Expert Finance Working Group on Small Reactors

The Expert Finance Working Group on Small Reactors (“the Group”) has been set up to advise on how small nuclear reactor projects could raise investment in the UK.

Richard Harrington announced, as part of his speech to the Nuclear Industries Association Conference, the creation of an Expert Finance Working Group on Small Reactors (“the Group”) to advise on how small nuclear reactor projects could raise investment in the UK.

The Chair and Membership

Fiona Reilly will chair the Group. She is currently an Executive Partner at Atlantic SuperConnection (a Disruptive Capital group company) and a Director of the Nuclear Industry Association.

Secretariat is provided by BEIS and the Nuclear Innovation & Research Office (NIRO).

The Group’s membership includes representatives from corporate finance, academia, the investor community and the supply chain.

Its members are:

  • Amjad Ghori (Ex Credit-Agricole)
  • Dougald Middleton (EY)
  • Giorgio Locatelli (University of Leeds)
  • Greg Pearce (Commonwealth Bank of Australia)
  • Larry Henry (KBR)
  • Michael Redican (MAR Consult)
  • Richard Abadie (PwC)

Government members:

  • Craig Lester (BEIS)
  • Joshua Buckland (HMT)
  • Helen Lister / David Clayton (IPA)
  • Andrew Howarth (NIRO)

Terms of Reference

The Group has been set up to advise government on the potential for small nuclear reactor projects to raise private investment in the UK that could enable their future commercial deployment.

The characteristics and mechanisms (i.e. factory build, modular construction, reduced lead times and claimed low capital costs) for building nuclear power stations using smaller scale reactor units suggest that there are opportunities to finance these types of nuclear power stations differently to large scale nuclear, with the potential to realise reductions in the Cost of Capital (CoC).

If achievable, reduced and/or more affordable financing costs could allow for competitive, private sector-led small reactor power stations to be brought to market. The goal of the Expert Group is to test this hypothesis with a view to informing policy development.

Request for information

To enable the Group to consider this proposition, we are asking for input from technology developers and consortia via this Request for Information (RFI) form. This form will be part of the evidence base for the Group to consider when discussing propositions of how small reactor projects could be deployed (and financed) in the UK.

Request for information on small reactor financing

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Respondents should note that this is not a competitive process and is separate from the Advanced Modular Reactor (AMR) feasibility and development programme. This is a RFI to enable the Group to assess how small nuclear reactor projects could raise investment in the UK.

Process and timings

The Group will meet approximately 6 times between January and April 2018 and will be asked to report in the Spring. One of these sessions will be to review the information provided by vendors/developers in their RFI. This is with a view to inviting respondents, from whom the Group considers it needs further information to fully understand their proposition, for example if they propose a unique/interesting financing options, to give an oral presentation to the Group.

The oral presentations will be held on the afternoon of 2 and 14 March in London. We ask that those wishing to submit this form hold these dates and indicate a preference in case the Group requests further information.

The deadline for responses is 17.00 on 23 February. Responses should be sent to smrteam@beis.gov.uk.

Responses received after this date will not be considered without agreement by the Group Secretariat who can be contacted at the same email address.

Contact us

If you require further information about the process, please email smrteam@beis.gov.uk.

Contact details

smrteam@beis.gov.uk