European Union member states need around EUR 241 billion ($278.62 billion) through 2050 to grow the share of conventional nuclear in their energy mix toward meeting their decarbonization, industrial competitiveness and energy security goals, according to official analysis. The 27-member bloc had 101 operational nuclear power reactors, with a combined capacity of 98 gigawatts electric (GWe), as of last year, the European Commission said. These are spread across 12 member states: Belgium, Bulgaria, Czechia, Finland, France, Hungary, the Netherlands, Romania, Slovakia, Slovenia, Spain and Sweden. In 2023 the units supplied 22.8 percent of the EU’s electricity generation. Three more reactors are under construction: one in Slovakia (Mochovce 4) and two in Hungary (Paks II), according to the Commission. While the EU’s top economy, Germany, shut down its three remaining nuclear power plants in April 2023, the new German government signaled it would drop its opposition to nuclear power, according to a Reuters report May 20, 2025, citing a French official. The estimated investment need, EUR 241 billion in present-value terms, is based on generation gaps identified in National Energy and Climate Plans (NECPs). The estimate, a “base case scenario”, accounts for the existing fleet, ongoing constructions and planned newbuilds. Additional investment is needed for small modular reactors (SMRs), advanced modular reactors (AMRs) and microreactors, the Commission said, though it did not quantify the investment need. Newbuild projects account for EUR 205 billion. Lifetime extensions would need EUR 36 billion, according to the Commission. In the base case scenario, the Commission projects an increase in nuclear generation capacity to 109 GWe in 2050, assuming at least some of the existing reactors extend their operating life beyond 60 years and planned newbuild reactors are delivered on time. “The Commission estimates that over 90 percent of electricity in the EU in 2040 will

Neste Oyj and Chevron Lummus Global (CLG) have announced promising pilot results for a new process to convert lignocellulosic biomass into renewable fuels. “Through close collaboration at CLG’s state-of-the-art R&D facility in the U.S., Neste and CLG have successfully demonstrated proof of concept for converting lignocellulosic waste into renewable fuels, with highly promising initial results”, a joint statement said. The results indicated the new technology could outperform existing technologies for processing lignocellulosic raw materials, according to the companies. “Neste and CLG are currently validating the technology and targeting readiness to scale up the technology to commercial scale”, they said. “Vast amounts of lignocellulosic waste and residues from existing forest industry and agricultural production remain underutilized and could be leveraged as valuable renewable raw materials”. “The partnership combines CLG’s extensive experience and proven track record in developing and licensing market-leading refining technologies with Neste’s pioneering expertise and global leadership in renewable fuels”, the partners said. CLG chief executive Rajesh Samarth said, “We are confident this partnership will pave a new pathway for producing renewable fuels, leveraging our versatile and scalable hydroprocessing technology platform”. Lars Peter Lindfors, senior vice president for technology and innovation at Neste, said, “Unlocking the potential of these promising raw materials would allow us to meet the growing demand of renewable fuels in the long-term and contribute to ambitious greenhouse gas emission reduction targets”. Espoo, Finland-based Neste produces sustainable aviation fuel (SAF) and renewable diesel. It has increased its SAF production capacity to 1.5 million metric tons per annum (MMtpa) with last year’s start-up of a Rotterdam project with a capacity of 500,000 metric tons a year. Neste aims to grow its production capacity for renewable fuels to 6.8 million metric tons a year by 2027. CLG, a joint venture between Chevron Corp. and Lummus Technology, provides technology

Oil fell on signs that the conflict in the Middle East may avoid disrupting crude production, with Iran seeking to deescalate hostilities with Israel. West Texas Intermediate slid 1.7% to settle below $72 a barrel after spiking to start the session and swinging in an $8 throughout the day. US President Donald Trump said Iran wants to talk about deescalating the conflict, helping quell fears that a protracted war would engulf a region that produces around a third of the world’s crude. “The question is — will Israel really be on board with that?” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group. “What this does suggest, though, is that the chatter about the Strait of Hormuz may have been overstating the threat.” Still, oil markets remain on edge after Israel launched an attack on the South Pars gas field, forcing the halt of a production platform, following strikes on Iran’s nuclear sites and military leadership last week. However, critical crude oil-exporting infrastructure has so far been spared and there’s been no blockage of the vital Strait of Hormuz. While an attack on Iran’s gas production is a concern, the biggest fear for the oil market centers on Hormuz. Middle East producers ship about a fifth of the world’s daily output through the narrow waterway, and prices could soar further if Tehran attempts to disrupt shipments through the route. Oil prices remain significantly higher than where they were before the attacks began. Crude gained more than 7% in the session after air strikes began on Friday, leading to record volumes of producer hedging as well as futures and options changing hands. Wall Street analysts have been quick to highlight the risks the conflict could pose. RBC Capital Markets said the fact both sides have targeted energy infrastructure

Key OPEC+ nations added less oil to the market last month than the headline figure of its output plan, as the cartel’s leadership pushed members to atone for earlier over-production. The eight members involved in the group’s current accord raised production by 154,000 barrels a day, compared with a headline increase of 411,000 barrels a day, according to a monthly report from OPEC’s secretariat. Iraq, the United Arab Emirates and Russia were among those compensating for past excess output. However, the eight countries’ total output was almost 400,000 barrels a day above their target for the month as Kazakhstan continued to pump well above its quota. Group leader Saudi Arabia has spurred OPEC and its allies to accelerate their planned output revival in a bid to punish members that flouted their limits with lower prices, and to reclaim the market share Riyadh has ceded during years of supply curbs. That push initially weakened oil prices, but markets have been roiled in recent days as Israel launched a wave of attacks on OPEC member Iran, including some strikes on its domestic energy infrastructure. US crude futures are trading near $73 a barrel after surging on Friday by the most in three years. With Iran’s crude exports so far unaffected, OPEC Secretary General Haitham Al Ghais has said the organization doesn’t need to take any immediate action. Quota Cheats The report published by OPEC’s Vienna-based research department on Monday showed that members have taken a mixed approach in implementing their agreed production increases. Saudi Arabia largely went ahead with its mandated hike in May, raising production by 177,000 barrels a day to an average of 9.183 million per day. Kazakhstan and Iraq, who had pledged extra cutbacks as compensation for cheating, both reduced output in May. Astana cut by 21,000 barrels to 1.8

Israel and Iran exchanged fire for the fourth consecutive day on Monday, stoking fears of an all-out war with the potential to drag in others in the oil-rich region and force the US into a more hands-on stance. Iran fired several waves of drones and missiles over the last 24 hours, while Israel continued hitting the Islamic Republic’s capital, Tehran, and killing one more senior military official.  Since Friday, 224 people have been killed in Iran, according to the government, which said most of the casualties were civilians. Iranian attacks killed 24 people in Israel, according to the Israeli government press office, and injured 592.  Tehran is signaling it wants to deescalate hostilities with Israel and is willing to resume nuclear talks with the US as long as Washington doesn’t join the Israeli attacks, the Wall Street Journal reported Monday citing Middle Eastern and European officials it didn’t identify. A similar report by Reuters says Iran conveyed the message through Qatar, Saudi Arabia and Oman.  Oil fell on the WSJ report, with Brent futures dropping around 4 percent – they rose over 10 percent Friday. US Treasuries pared earlier drops and European bonds gained as traders reacted to diminishing concerns about inflation.  It’s not clear whether Israel would agree to stop missile strikes. Israeli officials have said they want to ensure Iran doesn’t have the capacity to build a nuclear weapon. The exchange of missile salvos between Israel and Iran is the most serious escalation after years of shadow war. Analysts fear it might push the Middle East into a regional conflict, causing wider human loss and potentially disrupting energy flows and vital trade routes.  One missile landed near the US consulate in central Tel Aviv, causing minor material damages but no injuries to personnel, the ambassador to Israel, Mike Huckabee, said Monday.

Dive Brief: The Michigan Public Service Commission on Thursday ordered a series of reliability improvements for Consumers Energy and DTE Electric, including bolstering the utilities’ vegetation management programs and prioritizing equipment replacement programs “based on inspections and the actual condition of the equipment instead of solely on age of facilities.” Michigan regulators launched the audit in 2022 following a string of storm-related outages and downed-wires incidents that resulted in the death of a 14-year-old child. Restoration times at both utilities are “worse than average,” the audit concluded in September. Both utilities say they are reviewing the PSC’s order and taking steps to improve reliability. The two utilities serve more than 80% of Michigan residents. Dive Insight: Almost 500,000 Michigan customers lost power, some for several days, following severe storms in August 2022. And in addition to the young girl killed, two boys were critically hurt by contact with power lines downed in the storm. “After a thorough and detailed audit process, now is the time for implementation,” Commissioner Katherine Peretick said in a statement. “The recommendations provided by the third-party experts will now be embedded into decisions going forward, including distribution plans and rate cases for cost recovery.” DTE and Consumers serve more than 4 million customers combined. The audit was performed by The Liberty Consulting Group. The commission directed both utilities to file a report on downed-wires policies and resources by Aug. 29. “The steps the Commission is outlining today build on what we’ve learned from the audit and a series of initiatives going back nearly a decade and take concrete actions to continue addressing reliability issues that have frustrated customers,” PSC Chair Dan Scripps said.  For both utilities, the PSC ordered they focus on: Expansion of resources to address downed wires, and for the utilities to file information regarding personnel, protocols,