There are no low-energy high-income countries. Britain’s reliance on expensive imported gas is not just bad for the climate and bad for industry, it makes us less secure. Britain needs abundant, clean, reliable electricity. Wind and solar will play a vital role in our energy mix in the years to come, but cannot do it alone. Britain needs a source of power it can rely on all year round. In other words, Britain needs nuclear.

The problem is Britain is the most expensive place in the world to build a nuclear power station. Until that is fixed, nuclear’s role in our energy mix will be limited. Britain will have to choose between imported gas or renewables that are expensive at very high penetrations. If the cost of building nuclear fell, it would save us billions on our energy bills over the coming decades.

The good news is we know for a fact that nuclear can be cheaper. France, Finland, and South Korea all build for much less than us. We have built it significantly cheaper ourselves in the not so distant past. Making nuclear cheap is not reliant on technological breakthroughs. It is about tapping into the proven cost reducers like adopting a fleet approach with a programmatic build out.

This will, however, require big changes. Britain’s nuclear regulations are not fit for purpose. Rules designed to promote safety make the safest way to generate power more expensive. Expensive design changes to prevent tiny radiation exposures undermine fleet economics. Uncertain planning timelines and expensive environmental mitigations push up costs too. All of this will need major reform.

There is an opportunity too. Britain’s small modular reactor builders could attract billions in investment from deep-pocketed tech companies who need clean, reliable electricity to power their data centres, if outdated grid rules are fixed.

Get all of this right and the prize is clear. Cheaper bills no longer at the mercy of international gas markets. Cutting emissions at home and exporting technologies that will help the rest of the world follow. Good jobs in communities from Dungeness to Dounreay and a new lease of life for British industry.