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Ineos in talks to partner with Rolls-Royce on nuclear reactor: Sir Jim Ratcliffe’s chemical empire could run on mini-power station
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Sir Jim Ratcliffe’s chemical empire could become one of the first companies to run on one of Rolls-Royce’s miniature nuclear power plants.
Ineos is in talks with Rolls-Royce about building one of the latter’s small modular reactors (SMRs) at its Grangemouth chemical refinery, the Sunday Telegraph reported.
It comes as Rolls-Royce is urging the government to begin formal negotiations over funding for SMRs it plans to build in England or Wales over the next decade.
Talks: Sir Jim Ratcliffe’s chemicals empire could become one of the first companies to run on one of Rolls-Royce’s mini nuclear plants
In the long term, SMRs could increase Britain’s energy security and reduce energy costs.
Great British Nuclear, a government advisory panel, has estimated that it will cost the UK £200 billion to meet its target of generating 24 gigawatts from nuclear sources by 2050.
Rolls-Royce wants to make about 30 SMRs, but needs customers up front to finance their development.
Ratcliffe has previously sparked controversy over his support of fracking in Britain.