Europe: Nuclear energy has likely peaked, despite a new embrace
The energy crisis has provoked a fundamental rethink of nuclear energy across Europe and many governments are now committing to building new reactors or delaying phaseouts. But we estimate phaseouts will still offset new additions for some years.
What you will learn:
- The largest additions will come from France, which plans six new reactors, the UK, through the expansion of Hinkley Point C and potentially other plants, and in Central and Eastern Europe.
- Despite shifting public opinion, Germany’s nuclear phaseout is set to be complete by 2023, and Belgium and Spain’s by 2035. Though Switzerland endorsed a nuclear phaseout in a 2017 referendum, the timetable hasn’t been set.
- The dependence of several EU member states on Russia for nuclear fuel and technology is a vulnerability.
- Given long timelines, new nuclear additions offer no panacea for the current crisis, while downside risks to future deployment dominate.
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