„In my previous mandate, I made enormous efforts to have nuclear energy recognized as a strategic and clean energy, guaranteeing its future for decades to come. Today, this conversation is at a new stage – how to turn political support into real investments and new capacities. European and national public funding must attract private capital.“ This was stated by MEP from the Bulgarian Socialist Party and the Socialists and Democrats Group Tsvetelina Penkova during the 5th International Nuclear Conference –Nuclear Energy – from ambitions to implementation“, organized by the Bulgarian Energy and Mining Forum and Dr. Ivan Hinovski. She opened a panel with the participation of Bulgarian and foreign specialists, dedicated to the possibilities for financing new nuclear capacities.
According to Penkova, the European Commission estimates the necessary investments for the implementation of the nuclear plans of the member states at around 241 billion euros by 2050. The amount includes both the extension of the operational life of existing reactors and the construction of new large nuclear capacities. “Nuclear energy is already at the heart of the conversation about the competitiveness of the European economy, energy security, strategic autonomy and our ability to provide sufficient electricity at acceptable prices“, the MEP pointed out.
“For Bulgaria, this change in European policy towards nuclear energy has direct significance. It means preserving and developing nuclear expertise andbuilding new capacities, including the timely completion of initiated projects“, Penkova emphasized.
The next 7-year EU budget (Multiannual Financial Framework) for the first time allocates space for nuclear energy – currently over €10 billion. appropriate funds for the sector are planned. Penkova noted that this gives our country the opportunity to include the development of the sector, the necessary infrastructure and the training of specialists among its long-term investment priorities. Separately, member states can include investments in energy in their National and Regional Partnership Plans, with the total resource for the period 2028-2034 being 865 billion euros.
Penkova also drew attention to the fact that even the European Investment Bank (EIB) is already paying active attention to nuclear energy in terms of financing. „This year, the EIB has already approved two projects related to nuclear energy: €800 million loan for the modernization and life extension of unit 1 of the „Cherna Voda” in Romania and €40 million for a Finnish small modular reactor”, the MEP specified.
Tsvetelina Penkova also highlighted the need for investments in nuclear energy to go hand in hand with the development of electricity transmission infrastructure and cross-border connectivity: “It doesn't matter how many new capacities we build if electricity cannot reach the consumer at a competitive price.Generation and networks must be planned as one system and this is precisely the approach I advocate as the main negotiator on theRegulation on Electricity Transmission Networks.“
She stressed that for Bulgaria, new nuclear capacities and network development are parts of the same strategic task. “If we develop one without the other, we will not use the full economic potential of the investment. We have experience, specialists, infrastructure and the opportunity to build new capacities. We must view them as a long-term investment in the industrial and economic security of the country“, Penkova added.
“If we manage to connect production, networks, financing and European industry, nuclear energy can be one of the main pillars of a secure and competitive European economy in the coming decades“, Tsvetelina Penkova concluded.
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