Nuclear developers invited to table ideas for slice of £ 120M fund

Developers have been invited to register their interest in the government’s Future Nuclear Enabling Fund (FNEF).

The £ 120M fund has been established to fast-track nuclear energy proposals and overcome development barriers.

The FSAF’s primary objective is to select the next nuclear projects.

Interested parties are invited to register their interest ahead of the formal bidding round which is due to take place this summer.

The Department of Business, Energy and Industrial Strategy (BEIS) stated that it is expected that the government will develop a new nuclear power station in the region. will enter into discussions with the most credible nuclear projects ”.

However, a BEIS report adds:

“In addition, those projects which choose not to bid for the FNEF or bid and are unsuccessful will not be excluded from the anticipated selection process in 2023 or considered for other future government awards.”

The FNEF will be open to established nuclear market players and new entrants, including consortia, and may include technology vendors, developers, and / or operators.

To be eligible to apply to the FNEF, bidders must be UK based or have a UK company branch if headquartered overseas. Bids must incorporate nuclear fission, which can be GW-scale, Small Modular Reactors, or Advanced Modular Reactors.

Bidders must also demonstrate a long-term on-grid electricity source.

As announced in the British Energy Security Strategy in April, the “government’s long-term ambition is to increase the deployment of civil nuclear power up to 24GW1 by 2050, around 25% of our projected 2050 electricity demand, as well as take one. project to Final Investment Decision (FID) this Parliament and two projects to FID in the next Parliament, including Small Modular Reactors, subject to technology readiness, Value for Money (VfM), and relevant approvals ”.

The government has previously said that the EDF’s planned £ 20bn Sizewell C nuclear plant is currently the most favored project in parliament.

In March, Kwasi Kwarteng announced the initial contribution of £ 100m to Sizewell C, with the aim of developing the project and boosting investor confidence.

The prime minster has also recently met with leaders in the nuclear industry for talks on future energy projects. Senior leaders from Balfour Beatty, Mace and L&G living.

Last October, the UK government, with the adoption of a Regulated Asset Base (RAB) funding model. As per the model, the UK energy bill payers would, according to the government, take the pressure off private investors and reduce the whole-life costs.

Hinkley Point C, which is expected to be operational by 2026. Sizewell C could be the equivalent of about six million homes.

Several development ideas for the Wylfa Newydd site on Anglesey are also in development, including proposals by Rolls-Royce to use the site for its small modular reactors.

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