Companies from the United Kingdom (UK) and the United States (U.S.) have signed “major” new deals that are expected to supercharge the expansion of nuclear power stations in both countries.
As disclosed by the UK government, the deals between the two nations have been enabled by a new agreement—to be known as the Atlantic Partnership for Advanced Nuclear Energy—that is planned to be signed at the state visit this week.
The initiative, which is set to benefit numerous industries, including the maritime sector, could reportedly pave the way for a major development of new nuclear projects in the UK as well as the U.S. by means of accelerating the time needed for a project to obtain a license from roughly three or four years to around two.
Among the deals that are to be announced this week are the following:
Speaking about these developments, Energy Secretary Ed Miliband remarked: “We’re kickstarting a golden age of nuclear in this country, joining forces with the US to turbocharge new nuclear developments and secure the technologies of the future.”
U.S. Secretary of Energy Chris Wright further highlighted: “With President Trump’s leadership, the United States is ushering in a true nuclear renaissance – harnessing the power of commercial nuclear to meet rising energy demand and fuel the AI revolution. Meeting this demand will require strong partnerships with our allies around the world and robust collaboration with private sector innovators.”
“The UK-US commitment to nuclear energy sends a clear signal – this is a pivotal moment for energy security and clean growth. There is enormous potential to unlock investment in the UK’s nuclear sector – supporting high-quality jobs, regional growth, and the development of a resilient, capable supply chain,” Simon Bowen , Great British Energy – Nuclear Chair, added.
Nuclear in maritime
The expansion of nuclear power is seen as ‘essential’ in the UK government’s clean energy-oriented mission across the board. It is worth noting that the nation pledged to triple nuclear energy generation capacity at COP 28. In parallel, the United Kingdom recently committed over £1.1 billion toward decarbonizing shipping, as well.
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In shipping, which has steadied its course toward the net zero target by (or around) 2050, nuclear energy is seen as an attractive zero-emission alternative for decarbonization, offering extended endurance, fuel cost stability and strategic benefits for large commercial vessels by removing greenhouse gases (GHG) and air pollutants.
As informed, small modular reactors, in particular, are seen as a promising option for shipboard use; however, technical, regulatory and insurance stumbling blocks persist, necessitating solutions before widespread commercial deployment, which—according to many stakeholders—could be at least a decade away.
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In February this year, technology company CORE POWER, marine insurance provider NorthStandard and UK-headquartered classification society Lloyd’s Register (LR) released a report laying out a policy framework for the UK government to support the deployment of advanced SMRs on commercial ships and floating nuclear power plants (FNPPs).
At the time, Mikal Bøe, CORE POWER’s Founder and CEO, underscored that maritime nuclear power was “the catalyst” capable of reversing the trajectory of the British shipping sector, creating unique competition to Chinese shipbuilding and ocean transport.
He also reflected that this energy source was not only needed to improve the energy effectiveness of maritime transport but that it was a £2.5 trillion economic opportunity, as well.
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Mikal Bøe has also commented on the recent UK-U.S. agreement, stating that: “Today’s commitments by two leading nuclear and maritime nations to fast-track nuclear projects and enhance energy security are a welcome boost to sector innovators on both sides of the Atlantic.”
“The deployment of nuclear on water can play a key role in enhancing our energy security, driving economy growth and creating high-value manufacturing jobs in coastal communities. It is therefore essential that the pathways announced today include maritime nuclear projects too,” he concluded.