00:00The Rolls-Royce SMR is the UK's first domestic nuclear technology in more than 20 years providing
00:15a British solution to a global energy dilemma. Each small modular reactor will produce enough
00:22stable, affordable, emission-free energy to power a million homes for at least 60 years
00:30from a power plant roughly the size of two football pitches.
00:36Our unique factory-built approach is the fastest and cheapest way to get new nuclear on the
00:42grid, helping to meet the global net-zero ambitions, increasing energy security and further reduce
00:50reliance on imported hydrocarbons.
00:54Rolls-Royce SMR is backed by the UK government, world-class investors and an international
01:01nuclear operator. Rolls-Royce currently owns 70%, with the rest split between BNF Resources
01:10Limited, Constellation Energy, who are the largest operator of nuclear plants in the US, and the
01:17Qatar Investment Authority. The programme, to the end of 2024, is supported by £210 million
01:26of UK government money from UKRI Innovate UK and £280 million of private sector investment.
01:34The market opportunity is very attractive, with real momentum behind the nuclear power ambitions
01:41in many countries, driven by energy security and decarbonisation targets.
01:48The role of SMRs in particular is of high interest, and we see a large export opportunity in addition
01:54to the UK fleet.
01:56The Rolls-Royce SMR technology is based on a low-risk pressurised water reactor design,
02:02a reactor type that is already safely operating in hundreds of reactors around the world, including
02:09here in the UK at Sizewell B. Our proposition is differentiated, as we are controlling the
02:17integrated design of the whole 470 MW power plant, and enabling a very high level of modularisation.
02:25This moves work from site construction into a standardised, controlled, factory build, with
02:32modules then assembled on site. This reduces cost, risk and time to construct, and results
02:39in a highly competitive, levelised cost of electricity.
02:44We have unrivalled knowledge and experience of designing and manufacturing nuclear reactor
02:49technology from six decades of experience producing propulsion systems for the UK's submarine fleet,
02:57which gives us high credibility with potential customers.
03:01The Rolls-Royce SMR is making very good progress through the generic design assessment by the UK
03:07nuclear industry's independent regulators, the ONR, EA and Natural Resources Wales.
03:14We are currently the only SMR design in Europe actively engaged in the process of gaining regulatory
03:20approvals, putting us around two years ahead of rival technologies in Europe.
03:27Rolls-Royce SMR has been successfully shortlisted in the first stage of the Great British Nuclear
03:32small modular reactor technology selection process, marking a significant step towards the first
03:40plants being built here in the UK.
03:43We welcome our shortlisting and are eager to build on this progress, moving quickly to the
03:48next stage where we can work to agree a contract for fleet deployment, which should be as soon
03:54as possible ideally earlier than summer 2024, and help the UK government reach its ambition
04:01to deliver up to 24 gigawatts of nuclear power by 2050.
04:07In addition to the UK, we are deeply engaged with governments, developers and potential industrial
04:13customers in the Czech Republic, Finland, Sweden, USA, Poland, the Netherlands and more.
04:23Developing processes in several countries are in progress.
04:27We will need a broad set of partners to deliver our overall solution.
04:31Our partnership approach de-risks our profitable growth and reduces the future capital call on
04:36Rolls-Royce.
04:38It also brings additional expertise to help reduce delivery risk.
04:43Risk will also be mitigated by our commercial constructs, for example funding mechanisms such
04:49as the regulated asset base model in the UK.
04:53There is a credible path to be under contract for multiple units, domestically and overseas,
04:59by 2030, creating significant value and a pipeline worth tens of billions of pounds.
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