Ineos in talks on nuclear reactor tie-up with Rolls-Royce: Sir Jim Ratcliffe’s chemical empire could run on a mini power station
Sir Jim Ratcliffe’s chemical empire could become one of the first companies to operate on one of Rolls-Royce’s mini nuclear power stations.
Ineos is in talks with Rolls-Royce about building one of the latter’s small modular reactors (SMRs) at its Grangemouth chemicals refinery, the Sunday Telegraph reported.
It comes as Rolls-Royce urges the government to start formal negotiations over funding SMRs it wants to build in England or Wales over the next decade.
Talks: Sir Jim Ratcliffe’s chemical empire could become one of the first companies to operate on one of Rolls-Royce’s mini nuclear power stations
In the long term, SMRs could enhance Britain’s energy security and lower the cost of electricity.
Great British Nuclear, a government advisory group, has estimated that it will cost the UK £200 billion to meet its target of producing 24 gigawatts from nuclear sources by 2050.
Rolls-Royce wants to manufacture around thirty SMRs, but needs upstream customers to finance their development.
Ratcliffe has previously courted controversy over his support for fracking in Britain.