According to a report by the German broadcasting service ARD, nuclear power plants are included on the preliminary project list of the investment program for the European economy, which has been proposed by the President of the European Commission Jean-Claude Juncker. The list of projects proposed for funding includes nuclear power plants. As the news program - Tagesschau - reported, nine countries are applying for a total of Euros 100 billion investment subsidies for nuclear power plants. The projects include refurbishments as well as new installations. Romania for example wants to modernize a nuclear power plant, the UK has three reactors on the project list and Poland would like to use the funding to enter the nuclear energy market. As a result of the fact that member states are expected to participate in the program, the German government could end up phasing out nuclear energy in its own country and funding nuclear power plants in others.
The funding program will have a total volume of Euros 315 billion. However, this amount is more of a calculated value than actual available money. Using a Euros 21 billion fund created by the European Investment Bank -EIB, bank loans of up to Euros 60 billion will be hedged, which in turn are expected to trigger total investments of Euros 315 billion in the European economy over the next few years. In reality, only Euros 5 billion of the underlying funds will be provided by the EIB. The EU is expected to re-purpose existing program so it can provide Euros 8 billion out of its own budget. No source was specified for the missing Euros 8 billion out of the total of Euros 21 billion.
Germany has submitted 58 proposals - worth 89 billion Euros, but many of them may not meet the criteria for the investments. As EU Financial Commissioner Pierre Moscovici said that this is a plan for new investments that will create additional growth. It is not about providing more funds for existing projects.
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