Economy News

The European Union is trying to phase out nuclear power


Ten countries, including France and the UK, believe nuclear power is the future solution to electricity shortages. On the other hand, Germany and Austria, which plan to shut down all nuclear plants by next year, are pushing in the opposite direction.

european union to phase out nuclear power

Countries with a nuclear phase-out policy are concentrating all their efforts on developing new generation small module reactors (SMRs). They are still in the early stages of research and development.

France, which has the largest share of nuclear power in the world, is the first European country to develop SMRs. The UK, the second country in the list, is also focusing efforts on the development of the technology.

For France, the number of nuclear power plants will continue to decline as planned, with the development of SMR. Currently, nuclear power plants generate about 70% of the country’s electricity.

As part of the ‘France 2030’ program unveiled on 12th, President Macron announced a €1 billion investment plan in SMR.

By 2050, the UK government is expected to unveil a “zero emissions” plan focusing on SMR nuclear power plants.

In the UK, which had originally planned to close all nuclear reactors by 2035, Rolls-Royce has reportedly completed the first phase of SMR development, and plans to bring 16 units to market by 2030.

Bulgaria, Croatia, the Czech Republic, Finland, Hungary, Poland, Romania, Slovakia and Slovenia are also in favor of nuclear power.

Focusing on carbon reduction.

In July, the European Commission (EU) announced its plan to significantly reduce carbon emissions by 2050. The Commission also introduced a carbon-economy program for the first time.

The International Energy Agency (IEA) predicts that the amount of carbon emitted from power generation will reach a record high next year due to escalating electricity demand.

Despite their environmental benefits, wind, hydro, and solar power are not predictable, which makes them less attractive to consumers.

For MetaNews.


Jonathan Hobbs

Jonathan Hobbs is an Australian investor and author that trades on a variety of asset classes, including currencies, equities, and commodities. Jonathan’s experience as a macro trader leverages his unique writing style to combine important elements, such as technical analysis and news. The other elements that he brings into his unique writing styles are foundation analysis aimed at rational equilibrium values, evaluating the sizes and motivations of buyers and sellers, as well as identifying the needs of the buyers and sellers in the individual markets. Jonathan is committed to quality writing for new traders as well as veterans.

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