France’s Élysée has updated its timeline for the EPR2 reactor commissioning, now aiming for 2038 instead of 2035. This nuclear initiative, backed by President Macron, seeks to enhance uranium sovereignty and will be financed through a state loan. Project costs have escalated significantly, and discussions are in progress to secure funding mechanisms. Additionally, the nuclear policy council is addressing uranium supply challenges and promoting research on advanced small modular reactors to modernize France’s nuclear infrastructure.
Updated Timeline for EPR2 Reactor Commissioning
The Élysée has revised its timeline for the commissioning of the first of six planned EPR2 reactors, now targeting 2038 instead of the previously set 2035. This nuclear revival initiative, championed by President Emmanuel Macron, aims to bolster France’s uranium sovereignty and is expected to be funded through a state loan with preferential rates.
Initially proposed in February 2022, the construction program included six new nuclear reactors with an option for eight additional units, with the first commissioning anticipated around 2035 at the Penly site. However, a government audit from that same month hinted at a more realistic timeline of 2037 for the initial reactor’s completion.
Recent statements from the Élysée indicate that the first reactor is now expected to be operational “by 2038,” as detailed in a release following a nuclear policy council meeting led by Macron, marking the fourth such meeting since 2022.
Financial Strategies and Future Planning
The estimated cost of the project has seen a significant increase, originally projected at 51.7 billion euros in 2020, now revised to 67.4 billion euros as of 2022, and soaring to 79.9 billion euros under updated 2023 conditions. According to a report from the Court of Auditors, these figures are based on EDF’s assessments from late 2023. Energy Minister Marc Ferracci recently mentioned that the total cost might remain “below 100 billion euros,” factoring in inflation.
As for financing these reactors, discussions are underway to establish a funding model that includes a state-subsidized loan covering at least half of the construction costs. This approach mirrors the European Union’s financing model for the Czech Dukovany plant, which utilized a zero-interest state loan.
Additionally, a contract will ensure a maximum price of 100 euros per megawatt-hour for nuclear production, offering a safety net for EDF. If market prices exceed this threshold, EDF will share profits with the state; conversely, if prices fall below this level, the state will provide compensation to EDF.
The Élysée aims to finalize negotiations with EDF in the upcoming weeks and plans to engage swiftly with the European Commission to facilitate EDF’s final investment decision by 2026, a slight delay from the previously anticipated late 2025. A source close to EDF explained that the urgency has diminished, allowing for a more measured approach to ensure the program’s success, especially given the current stability in electricity production and demand.
In light of the global resurgence of interest in nuclear energy, the nuclear policy council is also addressing potential challenges related to uranium supply for nuclear fuel. They confirmed state support for Orano (formerly Areva) to secure uranium supplies for France in the medium to long term and initiated preparations to revive research on closing the nuclear fuel cycle. This research aims to eventually eliminate the need for natural uranium imports by the latter half of the century.
Furthermore, the council has urged the CEA to collaborate with innovative startups exploring advanced small modular reactors (SMRs) for installation at nuclear sites in Marcoule and Cadarache, signaling a commitment to modernizing France’s nuclear capabilities.