Sectors
Nuclear fission
Funding model: Regulated Asset Base (RAB) or case-by-case for advanced nuclear
Nuclear innovation across the UK
The UK is a global leader in nuclear fission, home to top companies like URENCO, EDF and Rolls-Royce and supported by a skilled workforce of over 96,000 (read more in this report from Cogent Skills).
With expertise across the full nuclear lifecycle and a flexible supply chain, the UK is primed for nuclear innovation. Government backing through the Great British Energy – Nuclear (GBE-N) initiative is accelerating major projects like Sizewell C and the SMR programme, while innovative funding models like the Regulated Asset Base (RAB) are creating long-term investment opportunities.
The Advanced Nuclear Framework is designed to support the development, commercialisation and deployment of private innovative nuclear projects within the UK energy system. HMG will assess the viability of modular reactors that are not covered by the GBE-N SMR programme. Once projects receive a letter of endorsement from His Majesty's Government (HMG), they may start attracting private investment.
The government is pledging over £2.5 billion for the overall small modular reactor programme in this Spending Review period – with this project potentially supporting up to 3,000 new skilled jobs and powering the equivalent of around 3 million homes. (Read more in this announcement on GOV.UK.)
The National Wealth Fund (NWF) has a dedicated nuclear team and full suite of debt, equity and hybrid instruments to explore investment opportunities aligned with strategic priorities. It provided a £36.6 billion loan to finance the construction of Sizewell C.
Project proposal – Eligibility check
Five core elements are checked to confirm that the proposal is in scope:
technology, investment, developer, site and operator/users.
Phase 1 – Project triage
- High level consideration across core elements led by Department for Energy Security and Net Zero (DESNZ), consulting GBE-N, security and others
- Potential for National Nuclear Laboratory (NNL) workshop between project and government partners
- Assessment of projects readiness to go to deep dive
Phase 2 – Project deep dive
- Detailed interrogation of project core areas and due diligence led by DESNZ
- Testing of claims and assertions and examination of underlying evidence, reference and case studies
- GBE-N inform DESNZ of the outcome of the Deep Dive
- Ministerial decision on whether a project should be invited to join pipeline
Phase 3 – UK Advanced Nuclear Pipeline
- Acceleration into UK Advanced Nuclear Pipeline
- Statement of Uniqueness, In-Principle, Endorsement
- Pathway to engage departmental targeted support, revenue support and HMG
- Dedicated relationship management for other targeted support and engagement. For example, finance; siting; regulatory assessment; innovation and validation services
- Coordinated engagement across framework and adherence to code of conduct
UK supply chain
Nuclear fission is a priority area in the Government's The UK's Modern Industrial Strategy, reflected in the Clean Energy Industries Sector Plan.
Register on CompeteFor to access opportunities and benefit from Sizewell C, one of the largest infrastructure projects in Europe.
There are also opportunities in supplying equipment for heat exchangers, nuclear grade pipes, forgings, fittings and flanges, sensors, HVAC systems and automation and safety systems.
For advanced nuclear projects, there has been a £300 million landmark government investment in HALEU fuel (read more about the HALEU production programme in this report).
