Ensuring the UK has cheap, clean energy is critical for any entrepreneur looking to build – or power – anything. When energy prices soar, businesses suffer or go bust. That’s why, in Small Wonders, we argue that Small Modular Reactors (SMRs) – developers of which include a host of innovative startups – should play a role in meeting this challenge.
For those unfamiliar with SMRs, these reactors have capacities of around 300 megawatts or less and are modular by design, meaning they are manufactured off-site and then assembled at their intended location. “The potential of SMRs is huge,” explains Will Murray in CapX. “Their modular nature allows for iterative learning and improvement, which means less risk of cost overruns. There is also export potential for SMRs made in the UK.”
As I discussed on Substack, energy is the cornerstone of progress: “Artificial intelligence will demand vast amounts of energy. The International Energy Agency forecasts that by 2026, electricity consumption will exceed 1,000 TWh. Just this week it was announced that Oracle is scoping out using three small nuclear reactors to power a new 1 GW AI data centre. That’s why our report advocates for the co-location of data centres with SMRs, aligning with two of the new Government’s core missions: stimulating economic growth and positioning Britain as a clean energy leader.”
The report, kindly supported by Bradshaw Advisory, is written by our Research Director Eamonn Ives, an expert on energy and environment matters, and who was a Special Adviser to a Cabinet Minister on energy and climate policy prior to joining us. Among other things, we call for the Government to open up more sites for SMR development, allow local authorities approving new nuclear power stations to retain a greater share of the business rates developers would pay, and for Britain to recognise the work of nuclear regulators in allied countries. Eamonn has a cracking thread on X that explains this better than I can.
Some people reading this might have concerns about the mere mention of the word “nuclear.” I won’t waste your time busting every myth about it, but I will point you in the direction of the remarkable work of Dr Hannah Ritchie – specifically this article on Our World in Data, but also more broadly her Sustainability by Numbers Substack.
Mission Possible
This week, my colleague Anastasia Bektimirova interviewed former DSIT policy adviser Ben Johnson on how bridging government and innovation networks can enhance the UK’s competitive edge in science and technology. The interview has made waves across Westminster and is a must-read for anyone invested in these areas. You can read it here.
Reach for the Stars
With party conference season in full swing, if you’re in Liverpool for Labour’s, head to the Main ACC, Auditorium 1C at 9am on Tuesday to hear my thoughts on how Labour should think about aligning policies for work with its skills agenda.
I’ll be speaking alongside a stellar panel, including Seema Malhotra MP, Parliamentary Under-Secretary at Home Office, as well as representatives from British Future, London Chamber of Commerce and Industry, the National Federation of Builders, and the Social Market Foundation.
If you’re based in or near London and can’t wait until Tuesday, feel free to attend our event on Monday morning.
Time to Join
On 24 October Rathbones is hosting us for a private dinner for our Patrons and Advisers. This will be a valuable opportunity to learn about our policy initiatives and to share your thoughts on the issues entrepreneurs face in relation to government policy. If you’re interested in becoming an Adviser, don’t hesitate to get in touch.