(Oil Price) – The plans of many EU countries to boost nuclear power capacities will need an investment of as much as $278 billion (241 billion euros), according to estimates by the European Commission.
Many EU countries have drafted plans to increase nuclear power capacity or even return to nuclear energy after decades of no nuclear generation, as they look to reduce imports of fossil fuels and meet emissions reductions and net-zero goals with more nuclear power.
Some EU countries have started considering a return to nuclear power after four decades—the latest examples include Denmark and Italy, which are looking at small modular reactors (SMRs) to complement their renewable energy generation.
Now, the European Commission is preparing an update to its Nuclear Illustrative Programme (PINC) to estimate the investment needs of the nuclear power sector in the EU.
In a draft of the analysis reported by Reuters on Friday, the Commission says that the EU member states have so far laid out plans to expand their nuclear power capacity to 109 gigawatts (GW) by 2050, up from 98 GW at present.
The expansion will need $237 billion (205 billion euros) in investments in new nuclear power generation capacity, as well as $42 billion (36 billion euros) in investments to extend the lifespan of operating reactors. The investment includes both public and private funds, according to the European Commission’s estimates.
Germany, which has been opposing for years EU attempts to treat nuclear power as a green electricity source on par with renewable energy, has dropped this opposition under new chancellor Friedrich Merz, which could make EU energy policy much easier to adopt.
Since the 2022 energy crisis, Germany and France have clashed on how nuclear energy should be treated in the green transition in the EU.
Now, Merz’s Germany appears to be shifting its anti-nuclear stance on EU energy policies, French and German officials told the Financial Times last month.
By Tsvetana Paraskova for Oilprice.com
