Rolls-Royce boss: UK must support this energy technology – otherwise we’ll miss another trick

The UK must become a world leader in building small nuclear power stations after losing the chance to lead the wind energy revolution, according to the Rolls-Royce chief executive.

Tufan Erginbilgic said Britain “missed an opportunity” to build offshore wind turbines when the sector emerged in the 1990s and 2000s.

“The supply chain development could have happened in the UK but it happened faster in other countries and now it’s happening somewhere else,” he said.

Erginbilgic, who has led Rolls since early 2023, said a new type of power plant known as a small modular reactor (SMR) “has the potential to build” an industry from scratch.

Rolls is working on an SMR design based on the technology that powers nuclear submarines.

The UK government wants to have a fleet of SMRs in the UK by the 2030s and selects two companies to build demonstration reactors.

Erginbilgic made the comments last week after Rolls reported record first-half profits and reinstated a dividend for the first time since the pandemic.

On Friday, Rolls announced it would award £700 worth of shares to all employees, in recognition of the successful first 18 months under Erginbilgic.