Ineos in talks on nuclear reactor tie-up with Rolls-Royce: Sir Jim Ratcliffe’s chemical empire could run on mini power station
Sir Jim Ratcliffe’s chemicals empire could become one of the first businesses to run on one of Rolls-Royce’s mini-nuclear power stations.
Ineos is in talks with Rolls-Royce about building one of the latter’s small modular reactors (SMRs) at its Grangemouth chemicals refinery, the Sunday Telegraph reported.
It comes as Rolls-Royce is urging the Government to start formal negotiations over the funding for SMRs, which it wants to build in England or Wales over the next decade.
Talks: Sir Jim Ratcliffe’s chemicals empire could become one of the first businesses to run on one of Rolls-Royce’s mini-nuclear power stations
In the long term, SMRs could boost Britain’s energy security and bring down the cost of power.
Great British Nuclear, a government advisory panel, has estimated it will cost £200billion for the UK to meet its goal of generating 24 gigawatts from nuclear sources by 2050.
Rolls-Royce wants to make around 30 SMRs, but needs customers in advance to fund their development.
Ratcliffe has previously courted controversy over his backing of fracking in Britain.