The agreement, which was signed on the 14th July by UK Prime Minister Keir Starmer and Czech Prime Minister Petr Fiala at Downing Street, is expected to unlock new opportunities for industrial collaboration as well as the potential for the UK and Czech Republic to export small modular reactors to other countries in Europe.
It will also support the delivery of up to six new reactors in the Czech Republic by Rolls-Royce SMR. This follows Rolls Royce SMR and the Czech Republic’s largest public company, ČEZ, agreeing last year to partner on SMR, with ČEZ acquiring a 20% stake.
Both leaders will also host a business roundtable as part of the visit to drive closer trade and investment links between the UK and Czech Republic.
Building more nuclear power is hoped to drive the UK’s energy security and reduce its dependency on fossil fuel markets and, consequently, dependency on certain country leaders who control them.
Small modular reactors have the added benefit of being smaller and quicker to build than traditional nuclear plants, with costs expected to come down as units are rolled out.
“This agreement is about delivering for Britain – cleaner energy, better jobs, and greater security,” said UK PM Keir Starmer. “By working with our Czech partners on small modular reactors, we’re backing British engineering, strengthening our industrial base, and putting the UK in a leading position to export the technologies of the future.
“This is our Plan for Change in action, taking practical steps to rebuild our economy, bring down bills, and give working people a stake in our clean energy transition.”
“Nuclear energy holds significant potential for the coming years, as the sector is undergoing a true renaissance. That is why I am especially pleased that ČEZ and Rolls-Royce will cooperate on the development and production of small modular reactors. This collaboration will bring tangible benefits to both Czech and British economies, including job creation,” added PM of Czech Republic Petr Fiala. “The Czech Republic and the United Kingdom share a common approach to energy policy, and we have a very similar vision of what the future of energy should look like. We see the ideal energy mix as a combination of large nuclear power plants, small modular reactors and renewable energy sources.
“I am confident that this partnership with the United Kingdom will help us ensure energy security and affordable energy for future generations — a key priority of our government.”
According to the International Energy Agency, the global SMR market is projected to reach up to nearly £500 billion by 2050, with today’s announcement giving the UK and Czech Republic the competitive advantage as frontrunners in the global race to build and export new nuclear technology.
As part of the UK government’s modern Industrial Strategy, it has pledged over £2.5 billion for the overall small modular reactor programme – potentially supporting up to 3,000 new skilled jobs and powering the equivalent of around 3 million homes with clean energy.
