Member of BEIS-Sponsored Expert Finance Working Group

Selected as part of a small group of nuclear sector experts to assess various SMR technologies and recommend pathways to mobilize private sector financing for the design, development and deployment of SMRs in the UK. EFWG interviewed multiple SMR technology vendors to assess which ones could reach commercial viability in the near term, ie., late 2020s. EFWG analysed some of the bottlenecks in the GDA process, availability of sites for SMRs and the need to develop a UK supply chain for the manufacturing of the new reactors.

EFWG also assessed the level of HMG support from a financial and policy framework perspective that will be necessary during the entire life cycle of an SMR project and made a set of recommendations to Parliament in July 2018 that were then published in the attached report.

Subsequent to the EFWG recommendations, HMG offered the Horizon NPP multiple layers of financial support, which still wasn’t sufficient, and has subsequently provided GBP 230mn in financing for Rolls Royce to develop the UK SMR. This amount was successfully released to Rolls Royce upon meeting some Conditions Precedent, including commitments for matching funds from private sector investors.