NuScale Power has set out an ambitious programme in its newly published UK Prospectus based on confidence in the development of its Small Modular Reactor (SMR) and its applicability to the UK and world nuclear markets.
The UK prospectus - A nuclear energy opportunity for the UK - highlights the opportunity that NuScale believes exists for the British nuclear industry to achieve a share in an emerging global SMR market estimated to be worth £400 billion by 2035.
NuScale Power is one of the world's most advanced developers of SMRs and has the backing of Fluor Corporation and the US Department of Energy. It is on schedule to submit its technology for design certification in the USA in 2016 and expects to receive regulatory approval in the early 2020s, paving the way for deployment for its first customer in Idaho by late 2023.
NuScale Power chairman and CEO John Hopkins commented on the launch of the UK Prospectus: "Off the back of progress in the US, our presence in the UK market has been developing fast. We're working closely with the government, building collaborative links with key players in the nuclear sector such as the Nuclear AMRC and National Nuclear Laboratory and are in talks with a range of potential partners."
NuScale believes that SMR technology has clear advantages in the UK market, in particular that it is near-future (initial deployment scheduled for late 2023 with NuScale's first customer in Idaho) it is cost-effective and competitive with large scale nuclear and other low carbon technologies and can be integrated alongside renewables owing to its load following capabilities. Importantly the SMR is scalable - 50MWe modules can be added incrementally up to a maximum of 12, reducing initial capital costs. In a loss of power event, it can safely shut down and self-cool for an indefinite period with no operator action, no electrical power and no additional water supply.