As Europe aims for net-zero carbon emissions, Western companies are intensifying their pursuit of nuclear contracts in Eastern Europe. Joe St Julian, a leading executive at Canadian engineering group AtkinsRéalis, noted that the region presents a valuable opportunity as it works to establish renewable energy industries to meet European Union targets.
“We are very competitive in Eastern Europe,” St Julian remarked, emphasizing the drive to stand out and secure contracts in this evolving market. Various nuclear companies, including US firms like Westinghouse and NuScale Power, are also eyeing projects in this part of the continent.
Recently, AtkinsRéalis clinched a significant contract worth C$224 million (approximately US$159 million) with the Romanian government to construct two new Candu reactors. This design is advantageous as it doesn’t require enriched uranium, potentially leading to cost savings.
These reactors will be built at the Cernavodă site, which currently operates two older Candu units that began operating back in 2007. As Eastern European nations look to bolster their energy independence, particularly in light of less reliance on Russian sources, the demand for advanced nuclear technology is on the rise.
The ongoing energy crisis, exacerbated by the invasion of Ukraine, has reignited interest in nuclear power following a slowdown in development after the Fukushima disaster in 2011. However, St Julian expressed concern that EU regulations may hinder progress toward climate goals, especially considering strong opposition to nuclear energy from countries like Germany and Austria.
In recent hearings, the EU’s new energy commissioner, Dan Jørgensen, avoided directly addressing whether the EU budget would support nuclear projects. St Julian emphasized that achieving the EU’s net-zero targets by 2050 necessitates a commitment to nuclear power.
Countries in Eastern Europe, which had previously relied on Soviet-era technology, are now exploring alternatives. Stefano Monti, president of the European Nuclear Society, highlighted that these nations recognize nuclear energy as a reliable and consistent source of power.
The contract signing for AtkinsRéalis’s project coincided with the UN’s COP29 climate conference in Azerbaijan. This agreement follows a collective vow at last year’s COP meeting, where over 30 nations, including 13 EU members, committed to tripling nuclear energy capacity by 2050.
The Cernavodă initiative is supported by $7.25 billion in export credit financing from the US, Canada, and Italy. This project is one of several prospective nuclear plants underway in Eastern Europe, including sites in Slovakia, Hungary, and Poland. St Julian noted that the Cernavodă project is a pivotal move for the company and could serve as a foundation for future projects in the region. By developing a fleet of reactors rather than just two at a time, they aim to reduce costs and enhance the appeal of nuclear energy.