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Major agreement to turbocharge UK nuclear
A major agreement between the UK and US governments is set to turbocharge the building of new nuclear power stations.
A major agreement between the UK and US governments is set to turbocharge the building of new nuclear power stations.
The UK government said the deal, to be signed during a state visit this week, clears the way for a major expansion of projects in the UK.
It will enable new stations to be built quicker, speeding up the time it takes to get a licence from three or four years to roughly two.
A number of UK and US companies have now agreed to work together on the back of the deal, including The X-Energy and Centrica who plan to build up to 12 advanced modular reactors in Hartlepool, with a follow-on UK wide programme targeting a fleet of 6GW of nuclear power.
Prime Minister Keir Starmer said: “This landmark UK-US nuclear partnership is not just about powering our homes, it’s about powering our economy, our communities, and our ambition.
“These major commitments set us well on course to a golden age of nuclear that will drive down household bills in the long run, while delivering thousands of good jobs in the short term.”
As the UK's progresses towards its net zero targets, a significant development in this journey is the government's commitment to new nuclear power generation, underpinned by the Regulated Asset Base (RAB) funding model.
This regulatory update provides an essential overview of the Nuclear RAB model, its purpose in driving crucial low-carbon generation, and the implications it holds for businesses shaping their long-term energy strategies.
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