Financial Insights That Matter
Posted By Global Banking and Finance Review
Posted on January 23, 2025
MILAN (Reuters) – Italy aims to finalise by the end of 2027 a plan allowing the use of nuclear power energy again after it was banned almost 40 years ago, Energy Minister Gilberto Pichetto Fratin said in an interview published on Thursday by Italian daily Il Sole 24 Ore.
Prime Minister Giorgia Meloni’s right-wing government has said small modular reactors and advanced modular reactors could help decarbonise Italy’s most polluting industries, including steel, glass and tilemaking.
Nuclear-fired power plants are prohibited in Italy following referendums in 1987 and 2011 but the government is now drafting rules to lift the ban through the use of new nuclear-power technologies.
“Italy is ready to return to nuclear power, a crucial choice that will not replace renewables but will complement them, ensuring a balanced and sustainable energy mix,” Pichetto Fratin said, adding that a first draft law would be submitted for cabinet approval within the next two weeks.
Italy estimates it would save 17 billion euros ($17.67 billion) on the cost of decarbonising the economy by 2050 if nuclear power made up at least 11% of its energy mix.
Pichetto Fratin said the Italian energy and climate plan (PNIEC) estimated that portion at up to 22%.
Italy has retained key expertise in the nuclear sector. State-controlled utility Enel operates nuclear power stations in Spain and energy major Eni is investing in a project to develop a nuclear fusion reactor in the United States.
Italy is in talks with several companies including U.S. energy group Westinghouse and France’s EDF as potential partners for a state-backed company that will build advanced nuclear reactors in the country, while Enel, Ansaldo and defence company Leonardo are working on setting up a state-backed company to build nuclear reactors in Italy.
($1 = 0.9622 euros)
(Reporting by Gianluca Semeraro, editing by Alvise Armellini, Kirsten Donovan)
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