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European Investments In Nuclear Power
Following Russia’s invasion of Ukraine in 2022, Europe’s need to invest in nuclear energy has accelerated, according to a survey published in December 2022. The Flash Eurobarometer 514 survey showed that 58% of EU respondents believed member states should invest in nuclear.
As the demand for low-carbon energy surges, Europe is investing heavily in nuclear energy. However, the UK and France are in the lead.
The UK announced a “major acceleration of homegrown power” to “boost long-term energy independence, security and prosperity.” In the UK, reactors generate about 15% of electricity at 6.5 GW. The government plans to increase this usage to 25% or up to 24GW by 2050.
In France, 70% of electricity already comes from nuclear energy. In 2023, the French government abandoned plans to reduce nuclear energy. It instead is focusing on building six new reactors.
Nuclear Power Plants in France, Source: World Nuclear Association
Hungary, the Czech Republic, and Poland are also investing in new nuclear projects.
Nuclear Power Investment Uncertainty
The EU’s plans to dramatically increase nuclear power could face financing challenges.
Finance Watch about a substantial funding gap. It pointed to high levels of EU debt, fiscal constraints, and uncertainties surrounding the future structure of the electricity market.
EU Climate-Financing Gap, Source: Bloomberg
With the funding gap, the EU nuclear industry could only meet its target of increasing energy capacity by 50%. Nuclear energy accounts for almost one-quarter of the electricity produced in the EU and 50% of the low-carbon electricity.
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Publish date : 2024-10-23 05:30:00
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