EU nuclear ambitions: EUR 241 billion in investment needed by 2050

The European Commission has estimated that EUR 241 billion in investment is needed for the implementation of member states’ plans for nuclear energy until 2050. It includes extending the lifetime of existing power plants and building new large-scale reactors.

Additional investment is needed for small modular reactors (SMRs), advanced modular reactors (AMRs), and microreactors, as well as for fusion for the longer-term future, according to the European Commission’s eighth Nuclear Illustrative Programme (Programme Illustrative Nucleaire – PINC).

A few days ago, the World Bank decided to lift its 2013 moratorium on financing nuclear energy projects amid growing global electricity demand.

The commission has now underlined that for some EU countries, nuclear energy is an important component of decarbonization, industrial competitiveness, and security of supply strategies. The commission estimates that over 90% of electricity in the EU in 2040 will be produced from decarbonized sources, primarily renewables, complemented by nuclear energy.

Jørgensen: To truly deliver the clean energy transition, we need all zero- and low-carbon energy solutions

Nuclear installed capacity across the EU is projected to grow from 98 GWe in 2025 to 109 GWe by 2050.

The commission recognizes that all zero- and low-carbon energy solutions are needed to decarbonize the EU’s energy system. Accordingly, the Nuclear Illustrative Programme is intended to help drive member states’ actions towards priority areas.

“To truly deliver the clean energy transition, we need all zero- and low-carbon energy solutions. Nuclear energy has a role to play in building a resilient and cleaner energy system. Ensuring the necessary framework conditions will allow the EU to keep its industrial leadership in this sector while also upholding the highest safety standards and responsible management of radioactive waste,” said Dan Jørgensen, Commissioner for Energy and Housing.

The highest standards of nuclear safety are among the EU’s top priorities

The commission highlighted the highest nuclear safety standards and a responsible management of radioactive waste as a top priority for the EU.

The commercialization and market uptake of cutting-edge nuclear technologies, including SMRs, AMRs, microreactors, and fusion for the longer term, will also be central for the sector’s future in Europe and beyond, according to the EU’s executive arm.

A requirement under Article 40 of the Euratom Treaty, PINC provides a comprehensive, fact-based overview of nuclear development trends, as well as the scope of investment needs across the EU.

The commission will publish the final version of PINC after receiving the Opinion of the European Economic and Social Committee.