Europe’s €240B Nuclear Revival and the Rise of BWX Technologies (BWXT) & Électricité de France (EDF.PA)

The European Commission released a draft version of its Nuclear Illustrative Programme, known as PINC. This roadmap lays out how nuclear energy will contribute to the European Union’s net-zero and energy goals through 2050. The report makes it clear: if the EU is to meet its clean energy targets while ensuring energy security, nuclear must play a bigger role.

The Commission estimates that achieving its nuclear goals will require around €241 billion in investment by 2050. That includes €205 billion for new nuclear plants and €36 billion for extending the lives of existing reactors.

How the EU Plans to Fund Its Nuclear Revival

Currently, nuclear power supplies about 24% of the EU’s electricity. The bloc has 98 gigawatts (GW) of nuclear capacity today and wants to increase that to 109 GW under its base scenario by 2050.

large-scale nuclear power generation capacities in the EU — Source: European Commission (EC)

In a more ambitious plan, capacity could reach as high as 144 GW. These figures show how nuclear energy can help Europe move to a net-zero economy. It can also keep power reliable and affordable.

Twelve EU countries run nuclear power plants. Many more plan to build new ones or restart old projects. France is still the top nuclear producer in the region. However, Poland, Romania, and the Czech Republic are now working on small modular reactors (SMRs) and other new systems.

To meet its €240 billion investment needs, the European Commission is exploring new financing tools. One of the most important is a proposed €500 million pilot program to support nuclear power purchase agreements (PPAs).

Europe investment needs for nuclear by 2050 — Source: EC

The fund, probably created with the European Investment Bank, aims to lower financial risks for investors. It also makes nuclear energy more appealing to private capital. The Commission hopes that adding nuclear to the EU Taxonomy will open new paths for green investment.

Delays are a major concern. According to the PINC draft, if large projects are delayed by just 5 years, total costs could rise by €45 billion. This estimate shows how vital it is to have effective permitting and financing. These tools help keep projects on schedule and within budget.

Economic Benefits and Job Creation

Nuclear energy not only provides low-carbon electricity but also supports Europe’s economy and job market. Today, the sector generates about €251 billion in economic value annually and supports around 883,000 jobs. These include roles in construction, operation, maintenance, fuel supply, and decommissioning.

New studies say that if EU nuclear capacity reaches 150 GW by 2050, it could create over €330 billion in yearly output. This growth might also support around 1.5 million jobs. As such, nuclear power is crucial for Europe. It supports climate goals and boosts industrial competitiveness, and helps with energy independence.

Nuclear also supports other parts of the energy system. It can offer steady baseload electricity. This helps balance out the variable supply from wind and solar energy. In colder areas of Europe, nuclear heat can help district heating systems. This replaces fossil fuels and cuts emissions even more.

Small but Mighty: SMRs and the Next Nuclear Frontier

A major part of the EU’s nuclear future involves small modular reactors (SMRs) and other advanced systems. SMRs are small, factory-made reactors. They offer flexibility, lower initial costs, and easier grid integration. The first commercial SMRs in Europe are expected between 2030 and 2035, with wider deployment possible by 2040.

The European Commission’s draft PINC also mentions advanced modular reactors (AMRs), microreactors, and even fusion energy as part of the long-term mix. These technologies are still in development but could offer benefits such as higher safety margins, more efficient fuel use, and easier siting.

France is developing the Nuward SMR, while Poland is advancing projects with U.S. companies like NuScale and GE Hitachi. Romania plans to build NuScale reactors at the Doicești site, supported by U.S. and Canadian funding. The UK government is funding faster SMR licensing. Companies like Rolls-Royce and GE Hitachi are competing for contracts.

The International Energy Agency (IEA) estimates that global SMR capacity could reach 190 GW by 2050, up from nearly zero today, if costs decline and licensing processes become more efficient. SMRs could play a vital role in energy systems with high shares of renewable power by providing firm, dispatchable energy.

Small modular reactor global installed capacity by scenario and case, 2025-2050

RELATED: From Code to Core: How AI is Fueling the Rise of Small Modular Reactors

Turning Tides: Politics, Public Opinion, and Nuclear Momentum

Nuclear energy policy in the EU is changing quickly. In 2025, Germany, which used to oppose nuclear power, changed its position under Chancellor Friedrich Merz. Now, Germany treats nuclear energy like renewables and is working with France on new reactor technology. This could help more countries work together on nuclear projects.

Other countries are rethinking their plans, too. In Spain, major utilities want to keep the current nuclear plants running longer instead of shutting them down. The UK continues to expand its nuclear program with large projects and faster approval for new designs.

SEE MORE: UK Bets on Rolls-Royce for Its First Small Modular Nuclear Reactors With £2.5B Pledge

Moreover, public support for nuclear energy is growing. In the UK, about 65% of people are in favor. In Germany, support ranges from 31% to 56%, depending on age and politics. Many now see nuclear as a clean, reliable way to meet climate goals and avoid power shortages.

However, there are still big challenges. Past nuclear projects in Finland and France faced long delays and high costs. Europe also depends on imported nuclear fuel, which is risky if supply chains are disrupted.

There are also problems with closing old plants and managing nuclear waste, and there is a large funding gap for these tasks. Solving these issues will require better planning, investment, and teamwork.

Movers and Makers: Who’s Building Europe’s Nuclear Future?

As the EU increases its investment in nuclear energy, several companies—both European and international—are playing major roles in driving innovation, building new reactors, and strengthening supply chains. These firms represent a mix of state-owned utilities, private startups, and publicly traded industry leaders, all contributing to Europe’s evolving nuclear landscape.

Électricité de France (EDF) – Public Utility, France

EDF is central to Europe’s nuclear energy future. It operates the largest nuclear fleet in the EU and is developing the Nuward SMR, France’s flagship small modular reactor. The Nuward is designed to replace aging fossil fuel plants and support export strategies across Europe.

As a state-owned utility, EDF plays a critical role in executing the EU’s nuclear roadmap, from extending the life of current reactors to launching new build projects. EDF is also involved in collaborative efforts with Germany and other EU nations as nuclear power regains political momentum.

BWX Technologies (NYSE: BWXT) – United States

BWX Technologies is a major U.S.-based publicly traded company specializing in nuclear components, fuel, and services. It is a key supplier to the U.S. Navy’s nuclear propulsion program and is actively expanding into commercial advanced reactor technologies, including modular microreactors and HALEU fuel production. The company is exploring partnerships in Europe to support fuel and component supply.

Newcleo – Private, UK/Italy

Newcleo is a fast-rising European startup focused on lead-cooled fast reactors (LFRs) using fuel from reprocessed nuclear waste. The company has raised over €500 million and plans to build reactors in France and the UK. It aligns well with EU goals around sustainability, waste reduction, and energy sovereignty.

Newcleo’s promise to “close the fuel cycle” directly addresses long-term waste and supply chain concerns that are central to the EU’s nuclear strategy.

As EU nations explore a mix of SMR and advanced reactor types, Kairos offers a safe, efficient, and scalable option that fits EU goals for grid flexibility and industrial decarbonization.

Overall, Europe’s nuclear revival is no longer a distant vision—it’s a fast-moving strategy backed by billions in investment, rising public support, and bold policy shifts. With key players like EDF, Newcleo, and BWXT leading the charge, the EU is building a nuclear sector fit for a decarbonized, secure energy future. If successful, nuclear energy could become the backbone of Europe’s net-zero transition.