Rolls-Royce expecting UK approval for mini nuclear reactor by mid-2024
Global Banking & Finance Review®
Company
By Isabel Kua
(Reuters) – A Rolls-Royce design for a small modular nuclear reactor (SMR) will likely receive UK regulatory approval by mid-2024 and be able to produce grid power by 2029, Paul Stein, chairman of Rolls-Royce Small Modular Reactors, told Reuters.
The British government asked its nuclear regulator to start the approval process in March, having backed Rolls-Royce’s $546 million funding round in November to develop the country’s first SMR reactor.
Policymakers hope SMRs will help cut dependence on fossil fuels and lower carbon emissions.
Speaking to Reuters in an interview conducted virtually, Stein said the regulatory “process has been kicked off, and will likely be complete in the middle of 2024.
“We are trying to work with the UK Government, and others to get going now placing orders, so we can get power on grid by 2029.”
In the meantime, Rolls-Royce will start manufacturing parts of the design that are most unlikely to change, Stein added.
Each 470 megawatt (MW) SMR unit costs 1.8 billion pounds ($2.34 billion) and would be built on a 10-acre site, the size of around 10 football fields.
Unlike traditional reactors, SMRs are cheaper and quicker to build and can also be deployed on ships and aircraft. Their “modular” format means they can be shipped by container from the factory and installed relatively quickly on any proposed site.
($1 = 0.7676 pounds)
(Reporting by Isabel Kua and Florence Tan in SINGAPORE; Editing by Simon Cameron-Moore)
A small modular reactor (SMR) is a type of nuclear reactor that is smaller in size and power output compared to traditional reactors. They are designed to be built in factories and transported to sites for installation.
Regulatory approval is the process by which a governing body reviews and authorizes a product or project, ensuring it meets safety, environmental, and operational standards before it can be launched or built.
Carbon emissions refer to the release of carbon, particularly in the form of carbon dioxide (CO2), into the atmosphere. These emissions are a significant contributor to climate change and global warming.
Grid power refers to electricity that is generated and supplied to the electrical grid, which is a network of transmission lines and substations that deliver electricity to consumers.
Dependence on fossil fuels refers to reliance on energy sources like coal, oil, and natural gas. Reducing this dependence is crucial for transitioning to cleaner energy sources and mitigating climate change.
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