This summer’s latest oil and gas price surge amidst rising geopolitical tensions, along with the wildfires and extreme heat warnings we are seeing across Europe, should serve as a reminder that the road to net zero, stabilising the climate and to UK energy security, is one that we all must take.
As someone who has dedicated much of my career to clean energy and a sustainable planet, I welcome the Government’s commitment to driving the decarbonisation of our energy system and to accelerating the deployment of UK Small Modular Reactors (SMRs).
Holtec and its project partners stand ready to play a leading role. As project lead, we entered into partnership agreements with Hyundai E&C (the major South Korean construction company with a reputation for delivering 18 nuclear plants to time and cost in South Korea), Balfour Beatty, Mott Macdonald, and Mitsubishi Electric.
This brings together best practices from the UK, the US, and South Korea — and builds on the Clean Energy Partnership the previous government signed with the Korean government late last year, and the agreement with the US on civil nuclear energy last summer.
Whilst Holtec is not yet a household name in the UK, it has over 30 years of nuclear delivery experience, working with EDF reactors in Hinkley and Sellafield.
As the US’ largest exporter of nuclear components and largest commercial decommissioning company, Holtec employs 2,000 people, and 145 nuclear plants around the world rely on Holtec for spent fuel storage and transport. This captures over 60% of the US market and 40% of the international market.
Our world-class expertise has helped us to make substantial progress to develop new UK SMRs. In December last year, Holtec was awarded £30m from the UK’s Future Nuclear Enabling Fund to progress our Pressurised Water Reactor SMR design through the UK’s ‘Generic Design Assessment’ process. Last month, we received confirmation that ‘Step 1’ of the GDA process was completed in record time.
Holtec is serious about cementing its UK footprint and leaving a legacy. To support the UK’s clean energy and growth missions, Holtec has committed to invest £1.8bn. This includes building a £1.5bn UK SMR factory.
Four potential factory sites have been shortlisted in the West Midlands, South Yorkshire, Cumbria and Tees Valley. Wherever it is Bradshaw Advisory estimates Holtec’s overall investment and UK SMR factory will generate1:
- £1.5billion in gross value added (GVA) to the economy of the chosen location
- 3,000 engineering jobs over the next 20 years
- 16,300 well-paid UK jobs in Holtec Britain’s SMR programme
- £30bn export opportunity over the next 10 years
- £50m in UK skills and training
Holtec has a transformational industrial offering for the UK, both domestically and exporting from the country. These are highly skilled engineering and manufacturing jobs — not just assembly.
We are preparing to sign Memoranda of Understanding with industrial leaders across the supply chain and with the High Value Manufacturing Catapults.
When it was elected in July, the Prime Minister described his new government as “a government of service”. Holtec, too, stands ready to serve and to deliver the clean energy and growth the UK urgently needs, both nationally and regionally. By supporting the UK to lead
the world in SMR deployment, Holtec can help ensure that energy price shocks become a thing of the past, whilst also stabilising our climate. Because while we can’t make the worrying impacts of climate change that we are seeing today go away, we can reduce emissions to help ensure they don’t get worse still.
Find out more about Holtec Britain by visiting the company website
1. https://holtecbritain.com/factory/