2023 Capital Markets Day Expo Transcript: Rolls-Royce SMR Tuesday, 28th November 2023 (PT )128 Nov 2023 22:36
The Rolls-Royce SMR is the UK’s first domestic nuclear technology in more than 20 years - providing a British solution to a global energy dilemma. Each small modular reactor will produce enough stable, affordable, emission-free energy to power a million homes for at least 60 years. From a powerplant roughly the size of 2 football pitches. Our unique ‘factory-built’ approach is the fastest and cheapest way to get new nuclear on the grid - helping to meet the global net zero ambitions, increasing energy security and further reduce reliance on imported hydrocarbons. Rolls-Royce SMR is backed by the UK Government, world-class investors and an international nuclear operator. Rolls-Royce currently owns 70%, with the rest split between BNF Resources Limited, Constellation Energy who are the largest operator of nuclear plants in the US, and the Qatar Investment Authority. The programme to the end of 2024 is supported by £210m of UK Government money from UKRI Innovate UK and £280m of private sector investment. The market opportunity is very attractive with real momentum behind the nuclear power ambitions in many countries driven by energy security and decarbonisation targets. The role of SMRs in particular is of high interest and we see a large export opportunity in addition to the UK fleet. The Rolls-Royce SMR technology is based on a low risk Pressurised Water Reactor design – a reactor type that is already safely operating in hundreds of reactors around the world, including here in the UK at Sizewell B. Our proposition is differentiated as we are controlling the integrated design of the whole 470MW powerplant and enabling a very high level of modularisation. This moves work from site construction into a standardised, controlled, factory build with modules then assembled on site. This reduces cost, risk and time to construct and results in a highly competitive levelized cost of electricity. We have unrivalled knowledge and experience of designing and manufacturing nuclear reactor technology from six decades of experience producing propulsion systems for the UK’s submarine fleet which gives us high credibility with potential customers. The Rolls-Royce SMR is making very good progress through the Generic Design Assessment by the UK nuclear industry’s independent regulators, the ONR, EA & Natural Resources Wales. We are currently the only SMR design in Europe actively engaged in the process of gaining regulatory approvals, putting us around two years ahead of rival technologies in Europe. Rolls-Royce SMR has been successfully shortlisted in the first stage of the Great British Nuclear Small Modular Reactor technology selection process, marking a significant step towards the first plants being built here in the UK.
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