The nuclear industry today set out an ambitious framework to cut the cost of constructing new power stations in the UK.
In a new report, a cross-industry team, working as part of the Government-backed Nuclear Sector Deal, set out the key factors to reduce risk and bring down costs by 30% by 2030.
These factors include rigorous pre-construction planning, with simplicity of design and construction methodology, repeating designs across multiple stations, and building up and transferring a skilled and experienced workforce to new projects.
The report further identifies how a new financing model that controls construction risk will also bring down consumer costs by mobilising a wider pool of investors and cutting the cost of capital.
In reaching these conclusions, the report incorporates lessons from projects across the globe and shows that nuclear power is vital to achieving Net Zero by 2050, whilst creating thousands of high quality jobs and economic opportunities across the country.