Nuclear, an economic impact in Italy alone of 45 billion euros is estimated and up to 500 thousand new jobs in the short term in the construction sector alone
According to the new study published by EY “Nuclear energy is on the verge of a renaissance”, nuclear energy plays a decisive role in the path towards the transition from fossil fuels to energy sources capable of guaranteeing energy security and combating climate change. L’nuclear energyin fact, thanks to its immediate response capacity and significant growth potential, it constitutes a key element for establishing low-emission electricity systems capable of dealing with the climate crisis.
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In the ambitious global goal of reaching net-zero balance by mid-century, nuclear energy, currently present in 32 countries with a total capacity of 413 GW, plays a significant role in avoiding 1.5 gigatonnes (Gt) of global emissions and reduce global gas demand by 180 billion cubic meters (bcm) annually. This energy is among the energy resources that has the lowest level of CO2 emissions, therefore making it fundamental for achieving the SDG objectives established in theParis Agreement.
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Paola Testa, EY Europe West Energy & Resources Consulting Leader, comments: “The road to decarbonisation will require a comprehensive and diversified approach to energy production. In this context, nuclear energy is emerging as an essential tool in combating climate change. For this reason, even in Italy, collaboration between institutions, the academic and industrial world is crucial to consolidate the path towards the energy transition of which this energy represents the future. The country already has strong expertise in the field, especially in the supply chain, but it will be essential to consolidate investments and overcome the challenges linked to the adoption of this technology to transform them into opportunities for growth and development.”
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Nuclear technology, in fact, is not immune to obstacles that can pose a challenge to its adoption. As regards costs, for example, when compared with those of other low-emission energy sources, it is important that these retain their competitive component; in terms of specific regulations, reliance on new technologies, concerns related to safety, waste management and other cultural issues are among the main obstacles to face and overcome to support a possible nuclear renaissance.
Using the levelized cost of electricity (LCOE) as a measure representing the average cost of generating electricity for a power plant over its entire operating life, photovoltaic solar power is currently the most competitive source of electricity in most markets, but nuclear power is however capable of competing. In 2022, in fact, the electricity produced by the latter source represented the 9,2% (2.611 TWh) of the global total. In Italy, the growing need for a sustainable energy system is putting nuclear energy back at the center of public debate, partly driven by the country’s high rate of air pollution and the absence of large fossil fuel resources.
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Based on EY estimates, it is noted that the beneficial impact of the European cooperation project “Iter”, currently under development, could reach 15.9 billion euros within the European economy, considering the advantages linked to research, development and skills required on the labor market, as well as the environmental benefits. To these would be added more than 70 thousand new jobs to be created by 2030 within the European Union, with Italy as the main beneficiary.
In the specific Italian context, a generation of added value is expected 45 billion euros, accompanied by savings of 400 billion compared to a scenario based solely on renewable sources and conventional power plants. In terms of employment, the creation of more is expected half a million jobs nationwide by 2050as well as the creation of 52 thousand new full-time jobs in the short termexclusively linked to the construction phase.
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As for the sentiment about nuclear power in our country, the 54% of individuals welcome the return of nuclear energy to the country, as long as it serves to significantly reduce the amount of costs on the bill; 20% are in favor of nuclear power in any case; finally, 26% of those interviewed are against it. Reflecting national trends, the Piedmontese municipality of Trino, has recently decided to propose itself as a site for the national repository of radioactive waste. This decision comes following objections raised by many of the municipalities originally identified as possible candidates. This proactive step also represents a positive signal in terms of acceptance on the topic.
To achieve a “rebirth” of nuclear power in Italy, it will be essential, on the one hand, to implement collaboration between all the stakeholders involved, and on the other, to promote solid education and culture linked to the topic of safety among professionals in the sector, which guarantees compliance with best practices and international standards on the matter. In this regard, Italy is already on the right track in terms of research, covering, together with France and Germany, 60% of the European Union’s publications on nuclear energy.
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At European level, opinions on the use ofnuclear energy remain partly conflicting. Despite European encouragement to increase the use of this energy source, some member states, such as Spain, announced in December that they wanted to decommission their nuclear power plants. However, this decision does not exclude the possibility that nuclear energy could re-emerge as a significant resource in the global energy mix. During COP28 held last year in Dubai, nuclear energy was recognized in Global Stocktake as a possible tool to achieve decarbonisation goals. Finally, in a document signed by over 22 countries, the commitment to triple their nuclear energy generation capacity by 2050 is underlined.
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