Plans to slash nuclear power red tape have 'potential' to boost investment in South Yorkshire

Holtec, a US energy equipment firm, has plans to build a £1.5 billion SMR factory in South Yorkshire, with the region beating off stiff competition from a dozen contenders across the country.

It is one of four ventures, alongside Rolls-Royce, GE Hitachi and Westinghouse, hoping to win taxpayer funding to develop its SMR, which will power 300,000 homes.

Holtec has committed to the plant in South Yorkshire, with three sites including GatewayEast near Doncaster-Sheffield Airport earmarked, however the Great British Nuclear deal would boost the investment.

Now, the company has said the Government’s plans will only “add to the factory's potential”.

Gareth Thomas, director of Holtec Britain, told The Yorkshire Post: “SMRs are crucial to the UK meeting its climate change goals while growing the economy and seizing opportunities like AI, hydrogen power and sustainable aviation fuels.

“The changes announced today are exactly what the UK should be doing to compete in the global race.

“They will unlock potential deployment sites across the country and improve planning rules to get things built.

“Holtec already has existing plans to build a £1.5bn GVA SMR factory in South Yorkshire which will boost the local economy and create thousands of highly-skilled well paying jobs for local people. These plans only add to the factory's potential.”

GBR has said that contract negotiations are currently underway with the bidding process, with two sites to be selected in the spring.

The Government will also remove the expiry on nuclear planning rules and set up a Nuclear Regulatory Taskforce to encourage greater investment in Britain.

Sir Keir said: “This country hasn’t built a nuclear power station in decades - we’ve been let down, and left behind.

“Our energy security has been hostage to Putin for too long, with British prices skyrocketing at his whims.

“I’m putting an end to it – changing the rules to back the builders of this nation, and saying no to the blockers who have strangled our chances of cheaper energy, growth and jobs for far too long.”

South Yorkshire Mayor Oliver Coppard said the Government plans are good for the region and also “the whole of the UK”.

“We know two of the big constraints on growth are the planning system and the cost of energy. These reforms from the government help address both those significant challenges,” he said.

“In South Yorkshire, we are determined to create a net zero economy at pace.

“We’re already at the forefront of developing key sustainable technologies, including small modular nuclear reactors, and the changes announced today will allow the faster roll-out of those technologies here and elsewhere.”

The last nuclear power station in Britain was completed in 1995, with plans for Hinkley Point C mired in delay.

Energy Secretary Ed Miliband said: “Build, build, build - that is what Britain’s clean energy mission is all about.

“The British people have been left vulnerable to global energy markets for too long - and the only way out is to build our way to a new era of clean electricity.

“Nuclear power creates thousands of skilled jobs. That is what this government will deliver.”