A panel of experts has found that new technology in the nuclear space is enabling a nuclear renaissance after two decades of low investment into new projects in this sector, especially as energy mixes are becoming more diversified globally.

Speaking on a panel hosted by British newspaper Financial Times during its Energy Transition Summit, on November 1, new-generation nuclear technology manufacturer Newcleo CEO Elisabeth Rizzotti told delegates that new-generation, or fourth-generation, reactors are safer, more efficient and quicker to build.

Importantly, these new-gen reactors are less capital-intensive, which made it more accessible through private investment, which was not possible 20 years ago.

Rizzotti is seeing a global cultural shift to adopt nuclear energy, particularly as new-gen reactors produce less waste and are able to use the waste of traditional nuclear plants as a fuel.

Newcleo’s value proposition takes full advantage of small modular reactors’ benefits, including standardised manufacturing in the factory and standardised construction on site, as well as quicker commissioning.

The company is rapidly expanding its offering in the markets of France, Italy and the UK.

Since its establishment in 2021, Newcleo has been building a new competitive standard in nuclear energy to meet rising demand for electricity in a sustainable manner. Its technology can address decarbonisation of the energy system and security of supply, which are two of the biggest challenges facing countries globally at the moment.

With electricity demand set to triple between now and 2050, decarbonisation becomes crucial. The company believes its ability to produce, build and operate modular reactors with a close fuel cycle sets it apart in offering a truly environmentally respectful solution, as well as an economically attractive proposition for investors.

Rizzotti added that another benefit of Newcleo reactors was that it could be built in a factory and transported to site, which was a different approach to traditional nuclear plants that are built on large and established sites.  

She said there had also been an increase in students studying nuclear technology in the UK in the last few years, which certainly helps to feed the skills pipeline for the sector as it expands.

UK-based independent non-departmental public body Climate Change Committee net zero head David Joffe agreed that there had been a shift in public opinion on nuclear, at least in the UK, with more people willing to accept the technology.

“The reality is, however, how quickly can it be built, are the costs reasonable enough and what is its exact role in the energy mix, since renewable energy investments have grown significantly?” he stated, proposing that nuclear would perhaps be used more in support of a renewables-based baseload, as a backup, rather than as baseload.

Joffe explained that long lead times were a problem with nuclear plants, which brought about higher costs and risk, therefore new modular technologies needed to become more of a commodity. The UK had a 3 GW nuclear plant under development which would realise in the next decade, which Joffe hoped would encourage more smaller developments with shorter lead times.

On the issue of waste, Joffe commented that the public needed to know that this sector was already managing waste effectively.

UK-based Nuclear Industry Association chairperson Dr Tim Stone highlighted the historical lack of standardisation with reactors as a leading factor of projects going over budget and over schedule. “Part of what we have to do is turn what has historically been a bespoke engineering challenge into a standardised solution. Bespoke engineering is not how you build a reliable fleet of anything,” he added.

Stone expressed confidence that nuclear energy could help reduce the overall energy system cost in a meaningful way, hence his encouragement for governments and private developers to figure out how the energy system as a whole could function most effectively.

He mentioned a particular challenge with a nuclear renaissance as being a shortage of practical skills globally. Stone stressed the need for building a supply chain of people in this regard, through skills transfer and through the schooling system.