Italy Explores Nuclear Return After 40 Years as Energy Costs Hit

Gilberto Pichetto Fratin Photographer: Stefano Guidi/Getty Images Photo by Stefano Guidi /Getty Images

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(Bloomberg) — Giorgia Meloni has long pitched nuclear energy as a cure for Italy’s wilting economy. Now her government is plotting how to actually resurrect the banned technology.

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Almost 40 years after Italy shuttered its last nuclear reactor — and 15 years after a failed attempt to reverse that decision — the prime minister’s team is consulting experts and holding discussions on how to restart atomic energy production, according to people familiar with the planning. 

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Italian officials have traveled to Canada to explore technology designs, and spoken to French officials about their nuclear industry, the people said, speaking on the condition of anonymity. The government has also internally discussed South Korean and US options, they added.

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For Meloni, the campaign is central to her promise to help companies sagging under Italy’s elevated energy prices, which are among the highest in Europe. She has argued that nuclear power could be part of the long-term solution, linking her political fortunes, in part, to whether the atomic plans succeed.

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Italy should restart its nuclear energy program “as soon as possible,” Italian Energy Minister Gilberto Pichetto Fratin said Tuesday, stressing that the plants must be safe and “economically convenient.”

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Officials in Meloni’s government are aware it won’t be easy. Convincing a country that twice voted overwhelmingly to bar nuclear power will require skillful political maneuvering and the right timing, some of the people said. An approaching general election only complicates things further. 

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Nuclear projects can also turn into money pits with years of delays — just ask France or the UK. Even if everything stays on track, Italy’s atomic energy might come online just as the market turns toward greener options with fewer safety risks.

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Meloni’s office did not comment.

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Nuclear Mistake

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Italy is heavily dependent on imported natural gas, making it more exposed than many European countries to volatile international prices.

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That was the case in 2022, when Russia invaded Ukraine and gas prices went soaring, restraining Italy’s already fragile economic growth. Since then, Italy has been working to diversify its energy sources. 

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The current conflict in Iran, which has stifled oil and gas deliveries and spiked energy prices, is creating even more urgency, the people said.

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Italy has already made some initial moves to reintroduce nuclear power. 

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Last year, Italy’s cabinet approved a new legal framework to bring back atomic energy, planting the seeds for Italy to produce a national strategic plan by 2027. The move marked the first concrete step toward lifting the country’s 1987 nuclear ban, which was almost reversed in 2011 before the Fukushima nuclear disaster sapped momentum.