Released December 15, 2021 | GALWAY, IRELAND
en
GALWAY, IRELAND--December 15, 2021--Written by Martin Lynch, European News
Editor for Industrial Info (Galway, Ireland)--Europe needs to rapidly increase its investment into extending the life of its existing fleet of nuclear reactors or 90% of them will be offline by the end of the decade according to the European Commission.
This stark warning was given by European Commissioner for Energy Kadri Simson in a recent speech on the State of the Energy Union at the European Parliament in Strasbourg. Simson argued that nuclear power is necessary to provide low-emission baseload power to support the European Union's (EU's) shift toward more renewable energy out to 2050.
"Today, the average age of the EU nuclear fleet exceeds 30 years. And according to our analysis, without immediate investments, around 90% of the existing reactors would be shut down around the time when they will be needed the most: in 2030," Simson said. "Extending their lifetime, safely, requires between 45-50 billion euro. (US$51-56 billion). And to keep roughly the same nuclear generation capacity as today more than 10 Member States are planning about 400 billion euro (US$451 billion) in investments for new capacity installed by 2050. These are significant investments and the cost of financing will play a key role in making nuclear energy production possible and competitive. That's why the discussion surrounding the inclusion of nuclear in the EU taxonomy is so important, and so polarized."
Europe is deeply divided on the future use of nuclear power. Germany is on track to phase out all of its nuclear fleet by 2022 while its neighbour, France, is Europe's largest nuclear nation, relying on it for 70% of its power from more than 50 reactors. Many EU Member States are anti-nuclear power while others are extending the lives of their existing fleets and building new plants. Industrial Info is tracking 16 grassroot nuclear projects in Europe worth a potential US$179 billion, with a further 26 unit addition projects worth US$137 billion. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can click here for related project reports.
In October, Industrial Info reported that France, backed by nine other EU Member States, submitted an open letter to the EU calling for nuclear power to be included alongside renewables in the transition away from fossil fuel-based energy. They maintained that nuclear power is not only essential to support the region's binding, global warming reduction targets, but also to combat the kind of energy price spikes afflicting most European nations and industries right now. They want to change its current status to a sustainable investment in the EU taxonomy, making it eligible for funding and support under the European Green Deal. For additional information, see October 26, 2021, article--Europe Faces New Split Over Nuclear Power.
Simson outlined the challenges facing the region's ambitious emissions goals. "Together, the Member States have committed to a reduction of at least 55% of emissions by 2030. And the EU aims to have at least 40% of renewables in its energy system by the same date. By 2030, 65% of electricity must be from renewables, the cheapest, the cleanest, domestically produced source of electricity. But moving towards a growing share of intermittent production of energy brings challenges. The challenge of deploying renewables massively to get to net zero, the challenge of variability, the challenge of storage."
She added: "There is a growing sense of realism about the need for complementing renewables with baseload electricity production. This leads to a renewed interest for nuclear energy as a part of the new energy future. The point is that right now, nuclear power is the most prevalent low-carbon source providing the baseload needed for the stability of the electricity grid. And also one that helps reduce reliance on imported fossil fuels, contributing to energy stability and security. In our central scenarios, we foresee roughly a 15% share of nuclear across EU countries in 2050."
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
This stark warning was given by European Commissioner for Energy Kadri Simson in a recent speech on the State of the Energy Union at the European Parliament in Strasbourg. Simson argued that nuclear power is necessary to provide low-emission baseload power to support the European Union's (EU's) shift toward more renewable energy out to 2050.
"Today, the average age of the EU nuclear fleet exceeds 30 years. And according to our analysis, without immediate investments, around 90% of the existing reactors would be shut down around the time when they will be needed the most: in 2030," Simson said. "Extending their lifetime, safely, requires between 45-50 billion euro. (US$51-56 billion). And to keep roughly the same nuclear generation capacity as today more than 10 Member States are planning about 400 billion euro (US$451 billion) in investments for new capacity installed by 2050. These are significant investments and the cost of financing will play a key role in making nuclear energy production possible and competitive. That's why the discussion surrounding the inclusion of nuclear in the EU taxonomy is so important, and so polarized."
Europe is deeply divided on the future use of nuclear power. Germany is on track to phase out all of its nuclear fleet by 2022 while its neighbour, France, is Europe's largest nuclear nation, relying on it for 70% of its power from more than 50 reactors. Many EU Member States are anti-nuclear power while others are extending the lives of their existing fleets and building new plants. Industrial Info is tracking 16 grassroot nuclear projects in Europe worth a potential US$179 billion, with a further 26 unit addition projects worth US$137 billion. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can click here for related project reports.
In October, Industrial Info reported that France, backed by nine other EU Member States, submitted an open letter to the EU calling for nuclear power to be included alongside renewables in the transition away from fossil fuel-based energy. They maintained that nuclear power is not only essential to support the region's binding, global warming reduction targets, but also to combat the kind of energy price spikes afflicting most European nations and industries right now. They want to change its current status to a sustainable investment in the EU taxonomy, making it eligible for funding and support under the European Green Deal. For additional information, see October 26, 2021, article--Europe Faces New Split Over Nuclear Power.
Simson outlined the challenges facing the region's ambitious emissions goals. "Together, the Member States have committed to a reduction of at least 55% of emissions by 2030. And the EU aims to have at least 40% of renewables in its energy system by the same date. By 2030, 65% of electricity must be from renewables, the cheapest, the cleanest, domestically produced source of electricity. But moving towards a growing share of intermittent production of energy brings challenges. The challenge of deploying renewables massively to get to net zero, the challenge of variability, the challenge of storage."
She added: "There is a growing sense of realism about the need for complementing renewables with baseload electricity production. This leads to a renewed interest for nuclear energy as a part of the new energy future. The point is that right now, nuclear power is the most prevalent low-carbon source providing the baseload needed for the stability of the electricity grid. And also one that helps reduce reliance on imported fossil fuels, contributing to energy stability and security. In our central scenarios, we foresee roughly a 15% share of nuclear across EU countries in 2050."
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
