Rolls-Royce to build U.K.'s first small modular rectors
June 10 (UPI) -- Rolls-Royce was selected on Tuesday to partner with Great British Energy to build the country's first small modular reactors.
The British government made the announcement as part of its strategy to revive Britain's industrial background. The government is committing over $3 billion for the modular reactor program and the project is expected to create up to 3,000 jobs and give 3 million homes power.
It also announced plans to build a large Sizewell C power station in eastern England with an investment of $19 billion.
"Great British Energy with Nuclear has run a rigorous competition and will now work with the preferred bidder Rolls-Royce SMR to build the country's first ever small modular reactors - creating thousands of jobs and growing our regional economies while strengthening our energy security", said Energy Secretary Ed Millband.
"The U.K. is back where it belongs, taking the lead in the technologies of tomorrow with Rolls-Royce SMR as the preferred partner for this journey", said Chancellor of the Exchequer Rachel Reeve.
Rolls-Royce SMR is going through the final stages of the U.K.'s nuclear industry's independent regulators assessment.
Copyright 2025 UPI News Corporation. All Rights Reserved.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Newsweek
3 hours ago
- Newsweek
How Iran Could Close the Strait of Hormuz
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Iranian lawmakers have said blocking the strategic Strait of Hormuz could be one retaliatory response to U.S. and Israeli attacks, and have given symbolic approval to the decision. U.S. Secretary of State Marco Rubio urged China on Sunday to press Iran against closing the Strait following U.S. strikes on Iranian nuclear sites. Why It Matters If the Iranian government blocks passage through the Strait, Asian markets are expected to be most hit, but American markets will be too, with energy prices likely to rise. Oil prices jumped on Monday to their highest since January following the U.S. strikes. Located between the Persian Gulf and the Gulf of Oman, connecting to the wider Indian Ocean, the chokepoint on one of the world's busiest maritime routes is vital to global energy security and it handles roughly 20 percent of global oil trade. In this photo released by the Iran's Revolutionary Guard on Tuesday, Jan. 17, 2023, a missile is launched from a boat during a naval drill in the Persian Gulf, Iran. In this photo released by the Iran's Revolutionary Guard on Tuesday, Jan. 17, 2023, a missile is launched from a boat during a naval drill in the Persian Gulf, Iran. Iranian Revolutionary Guard/AP What To Know Since 2019, Iran has repeatedly used the Strait of Hormuz to apply pressure. In June 2019, it was accused of attacking two oil tankers with limpet mines. It also seized the British-flagged Stena Impero in retaliation for Britain detaining an Iranian tanker near Gibraltar. In 2023, units of Iran's Islamic Revolutionary Guard Corps briefly seized oil tankers in Gulf waters, prompting U.S. naval deployments. That demonstrated Iran's ability to target shipping. The strait is little over 20 miles wide at its narrowest point and while it could not be closed in the traditional sense, Iran could make it too dangerous for ships to pass — so that shipping companies and their insurers would stop According to one lawmaker, Seyyed Ali Yazdi Khah, speaking before the U.S. strikes, Iran would be compelled to shut down the Strait to "protect its national interest," in the face of "global arrogance" from the U.S. and the West, Mehr News Agency reported earlier this week. The U.S. Energy Information Administration (EIA) said an average of 20 million barrels per day—around one fifth of global petroleum liquids consumption—moved through the waterway in 2024 and that volume has remained stable through the first quarter of 2025. Iran's Options H.I. Sutton, an independent and open-source intelligence analyst, outlined several scenarios for disruption on his YouTube channel. One feasible option is mining the strait. Bottom sea mines are placed on the seabed and designed to detonate when a ship passes nearby. Iran could also employ anti-ship ballistic missiles—a method used by its allied Yemeni Houthis since 2023 to disrupt Red Sea traffic. The IRGC has drone carriers, fast attack boats, and Ghadir-class submarines—small, short-range vessels capable of launching torpedoes and laying mines. Sutton noted that despite limited lethal power, Iran's numerous platforms and long-range strike ability pose a serious deterrent. Iran has been conducting large-scale naval drills in the region, including with Chinese and Russian naval vessels, signaling broader strategic coordination and an additional challenge for the U.S. and Western allies. But Iran would need to operate carefully in the Strait to avoid disrupting Chinese oil shipments, a lifeline for its economy and a cornerstone of its strategic partnership with Beijing. What People Are Saying U.S. Secretary of State Marco Rubio to Fox Business Sunday Morning Futures: "Well, I would encourage the Chinese Government in Beijing to call them about that, because they heavily depend on the Straits of Hormuz for their oil. If they do that, it'll be another terrible mistake. It's economic suicide for them if they do it. And we retain options to deal with that. But other countries should be looking at that as well. It would hurt other countries' economies a lot worse than ours. It would be, I think, a massive escalation that would merit a response not just by us but from others." Marko Papic, chief strategist at BCA Research, told Newsweek: "Oil prices would likely double, to well above $100. The extent to which that price shock would be sustainable is unclear." U.S. Energy Information Administration (EIA) in a report last week: "Saudi Arabia and the UAE have some infrastructure in place that can bypass the Strait of Hormuz, which may somewhat mitigate any transit disruptions through the strait." What Happens Next Iran has signaled that there will be a response to U.S. strikes, but has not said exactly what yet and whether that would include targeting shipping in the Strait or Hormuz.


CNBC
3 hours ago
- CNBC
Dollar surge could be short-lived after U.S. strike on Iran
The U.S. dollar surged in early trading on Monday, benefiting from its traditional safe-haven status after U.S. military strikes on Iran — but analysts are warning the gains may be short-lived. The dollar index was up 0.45% at one point, indicating a gain against currencies such as the Japanese yen, the euro and the British pound, as well as the Canadian, Australian and New Zealand dollars. The greenback was last seen trading around 0.4% higher at 9.30 a.m. London time. "The escalation of the Middle East crisis after the US attacks Iran during the weekend is expected to lead to some of the traditional safe haven effects in the market [such] as the oil price is rising, lower equity prices and a stronger dollar," said Kirstine Kundby-Nielsen, fixed income and currency research at Danske Bank. Despite the initial rally, a growing consensus among investment banks suggests the dollar's strength may prove temporary. Some analysts say the Middle East conflict is merely masking concerns over U.S. fiscal policy, trade wars, and weakening international demand for U.S. assets, which are likely to regain focus once the immediate crisis-driven demand fades. The dollar index is down more than 8% this year, reflecting the long-term concern. The U.S. dollar's immediate strength is tied to fears of how Iran might retaliate, with a closure of the Strait of Hormuz — a waterway vital to the transit of oil — at the top of those concerns. Yet, RBC Capital Markets analysts caution that the situation is more complex, noting that Iran has asymmetric capabilities to "strike individual tankers and key ports." "Hence, we do not believe it is a 'full closure or nothing' scenario when it comes to the waterway, and Iran may deploy their asymmetric capabilities to raise the economic cost of the combined US/Israeli operations," said RBC's Halima Croft, a former CIA analyst, in a note to clients. Jordan Rochester, head of FICC strategy for the EMEA region at Mizuho, also expressed some optimism when it came to the possibility of a Strait of Hormuz closure. "It's a bold call but I doubt the strait of Hormuz is blocked and we avoid the $100-130pb oil levels touted by the sell side with Iranian allies such as China likely to be applying pressure to keep oil flows ongoing," he said in a Monday morning note. "The US is also likely to have made energy infrastructure a red line attached to its support of Israel." However, a key indicator of safe-haven demand — the U.S. Treasury market — appears to be telling an entirely different story through its unusually muted reaction. A global crisis typically sends investors flocking to U.S. government debt, but Danske Bank's Kundby-Nielsen said the "impact on US Treasuries is a bit more uncertain given the significant trade deficit and tariffs combined with a potential increase in the supply of Treasuries given the soft fiscal policy". A global trade war is compounding these fiscal concerns. With a July 9 deadline approaching until a reprieve on levies expires, the U.S. is threatening tariffs of up to 50% on most imports from the European Union. "As far as the USD goes, we'd suspect that the USD would be sinking lower if it weren't for the War, largely because the news pertaining to US import tariffs is not particularly good, and because data from outside the US, while weak, does not point to further deterioration relative to the US," said Thierry Wizman and Gareth Berry, Macquarie's currency and rates strategists, in a June 20 note to clients that preceded the U.S. strike on Iran. FX strategists from Bank of America also point out that investors are betting heavily on the decline of the U.S. dollar, which adds momentum to any downward move for the currency. According to the BofA global fund manager survey released on June 16, fund managers currently see short-U.S. dollar as the third most crowded trade — although the survey was carried out before to the United States' involvement in the Middle East conflict.


UPI
4 hours ago
- UPI
South Korea's President Lee orders emergency response for 'urgent' Middle East crisis
SEOUL, June 23 (UPI) -- South Korean President Lee Jae Myung on Monday instructed government ministries to operate under an emergency response system in the wake of U.S. strikes on Iran's nuclear sites, his office said. In his first meeting with senior aides since taking office earlier this month, Lee called the Middle East situation "very urgent" and ordered safety measures for South Korean citizens in the region as the Israel-Iran conflict intensifies. He also directed ministries to address the economic fallout from the Middle East crisis, including adding measures to an upcoming supplementary budget, if necessary. "Due to this growing uncertainty, the economic situation -- especially the foreign exchange, financial and capital markets -- is becoming considerably unstable," he said. "I am concerned that inflation will start again due to an increase in oil prices," he added. On Sunday, the president's office announced that he would not travel to the Netherlands this week to meet with NATO leaders due to the situation in the Middle East. Lee had been considering attending the NATO Summit, which will take place on Tuesday and Wednesday in The Hague, to discuss tariffs and defense cost-sharing with U.S. President Donald Trump. After the U.S. bombing of three nuclear sites in Iran this weekend, however, Lee canceled plans, citing the growing uncertainty in the region. "Despite the many pending national issues since taking office, the president has been actively considering attending the NATO summit," spokeswoman Kang Yoo-jung said in a written briefing on Sunday. "However, considering various domestic issues and uncertainties due to the Middle East situation, he has decided that it is impossible for him to attend in person," Kang said. Trump is pressuring NATO member states to increase defense spending to 5% of GDP. U.S. Defense Secretary Pete Hegseth last week said that Asian allies such as South Korea should also reach the target, prompting Seoul to assert that its defense spending is already "very high" compared to other countries. National security adviser Wi Sung-lac will represent South Korea at the NATO gathering in Lee's place, the presidential office said in a written briefing Monday afternoon. Other South Korean officials have voiced concerns about the security and economic impacts of the latest escalation in the war between Iran and Israel. Acting Finance Minister Lee Hyoung-il on Monday warned of heightened volatility in global financial and energy markets after the U.S. involvement in the conflict. "Following the U.S. airstrikes, Iran's parliament passed a motion to close the Strait of Hormuz, highlighting the significant uncertainty surrounding the situation," Lee said, according to news agency Yonhap. "Global oil prices have already opened 2 to 3% higher today, signaling increased volatility in international energy markets."