Key takeaways from the Nuclear Industry Association’s New Build & Existing Generation Event

I attended the Nuclear Industry Association’s New Build & Existing Generation Event in Cardiff last week with colleagues Roshni Varsani and Giovanni Basiletti. The conference gathered developers, supply chain leaders, policymakers and advisors to discuss the future of nuclear delivery in the UK and the steps needed to accelerate both large scale projects (HPC and SZC) and emerging SMR programmes. Several clear themes stood out to me during the course of the day.

Financing innovation: making nuclear investable through the RAB model

The update on Sizewell C (“SZC”) reinforced the central role of the Regulated Asset Base (“RAB”) model in reducing the cost of capital and broadening investor participation. While more than £200 billion of UK infrastructure already uses RAB, SZC is the first nuclear project to apply it. Speakers stressed that successful financing depends not only on the RAB structure but also on the Government’s targeted support package, shareholder arrangements and carefully designed debt documentation. Together, these measures help “de nuclearise” investment risk and frame nuclear as comparable to other regulated utilities.

The model stabilises financing costs and allows earlier revenue recovery, improving the investment case for pension funds and long term institutional investors. This approach is expected to shape future financing models for both gigawatt scale projects and SMRs. Hearing from Joe Rippon on how SZC achieved this provided a clear message: it is challenging, but achievable.

Skills and supply chain renewal: building capability at scale

Throughout the day, whether in discussions from Great British Energy – Nuclear (“GBE N”), Hinkley Point C, Rolls-Royce SMR, or the Welsh Government, the message was consistent: nuclear is not only an energy policy tool but a driver of industrial growth, manufacturing and long term skills development. The priority is scaling domestic capability and strengthening the UK supply chain.

Government initiatives, including the advancement of SMRs through GBE N, signal the need for coordinated skills and supply chain planning. Key requirements include addressing acute workforce shortages across technical and commercial disciplines, ensuring regions like Wales can benefit from SMR opportunities (including Rolls Royce SMRs Wylfa), and supporting apprenticeships, early career pathways and mid career transitions.

Supply chain investment was also a core focus. Presentations from Hinkley Point C, Rolls Royce SMR and SMEs such as LTI Vessco highlighted the importance of developing domestic capability while ensuring that where international sourcing is necessary, UK firms are embedded across secondary and tertiary tiers. The aim is a long term, repeatable and growing nuclear manufacturing base.

Culture and social value: foundations for programme success

The event also emphasised the increasing importance of culture and social value in nuclear delivery. Developers increasingly expect supply chain partners to demonstrate not only technical capability but also behaviours, values and community impact aligned with long term programme objectives. Speakers stressed the importance of corporate culture and the social value impact of projects providing skilled jobs. Embedding these cultural foundations in supply chain is viewed as critical for both gigawatt scale and SMR project success.

Looking ahead

The event conveyed real momentum, the RAB model is progressing, SMR deployment pathways are becoming clearer, and industry and government are aligned on the need to invest in skills and supply chain capacity. We left Cardiff energised by the discussions and the sector’s shared ambition for delivery at pace and scale.

If you have any questions about the conference or nuclear new build and existing generation, please contact Alice Willoughby or your usual contact at Burges Salmon.