Friday, 22 November 2024
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The objective of the memorandum of understanding (MoU) signed by Finland’s Minister of Climate and the Environment Kai Mykkänen and UK Minister for Energy Security and Net Zero Lord Hunt of Kings Heath is to establish a bilateral framework for UK-Finnish collaboration concerning nuclear energy projects, programmes, research and development, and policies. The two parties intend to “establish a platform by which to facilitate bilateral opportunities for mutual collaboration in civil nuclear energy”.
Areas for collaboration include new nuclear deployment, stressing the importance of a technology-inclusive approach encompassing traditional large-scale reactors as well as small modular reactors to provide secure baseload energy, and noting the potential of advanced modular reactors in meeting future energy demands. The MoU also notes “the potential of advanced nuclear technologies for electricity production as well as heat and hydrogen production as well as other non-power applications”, plus the fusion-related research activities of both participants. Recognising the importance of regulatory exchange in enabling the efficient deployment of SMRs and other advanced nuclear technologies, the participants “intend to encourage further regulatory collaboration across jurisdictions as required, as well as supporting global regulatory alignment”.
The MoU also highlights cooperation in diversification of fuel supply – noting that Finland is planning uranium recovery and the UK has “significant capabilities across the entire civil nuclear fuel cycle, with ambitions to develop advanced nuclear fuel capabilities in HALEU” – regulatory exchange, financing, nuclear waste management and final disposal of spent fuels, nuclear safety, and skills and talent development. The UK’s export credit agency, UK Export Finance, has “up to” GBP4 billion (USD5 billion) available for Finland-based projects that buy UK goods and services, and “has signalled its interest in considering support for the deployment of UK SMRs in Finland”, the MoU notes. Finland’s export credit agency, Finnvera, can similarly finance certain UK-based projects that buy Finnish goods and services.
“Nuclear energy is the cornerstone of Finland’s clean energy system. The Finnish Government welcomes the new projects. We need reliable partners like the United Kingdom for developing and deploying technologies such as small and advanced modular reactors. We are also developing new nuclear energy technologies, including reactors intended for heat production, and diversifying the fuel supply for our power plants,” Mykkänen said.
Hunt said the UK was committed to working closely with its allies to develop civil nuclear programmes and boost shared energy security with low-carbon electricity. “Through collaborating with Finland and our other international partners, we can accelerate the development of cutting edge nuclear technology – helping us hit our global climate ambitions and deliver net zero,” he said.
