Cost drivers identified to support investment in new nuclear power and its role in the UK’s future, low carbon energy system

Mike Middleton

Mike MiddletonStrategy Manager

As long as nuclear power is cost competitive within the overall energy mix, it has the potential to play a significant role in the UK’s transition to a low carbon economy. The challenge is to realise cost reductions across a sequence of new nuclear power reactors, which can meet the expectations of Government, investors and consumers.
Unlike other low-carbon technologies such as offshore wind and carbon capture and storage, fleet deployment itself does not necessarily generate cost reduction for nuclear power plant projects. However, such cost reductions cannot be materialised without deployment of a new nuclear fleet. There is evidence of previous UK expertise in the cost-effective delivery of nuclear power projects, but this “know how” must be regenerated through an integrated programme and applied to delivering a fleet of new nuclear projects.
This report we hope will add to the evidence base which will inform UK nuclear activity in the coming years in support of the soon to be announced nuclear sector deal.

 

ENDS

Notes to editors

 

 

About the ETI

The ETI is a public-private partnership between global energy and engineering companies – BP, Caterpillar, EDF, Rolls-Royce and Shell – and the UK Government.

The role of the ETI is to act as a conduit between academia, industry and the government to accelerate the development of low carbon technologies. We bring together engineering projects that develop affordable, secure and sustainable technologies to help the UK address its long-term emissions reductions targets as well as delivering nearer term benefits. We make targeted commercial investments in nine technology programmes across heat, power, transport and the infrastructure that links them.

 

About CleanTech Catalyst

CleanTech Catalyst Ltd is a UK based consultancy providing internationally sought-after business strategy and communication advice, specialising in climate change and clean energy. One of CleanTech Catalyst’s projects is Energy for Humanity, a non-profit organisation whose mission includes developing strategies to accelerate the commercialisation of clean and affordable climate solutions.

 

About Lucid Strategy

Lucid Strategy is based in Cambridge, MA and specializes in clean energy technology cost reduction and scale-up, as applied to deep decarbonisation. Recent work includes the Energy Innovation Reform Project’s study into the costs of advanced nuclear power delivered through the Energy Options Network, and support to the MIT study on the future of nuclear energy in a carbon constrained world.