Nuclearelectrica welcomes the European Commission’s decision to adopt the Complementary Delegated Act, thus including nuclear energy and natural gas in the scope of the EU Taxonomy on Sustainable Financing, the company announced. The document thus confirms the significant role of these two energy sources in ensuring the energy security of states and in achieving decarbonization targets.
Thus, through the Delegated Act, the major investment projects in the nuclear field, such as the refurbishment of nuclear units, the construction of new capacities and the development of innovative technologies, are considered sustainable to contribute to the energy transition of the Member States.
It also recognizes the right of each EU state to choose its own national energy mix, based on existing resources, expertise and capabilities. EU taxonomy aims to direct private investment to the sources needed to accelerate the energy transition and achieve climate neutrality.
“The inclusion of nuclear energy in the scope of the EU Taxation on Sustainable Financing is an important step for the development of the European nuclear industry and the recognition of the significant role that nuclear plays in a balanced, diversified, sustainable and stable energy mix. The current European nuclear reactor fleet, as well as the expansion of existing capabilities, is a necessity to ensure the security of the energy supply. The inclusion of nuclear energy in the EU Taxonomy to enable states to develop nuclear projects in a timely manner will help us reach our climate targets faster and contribute to a cleaner energy future,” says Cosmin Ghita, CEO of Nuclearelectrica.
Globally, according to data published in the McKinsey analysis, $ 275 trillion, or about $ 9.2 trillion/year, represents funds for physical assets in the transition period until 20501. Without investments in the nuclear industry, the cost of transition to a sustainable economy increases by $ 1.6 trillion, according to the report of the International Energy Agency (IEA)2.
Nuclearelectrica has ongoing strategic investment projects worth an estimated 9 billion Euros, including: Refurbishment of Unit 1, Project of Units 3 and 4, development of small modular reactors in cooperation with NuScale, but also support projects for current operation, such as the Tritium Removal Facility. SNN’s investment projects will contribute with clean energy to Romania’s energy stability, socio-economic development, development of the nuclear industry and training of a new generation of specialists.
According to the 2020 report on electricity costs, issued by the International Energy Agency (IAE)3 in collaboration with the Nuclear Energy Agency (OECD-NEA) in 2020, the refurbishment has the lowest cost of electricity of all energy sources – on average 32 USD/MWh (compared to 50 USD/MWh for wind energy; 56 USD/MWh for solar panels; 91 USD/MWh for coal-fired power plants.). The cost of energy generated by large new nuclear capacities is $ 69/MWh, while the cost of energy generated by NuScale Small Modular Reactors (SMR) is $ 64/MWh, based on the cost of the US labor force.
The implementation of the investment projects of SN Nuclearelectrica SA will provide, after 2031, approximately 33% of the necessary consumption and estimated 66% of energy without CO2 emissions at national level, as well as the avoidance of the release into the atmosphere of approximately 24 million tons of CO2 annually.