Greece is taking a significant step towards diversifying its energy portfolio by considering the deployment of small modular reactors (SMRs) for electricity production. This initiative, spearheaded by Prime Minister Kyriakos Mitsotakis, was highlighted during an Economist event with former Italian Prime Minister Enrico Letta.

SMRs, with capacities ranging from 50 to 300 megawatts, offer distinct advantages over traditional nuclear power plants. They are not only smaller and easier to build but also boast enhanced safety features. Their modular nature allows for quick assembly and disassembly, providing flexibility in operations and heightened safety during emergencies. These reactors require significantly less water for cooling, making them more environmentally friendly and suitable for a variety of locations.

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The European Union has been actively supporting the development of SMRs as part of its broader strategy to enhance energy security and transition to cleaner energy sources. This support has gained urgency in the wake of geopolitical disruptions, notably the reduced gas supplies following Russia’s invasion of Ukraine. As part of its commitment, the EU has earmarked €1.38 billion under the Horizon Europe program for research and development in nuclear energy, including SMRs.

Globally, over 80 SMR projects are currently in various stages of development. Countries like the United States, United Kingdom, Canada, Japan, South Korea, Russia, and China are leading the charge in this innovative technology. The modular design and smaller size of these reactors make them an attractive option for countries looking to modernize their energy infrastructure without the significant financial and logistical burdens associated with traditional nuclear power plants.

For Greece, the introduction of SMRs could represent a transformative shift in its energy landscape. By replacing ageing fossil fuel plants with these advanced reactors, Greece could significantly reduce its carbon footprint and enhance energy security. Furthermore, integrating SMRs into the energy grid would complement the country’s growing renewable energy sector, creating a more resilient and sustainable energy system.

However, experts caution that the implementation of SMRs in Greece is a long-term endeavour. While the potential benefits are substantial, it may take up to 20 years for these technologies to become operational in the country. The high costs and extended timelines associated with large nuclear plants make SMRs a more practical and economically viable solution for Greece.

In conclusion, Greece’s exploration of small modular reactors marks a pivotal development in its energy policy. As the country seeks to enhance energy security and transition to a low-carbon economy, SMRs offer a promising solution. By leveraging EU support and global advancements in nuclear technology, Greece could position itself at the forefront of energy innovation, ensuring a secure and sustainable energy future.