New nuclear power plants will be built at “unprecedented scale and pace” according to the Government as part of a revival of the technology.
Energy Security Secretary Grant Shapps said the launch of Great British Nuclear (GBN) will boost UK energy security, reduce dependence on volatile fossil fuel imports, create more affordable power and grow the economy.
Companies can now sign up to a competition to secure funding support to drive the development of small modular reactor (SMR) projects in the UK.
Unlike conventional reactors that are built on site, SMRs are smaller, can be made in factories and could transform how power stations are built by making construction faster, and less expensive.
As well as supporting SMRs, the Government stressed it remains committed to the mega projects of Hinkley Point C and Sizewell C.
Shapps said: “By rapidly boosting our homegrown supply of nuclear and other clean, reliable, and abundant energy, we will drive down bills for British homes and make sure the UK is never held to energy ransom by tyrants like Putin.”