Nuclear industry says costs could be cut by 30% by 2030: The costs of building new power plants could be slashed by as much as 30% by 2030 says the UK’s nuclear industry.
Working as part of the government-backed Nuclear Sector Deal, a cross-industry team has set out the key factors it says are necessary to reduce risk and expenditure.
As well as creating thousands of high-quality jobs and economic opportunities across the country, the group has reaffirmed that new-build nuclear power is vital to achieving net zero by 2050.
The importance of “vigorous pre-construction planning”, stressing designs should be as mature as possible and emphasising that all key stakeholders must be aligned on the scope and scheduling of a project ahead of construction being started, it highlights.
Calling for successful designs to be repeated – the report also predicts constructing a number of the same reactors will be able to dramatically reduce design costs, allow the application of best practice from previous projects and facilitate continuous investment in the supply chain and workforce training.
Hinkley Point C has already borne the ‘first-generation costs’ for new nuclear in the UK and has had the effect of setting up the supply chain, skilling workers and building capabilities for future projects, it says.
Chair of the Cost Reduction Working Group of the Nuclear Sector Deal, Humphrey Cadoux-Hudson CBE said: “I am very pleased to say that the nuclear new build cost reduction workstream has made great progress, and our report clearly shows it’s possible to deliver a cost-effective programme of new nuclear power stations in the UK.
“But promises of cost reduction are not enough – in making this case, the developers of new nuclear plants are showing that we recognise the delivery risks we face, and how to manage them.”
Nuclear industry says costs could be cut by 30% by 2030