The Greek Prime Minister's statement at the Economist’s 28th annual Government Roundtable: "There is no way to reach net zero emissions without nuclear energy. So, as Europeans, are we investing in the next generation of small modular nuclear reactors?" has now opened a public discussion on whether nuclear energy, in the form of Small Modular Reactors , could become part of the country’s energy mix. But what exactly are Small Modular Reactors (SMRs), and why are they being discussed today?

SMRs are an advanced type of reactors that are smaller in size and have a capacity of up to 300 MW (about one-third of the capacity of traditional nuclear reactors). They are characterized as modular because they can be manufactured in factories and then transported to their operational site where they are assembled, allowing additional reactors to be added gradually to meet changing energy needs. Their modular design can reduce construction time and overall cost by leveraging economies of scale in production. These reactors feature advanced safety characteristics, including passive systems that rely on natural processes, such as gravity and heat transfer, without requiring human intervention in case of malfunction. SMRs have been developed over the last 15 years in countries such as the USA, Canada, France, China, and Russia, where they are expected to be available for field use by the end of the current decade.

The ambitious goals set by the Green Deal for EU member states to reduce greenhouse gas emissions by at least 55% by 2030 (compared to 1990) and achieve climate neutrality by 2050 require the use of all available green technologies. Greece has made significant strides in producing green electricity in recent years. Notably, 57% of electricity in 2023 was generated from renewables and hydroelectric power, while this percentage was below 10% in 2008. However, the percentage of electricity generation from Natural Gas and Lignite remains at around 40%, and in meeting total final energy consumption (which includes transportation, heating, and industrial energy consumption), oil usage remains dominant at around 50% from 2012 to the present.

The increase in dependence on renewable energy for electricity production creates a need for clean base load electricity that can complement renewables when they are not available on the grid. At the same time, the increasing demands for clean energy to decarbonize transportation, industry, and heating, as well as the unstable geopolitical environment, which has led to abrupt price changes, make SMRs an option we need to consider seriously.

We cannot discuss nuclear energy for Greece without deep-diving in the decarbonization of maritime transport, which is characterized by stagnation due to technological difficulties. One way to reduce or eliminate emissions is the use of SMRs for ship propulsion. This discussion and the regulatory framework that will prevail internationally directly concern Greece since Greek shipping is the largest in the world and is of strategic importance to our country, controlling 21% (2022) of the global commercial fleet in capacity.

SMRs meet the triptych of energy justice, security, and sustainability. SMRs have a lower initial capital cost and shorter completion time compared to traditional power plants. These characteristics, combined with the continuous operation of nuclear power plants and their long lifespan, ensure access to a relatively cheap long-term and reliable energy source for all. Nuclear energy improves energy security due to its low fuel usage. One gram of uranium can produce as much energy as 500 cubic meters of natural gas or 500 liters of oil. Uranium is available in large quantities and is inexpensive. Finally, SMRs are an absolutely sustainable energy option according to the UN and the EU, having a small land footprint, especially when compared to renewables.

Greece is not alone in the fight for a quick and safe energy transition. The USA, through the Phoenix program, aims to provide expertise to countries that wish to convert coal units—similar to the Greek units in Ptolemaida—into SMR power plants, prioritizing the retraining and retention of local jobs, which is much needed, for example, in Western Macedonia. After careful study of the parameters, Greece could request inclusion in this program. At the same time, the EU, through the European Alliance for the Industry of SMRs, which institutional bodies and private companies can join, aims to accelerate the research and development of SMRs on European soil, while particular emphasis is given through the Euratom program on the training of new scientific personnel in safety issues and new nuclear technologies

The first step for the safe development of a nuclear program in Greece is a modern regulatory framework. A key element of this framework should be the establishment of a strong regulatory body in the form of an independent authority, following the example of the NRC (Nuclear Regulatory Commission) in the USA, which will regulate, among other things, the operation of nuclear plants and will be accountable to the Greek Parliament. At the same time, it is essential to train scientific and labor personnel within European programs that will staff future power generation units.

SMRs can help Greece lead the energy transition and become an export energy hub. With the help of our partners and allies, Greece must take the first decisive step towards the new nuclear age. The foundations for the energy security of the future are being set and we need to act now.