Europe’s Nuclear Revival: Accelerating SMR Development

After years of focusing on renewable energy, the European Union is channeling resources into developing small modular reactors (SMRs) and strengthening its nuclear infrastructure.

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The European Union (EU) is initiating a significant shift toward nuclear energy with a clear political commitment and concrete initiatives. This strategic pivot occurs amidst growing economic, geopolitical, and energy transition challenges.

After a decade dominated by investments in renewable energy, Europe now acknowledges the need to diversify its decarbonized energy sources. According to Attila Steiner, Hungarian State Secretary for Energy and Climate, nuclear energy is “inevitable” to ensure energy independence and achieve climate goals. Hungary, holding the EU presidency in 2024, played a key role in aligning the 27 member states around a unified approach.

A New Model for SMRs

The European Commission announced the creation of the SMR Alliance (Small Modular Reactors) in February 2024. This consortium brings together businesses, financial institutions, research centers, and NGOs to accelerate the deployment of these technologies. The goal is to install the first modular reactors in Europe by the early 2030s, meeting demands for both speed and industrial standardization.

Massimo Garribba, Deputy Director-General for Energy at the European Commission, emphasized that Europe must “catch up” with Asia and the United States, which have invested heavily in nuclear energy over the past two decades.

Financing and Competitiveness

The EU is also exploring innovative financing mechanisms. Among them, a “competitiveness fund” proposed by Commission President Ursula von der Leyen could include direct support for nuclear projects. Discussions around this fund are planned for the 2028–2034 budget, with initial projects potentially proposed by 2025.

The role of the European Investment Bank (EIB) is also under review. Historically focused on renewables, the EIB is now considering investments in SMRs, offering new momentum for the European nuclear sector.

Legal and Reputational Challenges

Challenges remain, however. Nuclear energy’s reputation, often marred by cost overruns and delays, needs rebuilding. Alan Woods, Director at Rolls Royce SMR, stressed that a standardized approach with units built in factories is essential to convince investors and ensure timely delivery.

Moreover, legal adjustments are necessary to address specific issues surrounding SMRs, particularly safety and liability concerns. As Ximena Vasquez-Maignan, legal counsel at White & Case, noted, while Europe’s legal framework is robust, it requires adaptation to tackle these emerging challenges.

Geopolitical Motivations

This pivot toward nuclear energy also serves as a strategic response to recent energy crises exacerbated by Russia’s 2022 invasion of Ukraine. Disruptions in natural gas supplies and the urgency to accelerate decarbonization have prompted a reevaluation of energy priorities in Europe.

Simultaneously, national and European elections have strengthened political coalitions favoring nuclear energy, marking a decline in influence for Green parties that remain skeptical about this technology.

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US-based Westinghouse has signed six industrial agreements in the UK to supply critical components for its AP1000 and AP300 nuclear projects in Britain and abroad.
NANO Nuclear Energy receives direct funding from the US Air Force innovation branch to assess the integration of its KRONOS MMR™ microreactor at the Washington D.C. military base.
Russian nuclear group Rosatom has confirmed advanced discussions with India and Turkey to launch new power plants, including advanced and floating reactor technologies.
The International Atomic Energy Agency has identified uranium particles of industrial origin in samples taken from a Syrian site suspected of hosting an undeclared nuclear reactor.
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France and Germany have validated a joint energy roadmap, including a commitment to the non-discrimination of nuclear energy in European financing.
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The United States and South Korea have agreed to initiate discussions on reprocessing spent nuclear fuel, marking a potential strategic shift in the long-standing bilateral agreement.
The United States Nuclear Regulatory Commission has granted a 40-year extension for the AP1000 reactor design certification, supporting its long-term construction domestically and deployment abroad.
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The French Atomic Energy Commission has signed a letter of intent with start-up Calogena to study the installation of a 30 MW thermal small nuclear reactor at its Cadarache site.
A Guidehouse Research report anticipates strong growth in the global nuclear modular reactor market, with revenues rising from $375.8 million in 2025 to $8.1 billion in 2034.
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The US Department of Energy is creating an industrial consortium to accelerate domestic enriched uranium production and reduce reliance on foreign imports ahead of the Russian supply ban in 2027.
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