The government has signed a £200 million Nuclear Sector Deal to make the UK’s energy mix more diverse and affordable.
The industry has vowed to reduce the cost of new nuclear build projects by 30% before 2030 and cut the cost of decommissioning old nuclear sites by 20% by this time.
Business and Energy Secretary Greg Clark said the deal includes a £32 million boost from government and businesses to kick-start a new advanced manufacturing programme, as well as £86 million for strengthening the national fusion technology platform at the UK Atomic Energy Authority’s Science Centre in Culham, Oxfordshire.
The government also committed to increasing the proportion of women working in the sector from 22% to 40% by 2030 and said it would help smaller companies access higher value contracts and new markets.
It will offer around £44 million for research and development funding to support the development of advanced modular reactors and launch a new review to look at ways to accelerate the clean-up of old nuclear sites.
Business and Energy Secretary Greg Clark said: “Nuclear energy not only fuels our power supply, it fuels local jobs, wages, economic prosperity and drives UK innovation.
“This Sector Deal marks an important moment for the government and industry to work collectively to deliver the modern Industrial Strategy, drive clean growth and ensure civil nuclear remains an important part of the UK’s energy future.”