Belgium Pivots to Embrace Nuclear Power Revival

Belgium has gone from planning to phase out nuclear energy to extending the lifetimes of aging reactors and pushing for greater European nuclear self-sufficiency. This “180-degree turn” was driven by the dual pressures of meeting emissions targets and reducing reliance on Russian energy imports.

At the recent International Atomic Energy Agency (IAEA) Nuclear Energy Summit in Brussels, Belgian Prime Minister Alexander De Croo was among the most vocal proponents for a nuclear renaissance across the European Union. He stated bluntly that the bloc must “disconnect from Russian nuclear fuel” supplies while still being able to produce zero-emission electricity through domestic sources.

Just a few months ago, Belgium had been on track to shutter two nuclear reactors by 2025 as part of a long-standing policy to eliminate nuclear power. However, in December the government decided to extend the operating lives of those two plants until 2035. De Croo went even further, suggesting they could run for up to 20 additional years.

This pivot aligns Belgium with a growing pro-nuclear movement across Europe and other allies like the United States, Canada, and the UK. At the UN’s COP28 climate conference last year, two dozen countries pledged to triple nuclear generation capacity by 2050 as a key strategy for reducing carbon emissions.

However, Belgium and its EU partners face major challenges in truly divorcing from Russian nuclear services and materials. Russia currently supplies around 30% of the enriched uranium used by EU nuclear plants. Developing sufficient domestic enrichment capabilities will require massive investment that has been lacking.

De Croo acknowledged the nuclear industry “has quite some promises to deliver on” when it comes to costs, skills shortages and project delays. But he maintained the nuclear option is essential for meeting climate goals, declaring the Brussels summit was of “nuclear fanboys” but rather took “quite a nuanced” view.


Information for this story was found via The Financial Times, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Why $100 Silver Right Now Would Be a Problem | Keith Neumeyer – First Majestic

Why Industrial Demand Is Changing the Silver Market | David Morgan

Gold and Silver Delivery Is Exposing the Paper Market | Andy Schectman

Recommended

Steadright To Acquire 75% Interest In Moroccan Copper-Lead-Silver Project

Nations Royalty Names Derrick Pattenden As President And CEO

Related News

France Sets Price Increase Caps For Household Gas And Power

French Prime Minister Elisabeth Borne on Wednesday announced that price increases for gas and electricity...

Thursday, September 15, 2022, 11:44:00 AM

Global Nuclear Expansion Set to Fuel Surge in Uranium Demand

Global nuclear power capacity is expected to grow significantly over the next decade, according to...

Thursday, October 17, 2024, 04:05:00 PM

Cameco Signs MOU With GE Hitachi, Synthos Green Energy For Uranium Supply Chain Servicing Potential SMRs In Poland

Cameco (TSX: CCO) announced this morning that it has entered into a memorandum of understanding...

Thursday, September 23, 2021, 09:46:00 AM

Chinese Nuclear Submarine Sinks, U.S. Officials Claim Beijing Covered Up Incident

In a recent incident involving China’s navy, a first-in-class nuclear-powered submarine reportedly sank at a...

Thursday, September 26, 2024, 01:39:58 PM

Canada Signs $3-Billion Support For Nuclear… In Romania

Canada and Romania have inked a significant $3-billion export development deal in which two state-of-the-art...

Thursday, September 21, 2023, 01:12:08 PM