The European Union (EU) is entering a critical phase in the definition of its long-term energy policy. Small Modular Reactors (SMRs) have emerged as a potential transformative technology, promising cheap, low-carbon, reliable, and non-intermittent electricity generation. The opportunity for the EU to lead or at least compete in the SMR industry will be open for a handful of years. However, SMR deployment in the EU faces significant bottlenecks, including regulatory, financial, and workforce-related challenges, which may be exacerbated by the Union’s institutional and market characteristics and may prevent the EU to successfully joining this technological progress. This paper examines these constraints and proposes policy and market-ori- ented solutions from a liberal perspective, focusing on regulatory reform, fi- nancing mechanisms, technological development, and workforce capacity. It argues that, if the current framework remains unchanged, SMRs are unlikely to achieve cost competitiveness and may depend heavily on public support, similarly to, or more than, conventional large-scale nuclear projects. A substantial redesign or adaptation of the EU’s nuclear regulatory and legislative framework would be required for SMRs to become not only a reality, but a useful reality for the EU.

Kevin Fernández Cosials

Kevin Fernández Cosials holds a PhD in Industrial Engineering from the Poly- technic University of Madrid. He was subsequently a visiting professor at Texas A&M University, USA, and has recently returned to Spain, where he is a professor of Nuclear Engineering at the UPM. Kevin is an elected young member of the High Scientific Council, the highest scientific authority in Europe on nuclear en- ergy, within the European Nuclear Society (ENS). He regularly participates as an expert in missions of the International Atomic Energy Agency (IAEA) related to nuclear safety. In addition, Kevin regularly participates in events to raise aware- ness about nuclear energy, from appearances in the media to scientific comedy monologues and talks at secondary schools.

Constantinos Saravakos

Constantinos Saravakos is Head of Research at the Markos Dragoumis Centre for Liberal Studies (KEFiM) and a PhD candidate in International and European Stud- ies at the University of Macedonia. His main research interests include regulation, political economy — poverty, inequality and prosperity — and political parties — democracy, populism and political behaviour. He holds a Master’s degree in Political Science and Sociology (MA, hons) and a Bachelor’s degree in Philosophy and History of Science from the University of Athens. He also received a Master’s degree in Applied Economics and Administration from Panteion University. He serves as an expert on several research projects, including Varieties of Democ- racy at the University of Gothenburg and the Rule of Law Index at the World Justice Project. He is also a member of the European Policy Information Centre (EPICENTER).

©2021 European Liberal Forum. All rights reserved. This website is co-financed by the European Parliament Site by Ave design

• →