Europe Faces Massive Nuclear Clean-up Bill

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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Europe is facing a bill of around 253 billion euro ($287 billion) for the decommissioning and clean up of nuclear power plants, almost double what the European Union (EU) has budgeted.

It will cost approximately 120 billion euro ($137 billion) to decommission old reactors and around 133 billion euro ($151 billion) to manage spent fuel, radioactive waste and implement disposal processes.

There are a total of 129 nuclear reactors operating within 14 of the EU member states, which generate 28% of the region's electricity and account for around 50% of its low carbon energy. Approximately 50% of those plants will be shut in the next decade, while a further 40% will be closed down by 2050.

The figures comes from a new report released by the European Commission (EC) on its Nuclear Illustrative Program (NIP).

"Europe has gained a leading role in nuclear technology, built on more than 60 years of experience in nuclear power while developing and implementing the highest nuclear, radiation and waste safety standards for the protection of workers, patients and the general public," the report stated. "Europe also holds a significant export potential in a global market with investment estimates of 3 trillion euro ($3.4 trillion) until 2050, and the industry, according to internal sources, currently supports 800,000 jobs."

However, new nuclear builds are facing increasing difficulties in the region, the EC pointed out.

"There are currently four reactors under construction, located in France, Slovakia and Finland. Projects for the construction of nuclear power plants are facing a challenging regulatory and market environment. Additional pressure is being put on the costs side, since new build projects in Europe are experiencing significant delays and cost overruns. Under these conditions, returns on investments in nuclear generation are difficult to assess. Concerning the fleet in operation, the average age of the European reactors is approaching 30 years, and questions about long-term operation (LTO) and/or replacement of the existing capacity are gradually becoming more important for Member States and national safety authorities."

After the Fukushima nuclear accident, the EC said that "Europe is furthermore moving to a phase where the back end of the fuel cycle will receive much greater attention".

Commissioner for Climate Action and Energy, Miguel Arias Cañete said: "Five years after the accident at Fukushima Daiichi, Europe has learnt the lessons. The Nuclear Illustrative Program brings together for the first time an overview of all investment aspects of nuclear energy in a single document. Together we should be able to identify ways to cooperate across Europe to ensure that knowledge about the safest use of nuclear power plants is shared, rather than done separately by each regulator, and that the management of radioactive waste is secured financially by Member States until its final disposal."

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Abstract GALWAY, IRELAND--April 11, 2016--Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Europe is facing a bill of around 253 billion euro ($287) for the decommissioning and clean up of existing nuclear power plants, almost double what the European Union (EU) has budgeted. Within this article: Details the inflated costs and timescales for nuclear decommissioning in the EU. Pop Europe is facing a bill of around 253 billion euro ($287) for the decommissioning and clean-up of existing nuclear power plants.