POLICY & FINANCE | CREATING A STABLE FRAMEWORK


Above: In June French energy company EDF signed an agreement with Fortum on the potential development of new nuclear in Sweden Source: Fortum


priorities. Bernard ter Haar, former Director General for


Environment and International Affairs at the Dutch Ministry of Infrastructure and Water Management and current board member of NL Financial Investments (NLFI) and Hivos, argued that the unstable cabinet may delay critical projects through prolonged studies, feasibility reports, and consultative committees. Beyond politics, administration also plays a role. As


Bertie van der Heijdt from TU Delft explained, the Ministry’s Project Directorate for Nuclear Energy is increasingly focusing on nuclear policy. In parallel, a new state-owned entity, NEO NL, is being established to take responsibility for the realisation of new reactors – covering vendor selection, project management, and licensing. Unlike Sweden, with utilities like Vattenfall and Fortum capable of overseeing nuclear programmes, the Netherlands’ projects are led by an expanding but still limited staff within the Ministry of Climate.


The administration relies on the ANVS, the Dutch Authority for Nuclear Safety and Radiation Protection, which conducts rigorous design reviews and consults with international firms. Joran de Jong, Senior Advisor at ANVS, emphasised: “Our exhaustive licensing process ensures societal safety, granting licenses only when we are fully satisfied with the safety of the proposed nuclear installations.” Political support for nuclear energy has broadened.


According to Silvio Erkens, Member of the Committee for Climate Policy and Green Growth in the House of Representatives, around three-quarters of Parliament support deployment. Even anti-nuclear parties now emphasise cost concerns over environmental ones. Yet if in power, they might still alter the governing coalition’s policy. Snap elections announced in June 2025 and set to take


place as NEI goes to press could affect momentum. Former European Commissioner Franz Timmermans, a candidate for Prime Minister, has a history of anti-nuclear positions. Given the stances in party programmes on nuclear energy, it is unlikely that a large shift in nuclear policy will take place, even with a stronger left in parliament.


16 | November 2025 | www.neimagazine.com


For the Dutch case, the interaction between central


government ownership of key decisions and relatively lean administrative capacity introduces a timing risk. Cabinet- level choices on vendor, site, and financing model must be synchronised with grid expansion plans, workforce development, and environmental impact assessments. Each of these sub-systems runs on different clocks. Misalignment – common in multi-year megaprojects – can force rework and invite legal challenge, especially in jurisdictions with robust public-participation procedures.


Financing: Risk and burden-sharing Nuclear projects require billions in upfront investment, often decades before producing electricity. Securing financing usually demands state-backed loans, guarantees, or subsidies, making financing deeply political. In Sweden, the Ministry of Finance proposes government-


backed loans and aid, subject to parliamentary approval. In 2025, proposals sparked extensive debate at regional and national levels. Local authorities questioned the distribution of economic benefits, while environmental groups highlighted risks. Most opposition now focuses on financing rather than the principle of nuclear power, reflecting a shift in the political landscape. To secure expansion, the government has introduced a


three-part financing programme: state loans covering up to 75% of construction costs at low interest rates, Contracts for Difference guaranteeing stable wholesale prices for 40 years, and risk-sharing mechanisms between public and private sectors. Balder Hagert, Portfolio Manager at Kärnfull Next, stated: “I think this structure also aims to ensure a long-term commitment from a political standpoint, and thus reduce one of the key risk and cost-drivers for capital intensive and long-standing infrastructure like nuclear. Meaning, the risk of political interference.” Negotiations between Vattenfall and the state are


ongoing and will be decisive before investment decisions are made. Sources highlight that while the government is keen to move quickly, Vattenfall must ensure profitability for its shareholders.


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