EU Nuclear Reactors To Require 25 Billion Euro Safety Upgrade

Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.


European Union nations may have to spend up to 25 billion euros upgrading their nuclear reactors to meet new safety standards imposed after the Fukushima disaster, said a report by Bloomberg on Wednesday, with 134 reactors presently in operation across the region.


European Union nations may have to spend up to 25 billion euros upgrading their nuclear reactors to meet new safety standards imposed after the Fukushima disaster, said a report by Bloomberg on Wednesday, with 134 reactors presently in operation across the region.

According to a draft document by the European Commission, the upgrades could cost between 30 million euros and 200 million euros per reactor, resulting in investments between 10-25 billion euros if the region wished to avoid a repeat of Fukushima.

[quote]“On the basis of the stress tests (conducted after the accident), practically all nuclear power plants need to undergo safety improvements,” the document said.[/quote]

France, the region’s largest nuclear energy producer, came off worst in the safety assessment, claimed the New York Times.

Of the 134 EU nuclear reactors grouped across 68 sites, 111 have more than 100,000 inhabitants living within a circle of 30 kilometres, said Reuters. As a result, the European Commission has also drafted new laws, including on insurance and liability to “improve the situation of potential victims in the event of a nuclear accident.”

“We must work together to ensure that the highest safety standards are in force in every single nuclear power plant,” said Günther Oettinger, Europe’s energy commissioner, when quizzed about the leaked report. “Generally, the situation is satisfactory, but there is no room for complacency.”

One German anti-nuclear group however said that the report did not fully describe the extent of Europe’s nuclear safety issue. Jochen Stay, spokesman for the Ausgestrahlt organization, told Deutsche Welle that he was skeptical about the report as the plant operators themselves were the ones who provided the underlying data.

“They were sent a questionnaire they were expected to fill in concerning safety issues,” he said. “External auditors only inspected about one in three plants.”

If plant operators were forced to prove their facilities could withstand a plane crash, it would mean the end of atomic energy in Europe, Stay said.

[quote]”It couldn’t be financed. It just wouldn’t be profitable,” he noted.[/quote]

Related: Fukushima Fallout: Does Nuclear Energy Still Have A Future?

Related: Barely A Year After Fukushima, IEA Says: Embrace Nuclear

Related: Will Germany Regret Going Non-Nuclear?

Nevertheless, the European Commission is set to meet with EU leaders from October 18-19 to discuss the findings of the report. The “vast majority” of the recommended safety measures are expected to be fully enacted by 2015.

About EW News Desk Team PRO INVESTOR

Latest news about the state of the world economy.