Nuclear Power: Finance

(asked on 5th June 2025) - View Source

Question to the Department for Energy Security & Net Zero:

To ask His Majesty's Government what steps they are taking to fund advanced nuclear technologies through the generic design assessment process.


Answered by
Lord Wilson of Sedgefield Portrait
Lord Wilson of Sedgefield
Lord in Waiting (HM Household) (Whip)
This question was answered on 19th June 2025

The costs of nuclear regulatory services, like Generic Design Assessment, are charged to companies in regulation. The Government part-funded 3 companies to undertake GDA for their Small Modular Reactor designs through the Low-Cost Nuclear Challenge and Future Nuclear Enabling Fund grant schemes. These are Rolls-Royce SMR, GE-Hitachi Nuclear Energy and Holtec Britain Ltd.

Looking forward, the government is providing a pathway for privately-led advanced nuclear projects. Great British Energy - Nuclear has been tasked with assessing proposals within a new framework, to be published shortly, with the National Wealth Fund exploring potential investment opportunities and the Department for Energy Security and Net Zero exploring revenue support for viable projects.

Reticulating Splines