EU's nuclear energy plans require 241 billion euro investment, draft shows
BRUSSELS, June 13 (Reuters) - European Union countries' plans to expand nuclear energy will require 241 billion euros ($278 billion) in investments, and new funding instruments to make these huge costs less risky for private investors, the European Commission said on Friday.
EU countries have set out plans to expand their nuclear power capacity to 109 gigawatts by 2050, up from 98 GW today, the Commission said in a draft analysis of investment needs for the sector, due to be published on Friday.
Those plans would require investments of 205 billion euros in new nuclear power plants, plus 36 billion euros to extend the lifespan of existing reactors, including both public and private money, the draft said.
Nuclear power generated around 24% of the EU's electricity last year.
With recent nuclear projects in Europe running over budget and facing long delays, the Commission said more financial instruments were needed to attract private investors put off by these risks and huge upfront costs.
A five-year delay to planned new projects would add an extra 45 billion euros to the estimated cost of them by 2050, it said.
"A combination of diverse sources of financing complemented by de-risking instruments may be the response," the Commission said.
The draft document was first reported by Bloomberg News.
EU countries have long disagreed over whether to promote nuclear power to achieve CO2 emissions targets. At the centre of the debate are France, which relies on nuclear power as its top electricity source, and Germany, which under previous governments opposed it.
As a result, EU energy policies have typically not singled out nuclear with incentives or targets, and the EU budget does not support the building of new nuclear power plants.
The draft document said the Commission and the European Investment Bank will launch a 500-million-euro pilot programme of power purchase agreements, for which nuclear projects will be eligible.
Twelve of the EU's 27 member countries currently have nuclear reactors, with France holding by far the biggest fleet. Slovakia and Hungary have new reactors under construction, while countries including Poland hope to build their first plants.
($1 = 0.8666 euros)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
36 minutes ago
- Reuters
Chinese firms in talks to join group to buy Li Ka-shing's ports, Bloomberg News reports
June 12 (Reuters) - Chinese ports operator China Cosco Shipping Corporation is among the firms in talks to participate in a global consortium seeking to buy 43 ports from billionaire Li Ka-shing-owned CK Hutchison ( opens new tab, Bloomberg News reported on Thursday. CK Hutchison said last month that Mediterranean Shipping Company, run by the family of Italian billionaire Gianluigi Aponte, was the main investor in a group seeking the portfolio of ports, which includes two near the Panama Canal, for $22.8 billion. Negotiation for the deal that covers 43 ports in 23 countries is on an exclusive basis between CK Hutchison and the consortium for 145 days until July 27. Adding Chinese investors to the consortium emerged as one of the options after high-level talks in Switzerland last month between Chinese and U.S. officials, the Bloomberg report said. China Cosco Shipping Corp is among the state-backed companies in talks with the consortium run by the Aponte family, the report said. CK Hutchison and China Cosco Shipping didn't immediately respond to Reuters requests for comment. Reuters could not immediately verify the report. The deal has been through weeks of global scrutiny and criticism in China and the U.S. over CK Hutchison's plan to sell the ports to a consortium, previously led by U.S. investment firm BlackRock (BLK.N), opens new tab. BlackRock remains part of the group.
Reuters
an hour ago
- Reuters
Football club investor Eagle files for US IPO, Bloomberg News reports
June 13 (Reuters) - Eagle Football Holdings, one of the most active investors in global football clubs, has confidentially filed for a U.S. initial public offering, Bloomberg News reported on Friday. Reuters could not immediately confirm the report. The France-based company submitted a draft registration statement to the U.S. Securities and Exchange Commission, the report added, citing a company statement. The firm has been working with UBS Group AG on the potential IPO, the report said. Eagle Football, run by U.S. businessman John Textor, holds stakes in multiple football clubs including Olympique Lyonnais, Crystal Palace and Brazil's Botafogo. The SEC and Eagle Football did not immediately respond to request for comment outside regular business hours.
Daily Mail
2 hours ago
- Daily Mail
Reeves faces welfare revolt after Labour rebels rejected an 'olive branch' designed to head off a Commons mutiny over benefit cuts
was on collision course with Labour welfare rebels last night after they rejected an 'olive branch' designed to head off a Commons mutiny over benefit cuts. The Chancellor is facing a ferocious backlash from her own MPs over plans to trim £5 billion from the benefits bill. More than 100 Labour MPs have warned party whips they could vote against the plan to restrict eligibility to disability benefits. Ministers are trying to contain the rebellion by suggesting possible concessions. Under one proposal, those affected would continue to receive their benefits for a further 13 weeks to give them more time to find a job. The compromise is set to be included when the legislation needed to push through the cuts is published next week. But leading rebels dismissed the idea. Poole MP Neil Duncan-Jordan said the proposal was 'not a concession' as it was already included in a government consultation on the cuts. Mr Duncan-Jordan, a long-time anti-poverty campaigner, said the cuts would 'make disabled poorer'. He added: 'No amount of warm words mask the reality - cuts don't create jobs they create austerity. I'm voting No.' Fellow rebel Rachel Maskell said: 'I'll have to vote against something which will cause such harm to my constituents - too many lives will be put at risk if they press ahead.' Ms Reeves used the £5 billion package of benefit cuts to help balance the books when she gave her spring statement on the economy in March. Without them she would have been at risk of breaking her own fiscal rules set just five months earlier. Economists say the cuts will hit 1.2 million people, with those affected losing an average of around £4,500 per year each. The government's own impact assessment suggested the changes would drive 250,000 people into poverty, including 50,000 children. But Ms Reeves signalled she will not back down further, despite her recent U-turn on cuts to the winter fuel allowance. Ruling out a climb down, she said reform was needed to prevent the welfare system becoming unsustainable. 'It is important we reform the way the welfare state works so there is a welfare state there for people,' she said. 'We are the only developed country where the number of people in the labour market is lower than it was before Covid. The number of economically inactive people of working age is rising.' The Chancellor said sickness benefits are forecast to rise sharply despite the cuts, with official estimates suggesting they will reach almost £100 billion a year by the end of the decade.
