EU plans to expand nuclear capacity will cost €241 billion. No money yet
The European Union needs to invest 241 billion euros in the development of nuclear energy to implement plans to expand capacity by 2050. This is stated in a draft analytical report of the European Commission, writes Reuters.
EU countries plan to increase total nuclear capacity from 98 GW to 109 GW by 2050.
This will require 205 billion euros to build new nuclear power plants and another 36 billion euros to continue operating existing reactors.
Last year, nuclear power provided about 24% of electricity in the EU.
The European Commission acknowledges that high risks and significant upfront costs are making private investors hesitant to invest in nuclear projects, especially given that many of them in Europe are delayed or over budget.
In the event of a five-year postponement of the implementation of the planned projects, the total cost could increase by another 45 billion euros.
Therefore, the European Commission proposes to create new financial instruments that would reduce risks for investors. In particular, a pilot program worth 500 million euros in the form of power purchase agreements (PPAs), in which nuclear projects will also be able to participate, is planned.
Today, nuclear energy is used by 12 of the 27 EU member states, with France having the largest number of reactors.
New units are being built in Slovakia and Hungary. Poland and some other countries are just preparing to build their first nuclear power plants.
EU member states have different positions on nuclear energy. France has traditionally supported its development, while Germany has long opposed it.
Because of this, the European Union's energy policy has so far lacked special incentives or targeted programs specifically for the nuclear sector.
- The British government has planned the biggest leap in the country's nuclear energy development since the 1980s.
- Electricity prices in Europe have risen sharply after signs of corrosion were discovered at the Civaux-2 reactor in France, owned by EDF.