Thoughts from the NIA Dinner

Here’s a question for you. What matters more: the benefits enabled by nuclear power, or the technology that goes in? This is a principle we’re thinking about even more than usual, after last week’s Nuclear Industry Association dinner.

Let’s be clear though; this is not another ‘great to see everyone’ post – although it was.

It’s not even a shout-out for the optimism in the room about how nuclear will resolve many of the energy and climate challenges we face – although it was great to see it.

This post is to celebrate the start of a real movement in our sector – a growing excitement among people who not only understand nuclear technology but also see how it can be used to socially innovate and deliver sustainable economic growth.

Last week, Government gave its practical support to ‘traditional’ nuclear power, investing a stake in Sizewell C. It’s good to see our elected leaders taking this positive action to secure our national electricity needs.

But big gigawatt new build is far from being the only nuclear game in town. The interest in small modular reactors is growing fast, among business leaders, investors and politicians alike - for good reasons.

The cost and schedule risk associated with SMRs, such as the @Rolls-Royce SMR we intend to deploy in Cumbria, is significantly lower than the mega projects, and they decrease even further as the fleet expands.

And that leads us to the heart of what’s different here at Solway, and why that new movement matters so much. Our community power company is based on demand rather than supply. We’re focused on the outcomes, not the technology that goes in.

We’re facilitating a means for our local community to diversify its business and industrial profile, grow its economy, and create generational prosperity. What’s more, our approach de-risks many of the issues facing Government in nuclear investment.

A clean, sustainable, always-on power supply could be used to attract energy-hungry industry to the region, from heavy manufacture to big data for example. Such a magnet for inward investment would underpin many new jobs and support greater provision of education, health and public services.

And all of this could easily be replicated in any community with similar demand and aspiration.

This is why we are openly excited here at Solway. Our longer-term view goes beyond energy security, critical though that is.

Our vision is around how that energy can be used to support several other UK priorities. Decarbonisation.

Economic growth.

Levelling up.

Jobs, prosperity and associated wellbeing.

The future landscape of nuclear energy is being defined. We gain significant advantage if we use this momentum to help our local communities redefine their future too.