Economy

Ineos talks with Rolls-Royce about a nuclear reactor tie-up

Ineos in talks over nuclear reactor tie-in 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 businesses to run at one of Rolls-Royce’s mini-nuclear power plants.

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 for SMRs, which 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 businesses to operate at one of Rolls-Royce’s mini-nuclear stations

In the long term, SMRs could boost Britain’s energy security and reduce the cost of energy.

Great British Nuclear, a government advisory panel, has estimated that it will cost £200bn for the UK to meet its target of generating 24 gigawatts from nuclear sources by 2050.

Rolls-Royce wants to make around 30 SMRs, but needs up-front customers to finance development.

Ratcliffe has previously sparked controversy for his backing of fracking in Britain.

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