The commercial potential of small modular reactors (SMRs) is under scrutiny, with a call for enhancement by the World Economic Forum (WEF).
- A white paper by WEF provides a strategic framework to support the deployment of SMRs, highlighting key actions for stakeholders.
- Public-private partnerships are deemed essential for policy development, regulation modernisation, and supply chain building in SMR deployment.
- The report outlines a three-phase approach to fostering the growth of advanced nuclear markets, including SMRs and AMRs.
- In the UK, a government-backed SMR design competition progresses, with several companies advancing to the next stage.
The World Economic Forum (WEF), in collaboration with nuclear industry experts, has raised concerns about the commercial viability of Small Modular Reactors (SMRs). Their newly published white paper sets out a framework to enhance the deployment of these reactors, aiming to align stakeholders on strategic actions across nine priority areas.
Public-private partnerships are identified as crucial for the advancement of SMRs. These collaborations can drive the creation of policies, modernise regulations, and develop a robust supply chain necessary for the delivery of advanced nuclear solutions at scale. Despite some developers relying solely on private funding, engaging both public and private sectors is viewed as pivotal.
The proposed framework introduces a three-phase strategy for accelerating the deployment of advanced modular reactors (AMRs) and SMRs. The initial phase focuses on market emergence, requiring a collaborative approach to share risk and costs, as well as an evolution in energy policy and regulatory processes.
The second phase emphasises delivering reactors at scale through actions such as repurposing existing infrastructure and co-locating reactors with current energy systems. Additionally, it suggests actively engaging communities and identifying skill gaps through industry-education partnerships.
The final phase addresses the investment aspect, calling for innovative financing mechanisms and the inclusion of nuclear in clean investment taxonomies. These measures aim to catalyse investments and integrate nuclear energy into broader clean energy strategies.
Within the UK, the government-led Great British Nuclear (GBN) SMR design competition is making progress. In September 2024, several companies, including GE-Hitachi and Rolls-Royce SMR, advanced to the next procurement stage. The successful bidders will secure government-backed contracts for a two-stage design and development process, with announcements expected by the year’s end.
The WEF’s initiative underscores the need for collaborative efforts and innovative strategies to advance the deployment of SMRs.
