Rolls-Royce shares hit a record high yesterday as pressure mounted on Energy Secretary Ed Miliband to approve UK mini nuclear power stations.
The British engineering giant’s stock rose 5 per cent to 525p – taking gains since Tufan Erginbilgic became chief executive at the start of 2023 to 462 per cent – after it won a landmark contract in The Czech Republic.
The deal sparked calls for the mini-nukes – known as small modular reactors (SMRs) – to get the green light in the UK.
Turbo boost: Rolls-Royce stock rose 5% – taking gains since Tufan Erginbilgic (pictured) became chief exec at the start of 2023 to 462%
Experts said Ministers must show ‘greater urgency’ for Britain to win the global race to roll out SMRs.
They are seen as critical in the push to net-zero. SMRs are cheaper and faster to construct than full-sized nuclear power stations.
Shadow energy secretary Claire Coutinho said: ‘Labour’s go-slow approach on nuclear will take us back to square one.
‘That’s bad for bills and our energy independence.’
Rolls-Royce is one of five companies left in the running to be chosen for Government contracts by Great British Nuclear.
The others still in contention are US-Japanese joint venture GE-Hitachi and American firms Holtec, NuScale Power and Westinghouse.
A winner is expected by the end of the year with the final investment decision set to be made by 2029.
Tom Greatrex, head of the Nuclear Industry Association, said the Government must ‘get on with choosing the technologies, sites and number of units’.
He added: ‘Greater urgency than Ministers have thus far signalled is needed. The longer they take, the longer the country will be exposed to volatile international gas markets driving energy costs up, undermining the health of the economy.’
Tim Yeo, who chairs the London-based think tank New Nuclear Watch Institute, said ‘time is of the essence’ for the UK to have a chance at winning the ‘global race to roll out the first SMRs’, adding: ‘We believe first mover advantage will be critical in determining which companies are successful.’
The Government said: ‘We are reversing a legacy of no new nuclear power being delivered. SMRs will play an important role in helping the UK achieve energy security and clean power while securing thousands of good, skilled jobs.’
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