Europe Rejects Nuclear Energy
Japan’s recent nuclear disaster has pushed a lot of countries to think twice about their relationship with nuclear power.
Switzerland, Germany consider phasing out nuclear power plant.
By: Aditi Sethi, Staff Writer
Europe, typically a staunch supporter of nuclear energy, may soon be losing many of its nuclear reactors. The earthquake in Japan and the subsequent disaster at the Fukushima Daiichi nuclear reactor has pushed Switzerland off the fence and squarely into the non-nuclear zone. Germany has performed a complete u-turn on its nuclear energy policy and could phase out nuclear reactors within a decade. This will have a great impact on the future of our electricity supply.
Nearly 40% of Switzerland’s electricity comes from atomic sources, yet the government has decided to phase out nuclear energy by 2034. While Switzerland will be able to continue producing enough electricity for itself, it will have to forgo over $1 billion in electricity exports. The main source of Swiss energy is hydro-electricity.
Many feel the risks of nuclear energy far outweigh the benefits.
Nuclear power plants may generate 25% of Germany’s electricity, but they are considering phasing out all nuclear energy by 2022. Unlike Switzerland, Germany does not produce enough energy to be self-sufficient. According to the Federal Network Agency of Germany, domestic renewable sources can produce as much energy as 28 nuclear reactors. However, this is only possible in ideal conditions. Germany would need to import electricity, and with the demise of nuclear reactors in countries like Switzerland, the price of electricity will increase. Germany will have to look further into developing renewable sources of energy, specifically solar, wind, and hydro electricity.
The future of nuclear energy in Europe is bleak. An increase in electricity prices in these austere times would not be well received, but many feel the risks of nuclear energy far outweigh the benefits. Will nuclear reactors become safe enough to survive an increasingly fearful world? Or will renewable sources become efficient enough to fill the energy gap?
By: Aditi Sethi, Staff Writer
ARB Team
Arbitrage Magazine
Business News with BITE.
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