EU nuclear plants need €500 bn investment by 2050: commissioner

By Al Mayadeen Net
Source: Agencies
10 Jan 2022 22:56

As an energy crisis ravages Europe, the EU eyes nuclear energy, which the bloc is discussing labeling as "green" to attract capital.

EU Commissioner for Internal Market Thierry Breton

The European Union will need to invest some €500 billion ($568 billion) in new generation nuclear power stations until 2050, the bloc's internal market commissioner Thierry Breton told the Journal du Dimanche newspaper in an interview published on the weekend.

"Existing nuclear plants alone will need 50 billion euros of investment from now until 2030. And new generation ones will need 500 billion!" he revealed.

Breton asserted that the EU labeling energy from nuclear power and natural gas as "green" sources for investment was a vital step towards attracting that capital.

The EU is consulting its member states on the proposal; however, it is seeing some disagreement on whether the power sources are truly sustainable and green as the block is trying to label them.

France, whose main energy supply is nuclear, is pushing for nuclear power, but Austria is staunchly opposing the move, and Germany is skeptical about it as it is in the midst of shutting all its nuclear plants.

The proposal says the EU Commission "considers there is a role for natural gas and nuclear as a means to facilitate the transition towards a predominantly renewable-based future."

Currently, nuclear energy constitutes 26% of the bloc's energy. Breton estimates that it would be reduced to around 15% by 2050.

The proposal also stipulates that appropriate measures for radioactive waste management and disposal be put in place for nuclear power.

The proposal calls for the building of new nuclear power plants to be conditioned on permits given out prior to 2045, while work to extend the functioning of existing power plants would need authorization before 2040.

The proposal came as Europe is going through an energy crisis exacerbated by the COVID-19 pandemic, and energy prices all over Europe are sky-high.

Western countries accuse Russia of restricting gas deliveries in order to put pressure on Europe despite Russia saying it is prepared to raise the required production volume of gas to meet European demand.