The new coalition government in the Netherlands has made the use of nuclear power a key objective in its energy and climate policy. In their statement, the Christen Unie, CDA, D66 and VVD parties wrote that their objective was to strive to make the country and the planet habitable as well as livable.
The parties released their policy document, which describes the short-term plans the government has for the near future. The plans were agreed upon after negotiations that started after the general election in March 2021 were concluded.
The document makes a case for nuclear power, stating that the energy can be used to produce hydrogen as well as to complement geothermal, wind and solar energy. It adds that the use of nuclear energy will also reduce dependence on gas imports. The government also revealed that the country’s nuclear power plant at Borssele, which began operating in 1973, would remain open as long as it was in compliance with safety regulations; the plant provides about 3% of the nation’s electricity needs.
In their policy document, the parties reveal that steps are being taken to construct a pair of new nuclear power stations in the country, noting that the government will facilitate the parties involved in exploration, ask for tenders, be supportive of innovation, review contributions from the government and implement regulations and legislations where necessary.
In accordance with this, the government announced that it would offer financial support for the construction of new power plants as it planned to set aside €500 million ($565 million) for this use in 2023, 2024 and 2025. The government assumes that while the proposed power plants may not be in operation by 2030, it expects that by this time, the cumulative support for nuclear power will have reached €5 billion ($5.65 billion).
The policy also calls attention to the government’s ambition on climate, stating that the government plans to raise the 2025 carbon emission target to 55% in order for the country to be climate neutral by 2050. For this larger target to be met, the government revealed that it would increase the 2030 target to 60%, with the target for 2035 moving to 70% reduction in CO2 emissions and the 2040 target coming to 80%. The initial reduction in carbon emission targets are stipulated in the Climate Act.
In other facets of the energy sector, the new coalition government is focused on solar deployment on rooftops as well as wind deployment. This is in addition to phasing out the production of gas in Groningen by terminating the issuance of new licenses for production in the Wadden Sea.
Such renewed interest in nuclear energy could signal a surge in the demand for uranium extraction firms such as Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) as more countries realize how big the contribution of nuclear energy can be in the push to switch to greener forms of energy.
NOTE TO INVESTORS: The latest news and updates relating to Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) are available in the company’s newsroom at http://ibn.fm/UUUU
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