NRI Annual Review 2023 - Flipbook - Page 4
LANDSCAPE - THE TIME
FOR NUCLEAR IS NOW
By Tom Greatrex, Chief Executive Officer at
the Nuclear Industry Association
Recently, the amount of lowcarbon power the world is going
to need to reach net zero and meet
the global commitments we have
made to limit carbon emissions
has seen the case for nuclear get
much stronger. In fact, when the
intermittency of other low-carbon
sources is also taken into account,
I think that nuclear’s current
position is a strong as it has been
in the last 20 years. It is why we
are seeing an increased focus on
nuclear in many parts of the world.
In the UK, a succession of policy documents
has underlined the importance of nuclear
in the government’s future energy mix, but
talking about one new project getting to the
point of a Final Investment Decision by the
end of this Parliament is still going slower
than we need to.
We have known for a long time that our
current fleet, with the exception of Sizewell B,
is in its last few years. The best time to build a
nuclear power station is always 10 years ago;
the second-best time to build one is now.
And we need more than one.
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Wherever you look around the world, when
nuclear power stations come offline they are
replaced by higher-emitting sources of power.
So large, small and advanced technologies
have all got an important part to play in the
future energy mix.
And the role of insurers is really important
because the ability to move forward
with projects is inextricably linked to the
confidence that people have in both the
technology and the process of construction
and operation. We could not realise the
number of nuclear projects we are currently,
or want to in the future, without that
specialist, engaged section of the insurance
sector. That is why NRI is as important a part
of the nuclear industry as any of the other 250
or so companies that make up the Nuclear
Industry Association membership.
The best time to build
a nuclear power station
is always 10 years ago;
the second-best time
to build one is now.
And we need more
than one.
