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.