Rolls-Royce shares hit record high as Miliband urged to approve mini-nuclear power plants in Britain

Rolls-Royce shares hit a record high yesterday as pressure mounted on Energy Secretary Ed Miliband to approve mini-nuclear power stations in the UK.

Shares in the British engineering giant rose 5 percent to 525 pence, taking gains since Tufan Erginbilgic became chief executive in early 2023 to 462 percent, after winning a landmark contract in the Czech Republic.

The deal prompted calls for the green light for mini-nuclear power plants, known as small modular reactors (SMRs), in the UK.

Experts said ministers must show “greater urgency” if Britain is to win the global race to roll out SMRs.

Considered essential to achieving the net-zero emissions goal, SMRs are cheaper and quicker to build than full-size nuclear power plants.

Shadow Energy Secretary Claire Coutinho said: ‘Labour’s slow-moving approach to nuclear will take us back to square one.

“This is bad for our bills and our energy independence.”

Rolls-Royce is one of five companies remaining in the running to be selected for government contracts by Great British Nuclear.

The others still in dispute are the US-Japanese joint venture GE-Hitachi and the US companies Holtec, NuScale Power and Westinghouse.

A winner is expected to be announced by the end of the year, with a final investment decision expected in 2029.

Tom Greatrex, director of the Nuclear Industry Association, said the government must “move on with the choice of technologies, sites and number of units”.

He added: “There needs to be greater urgency than ministers have so far indicated. The longer they delay, the longer the country will be exposed to volatility in international gas markets, which drives up energy costs and undermines the health of the economy.”

Tim Yeo, who chairs the London-based think tank New Nuclear Watch Institute, said “time is of the essence” for the UK to have a chance of winning the “global race to launch the first SMRs”, adding: “We believe first-mover advantage will be critical in determining which companies succeed.”

The Government said: “We are reversing a situation where no new nuclear power was being delivered. SMRs will play an important role in helping the UK achieve energy security and clean energy, whilst securing thousands of quality, skilled jobs.”