Environment

Why Europe is pivoting back to nuclear — one of its most divisive energy sources

Published

4 weeks ago

May 27, 2025

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The Cofrentes nuclear power plant, on 17 October, 2024 in Valencia, Valencian Community, Spain.

Europa Press News | Europa Press | Getty Images

A European-wide shift to nuclear power appears to be gathering momentum as countries hedge their bets in pursuit of more energy independence.

In just the last few weeks, Denmark announced plans to reconsider a 40-year ban on nuclear power as part of a major policy shift, Spain reportedly signaled an openness to review a shutdown of its nuclear plants and Germany dropped its long-held opposition to atomic power.

The renewed European interest in nuclear shows how some countries are hedging their bets in pursuit of more energy independence.

The burgeoning trend appears to be driven, at least in part, by some of the costs associated with renewables, notably solar and wind technologies.

“Solar and wind are still the cheapest and fastest way to drive the green transition, and that remains our focus. But we also need to understand whether new nuclear technologies can play a supporting role,” Lars Aagaard, Denmark’s minister for climate, energy and utilities, told CNBC via email.

The renewables-heavy Scandinavian country said in mid-May that it plans to analyze the potential benefits and risks of new advanced nuclear technologies, such as small modular reactors, to complement solar and wind technologies.

Denmark’s government, which banned the use of atomic energy in 1985, added that it does not plan a return to traditional nuclear power plants.

“We have no recent experience with nuclear power, and we lack the necessary knowledge regarding safety and waste management. That’s why we must begin a serious analysis — not to replace solar and wind, but to see whether new nuclear can complement our energy system in the future,” Aagaard said.

Wind turbines of Vestas, a global leader in sustainable energy solutions, is pictured at the Port of Odense, Denmark on October 15, 2024.

Jonathan Nackstrand | Afp | Getty Images

Georg Zachmann, senior fellow at Bruegel, a Brussels-based think tank, said nuclear power remains the most divisive electricity generation technology in Europe.

“Thereby, the renaissance of nuclear in the political discourse is somewhat surprising, given that the cost of main competing technologies, new wind and solar plants, have dropped by more than 80 percent, while those of nuclear plants have rather increased,” Zachmann said.

The so-called “hidden cost” of balancing and transporting electricity from renewables has been increasing with rising shares of wind and solar generation, Zachmann said, noting that this theme has recently become more apparent.

Revived European interest in nuclear

Spain signaled its openness to atomic energy late last month. In an interview reported by Bloomberg, Spanish Environmental Transition Minister Sara Aagesen said that while the government is proceeding with plans to retire nuclear energy reactors over the next decade, extensions beyond 2035 could not be ruled out.

Aagsen said at the time that the government was not considering anything, and no specific proposals had yet been tabled.

Widely regarded as anti-nuclear power, the southern European country has been mired in a blackout blame game over green energy in recent weeks. It follows a catastrophic power outage affecting much of Spain, Portugal and the south of France.

The discussion whether to prefer nuclear or renewables only helps natural gas — that continues to be burnt as long as investments in clean electricity do not happen at scale.

Georg Zachmann

Senior fellow at Bruegel

Some external observers have flagged renewables and net-zero emissions targets as possible reasons for the outage, particularly given Spain and Portugal both rely on high levels of wind and solar for their electricity grid.

Spanish Prime Minister Pedro Sanchez and the country’s grid operator Red Electrica de Espana (REE), however, have both said record levels of renewable energy were not at fault for the blackout.

Germany, which closed the last of its three remaining nuclear plants in 2023, recently scrapped its opposition to nuclear power in what marked a rapprochement with France.

Onlookers watch as the first of the two cooling towers of the nuclear power plant collapses during a controlled demolition in Grafenrheinfeld, Germany on August 16, 2024.

Daniel Peter | Afp | Getty Images

Led by Chancellor Friedrich Merz, the newly elected government was said to have dropped its objection to French efforts to ensure that nuclear power is treated on a par with renewables in EU legislation, the Financial Times reported on May 19, citing French and German officials.

Spokespeople for France and Germany’s respective governments were not immediately available to comment when contacted by CNBC.

Natural gas

As it is low-carbon, advocates argue that nuclear power has the potential to play a significant role in helping countries generate electricity while slashing emissions and reducing their reliance on fossil fuels.

Some environmental groups, however, say the nuclear industry is an expensive and harmful distraction to cheaper and cleaner alternatives.

Bruegel’s Zachmann said the ability of fully depreciated nuclear power plants to continue operating much beyond their lifetime, as well as the “highly uncertain” hope that next-generation small modular reactors “can be built very cheaply captures the imagination of industry and policymakers.”

In all likelihood, Zachmann said “new nuclear power plants will remain difficult to finance and will at very best only pay off in decades. In the meantime, the discussion whether to prefer nuclear or renewables only helps natural gas — that continues to be burnt as long as investments in clean electricity do not happen at scale.”

Data published by energy think tank Ember found that the EU’s electricity system continued a rapid shift toward renewables in the first half of last year. Indeed, wind and solar power rose to record highs over the six-month period, reaching a share of 30% of the bloc’s electricity generation and overtaking fossil fuels for the first time.

Alongside renewables growth, Ember said at the time that nuclear generation across the EU increased by 3.1%.

Environment

Rising costs, market conditions blamed for Volvo Cars’ 2026 price hike [update]

Published

59 mins ago

June 22, 2025

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Rising costs, market conditions blamed for Volvo Cars' 2026 price hike [update]

Volvo's 2026 Prices Are Going To Be Hard To Swallow

A leaked 2026 order guide shows the price on several Volvo models going up by nearly 6%. That’s thousands of dollars on some models – along with higher destination charges, fewer discounts, and precious little in the way of new tech or features to justify the price hike.

UPDATE: Volvo Cars has a response.

When we originally published this article a few days ago, we I commented that customers being saddled with the across-the-line price increases coming to Volvo dealers in 2026 would get “precious little” in return for those extra dollars.

Volvo Cars apparently disagrees, and a Volvo rep reached out via email to share some background on the changing prices. “We evaluate every aspect of our business in pricing decisions, in line with our standard practice,” they wrote. “For MY26, we have made significant upgrades to the in-car technology across our lineup, as well as major improvements to our top-selling XC60 in the areas that matter most to our customers. These upgrades are reflected in the new price structure, along with price increases driven by challenging current market conditions.”

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I asked if they could specify what some of the “significant upgrades to the in-car technology across our lineup” were.

“You’ll be able to see more about the upgrades in our (02JUN2025) press release,” came the reply. “Some major ones include the introduction of the next-generation Snapdragon® Cockpit Platform from Qualcomm Technologies, which Google Android Automotive-based infotainment system to run more than twice as fast as outgoing models.”

You can check out the press release for yourself at the link, then let us know whether or not having a touchscreen that’s twice as fast as the one you have now is worth as much as $3,200 to you in the comments.

Original post, below.

CarsDirect is reporting that Volvo Cars is raising US prices across the board by as much as 6% for the coming year, translating to a $3,200 price increases on some of the Swedish brands’ most popular plug-in SUVs and crossovers.

Based on what we’ve seen so far, the 2026 Volvo XC90 appears to have the largest price hike of $3,200 on the plug-in hybrid variant. The XC90 T8 Core PHEV has an MSRP of $76,200, excluding destination, $3,200 more than the current price tag of $73,000. That represents a 4.4% price hike compared to the 2025.5 plug-in.

In the case of the 2026 Volvo XC60, we found a 5.6% price increase on the base model, which is going up $2,650 from $47,050 to $49,700. On average, we’re seeing a 4.2% price hike on the Volvo V60, V90, XC40, XC60, and XC90, depending on the trim level, with the increases ranging anywhere from $1,800 to $3,200.

CARS DIRECT

It gets worse for new Volvo buyers. The company began quietly cancelling rebates and dialing back financing incentives last month, after the Trump Administration announced new, sweeping tariffs on imported cars this past April.

For its part, Volvo Cars doesn’t seem to be blaming these new price increases on the tariffs themselves, citing rising costs and market conditions instead. That said, those tariffs have undoubtedly influenced the company’s decisions and market plans – especially those regarding the all-new XC70 and 2025.5 S90 PHEV models as well as the new ES90 battery-electric sedan.

Volvo isn’t the only brand raising prices. BMW will increase prices starting 01JULY by about 2%, and Ford raised prices on cars and trucks made in Mexico by about $2,000 last month.

If you’re in the market for a new Volvo XC90 PHEV or EX90 EV and want to avoid the 2026 price increases, it doesn’t look like there are many tangible differences coming (the XC60, to Volvo’s credit, will be getting a series of updates similar to those on the well-received 2025.5 XC90 for 2026). You can find local deals on those models, below.

SOURCES: CarsDirect; featured image by Volvo Cars.

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Environment

Ford’s electric Super Mustang Mach-E wins class in a tough Pike’s Peak race

Published

1 hour ago

June 22, 2025

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Ford's electric Super Mustang Mach-E wins class in a tough Pike's Peak race

Mach-E Pikes Peak — Source: @FordPerformance/Instagram

At the 103rd running of the Pike’s Peak International Hill Climb, electric cars once again impressed as Ford’s Super Mustang Mach-E won its class on a difficult race day where running was limited due to inclement weather.

The Pike’s Peak International Hill Climb is one of the longest-running races in the world, being held 103 times since 1916.

It’s a famously difficult race, starting at an already-high 9,390ft (2,862m) in elevation and finishing at 14,110ft (4,300m), with an average 7.2% vertical grade. Until 2011, the track was largely unpaved on dirt or gravel roads, and it is still not uncommon for cars to leave the track and crash into the woods or, worse, end up tumbling down the mountain. The race is also commonly stopped by rain, snow, fog, or other inclement weather… of the type you commonly get at the top of mountains.

In particular, the high altitude nature of the race (which earned it the nickname “Race to the Clouds”) has always been difficult, because at high altitudes there is less oxygen, which means less complete combustion of fuel. This means that gas-powered race vehicles need to have incredibly oversized engines to do well.

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That difficulty does not apply to electric vehicles since EVs don’t need oxygen for combustion, so for years EVs have overperformed in the race.

In fact, the all-time record for the 12.42-mile (20km) hillclimb, 7:57.148, was set by the all-electric Volkswagen ID.R in 2018, driven by Romain Dumas (put a pin in that name).

So EVs do well here, and it’s pretty common for manufacturers (or private teams) to bring them to show off.

Last year, EVs performed exceptionally well, with electric entries from Ford, Rivian and Hyundai each topping their respective categories.

The R1T Quad Max set a production truck record (gas or electric), the Ioniq 5N set a record for unmodified EVs (which the R1T Quad Max had set about 5 minutes earlier) and was a mere three tenths of a second off of the overall production SUV record, and the Ford SuperTruck set the fastest time of the day, but didn’t set an actual record because it lost about half a minute when it suddenly lost power on the course and needed a reboot. Had it not had that shutdown, it would have beaten Ford’s SuperVan’s class record from the previous year.

Ford’s entry this year: the bonkers 1400hp Super Mustang Mach-E

So, Ford had its work set out for it this year, but it brought the right car for the job.

The successor to Ford’s ridiculous 1400hp SuperVan and SuperTruck is the Super Mustang Mach-E, using a similar powertrain to the last two vehicles, but this time in a form factor that’s actually appropriate for racing (and… kind of looks nothing like a Mach-E, though we’d love to see a Mach-E like this on the road). Instead of a giant box, it actually looks like a race car. What a concept!

The new incarnation doesn’t just look more fit for purpose, but a smaller and lower vehicle helps performance in several ways, especially in a hillclimb. A smaller vehicle means less weight to haul up a mountain, a smaller front cross-sectional area means less drag, and a lower weight distribution means better handling on the twisty track.

The car also has 6,125lbs of downforce, important in the thin air of the mountain on those twisty turns.

And remember that name I told you to put a pin in earlier? Well, Ford hired overall record-holder Romain Dumas to drive its entry again, showing that it’s serious about trying to set a record. The VW ID.R was a purpose-built beast, so it would be a tough attempt, but their driver choice proves they’re serious about winning this race.

Three other interesting EVs ran this year

A few other EVs ran this year, but the others weren’t necessarily vying for the top overall spot.

One is an Ioniq 5N, race prepped by Evasive Motorsports. It’s been heavily modified with a stripped interior saving 500lbs of weight, aerodynamic wheel covers, new suspension, and a new bodykit with enhanced aerodynamics. Evasive previously ran a modified Tesla Model 3 up the mountain, but had an electrical issue on that race.

The next is the confusingly-named Honda CR-V e:FCEV, a fuel cell plug-in hybrid vehicle (more on that car here). It ran only mild modifications supplied by Honda Racing Corporation, with a lowered suspension, racing brake pads, and upgraded wheels and tires, along required safety improvements like a roll cage.

Environment

Shipping threats around Arabian Peninsula rising, largest global shipowners organization warns

Published

5 hours ago

June 22, 2025

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Shipping threats around Arabian Peninsula rising, largest global shipowners organization warns

Refrigerated containers of Maersk shipping lines are stacked at the container terminal of Bremerhaven port on April 22, 2025 in Bremerhaven, Germany.

Focke Strangmann | Getty Images News | Getty Images

The world’s largest direct-membership organization for shipowners, charterers, shipbrokers, and agents is warning that while it is still unclear how Iran will respond to Saturday’s U.S. attack on Iran’s nuclear facilities, the threat to commercial shipping in the waters around the Arabian Peninsula has risen.

“The Houthi threat against shipping in the Red Sea and Gulf of Aden has also gone up,” said Jakob Larsen, head of security at Bimco, which represents global shipowners. “The Houthis now threaten merchant ships with affiliation to Israel or the U.S., but attacks against merchant ships with other affiliations cannot be ruled out.”

Larsen said it is expected that U.S. warships and merchant ships affiliated with Israel or the U.S. would be the preferred targets for the Iranians.

In an email to CNBC, a Hapag Lloyd spokesperson tells CNBC, “We currently are still crossing the Street of Hormuz. Alert level is high, though, and things might change by the hour.”

Integrated logistics provider Maersk announced Friday it is temporarily suspending port calls to Israel’s largest container port, Haifa. The $4.2 billion cargo facility at Haifa, owned by Adani Group, has been a target of Iranian missiles but has not suffered any damage. Last week, Jugeshinder “Robbie” Singh, CFO of the Adani, debunked misinformation posted that the port was on fire from a strike on Iranian social media.

Bimco’s Larsen warned Iran could attempt a wider disruption of commercial shipping in the Strait of Hormuz through attacks on merchant ships. Antiship missiles or drones of both airborne and surface types could be used in these attacks, he said.

“The laying of sea mines would constitute another dangerous development, but Iran’s intent to do so is questionable due to the risk to Iran-affiliated commercial ships and the risk of environmental disaster in case a ship is damaged,” said Larsen.

The Strait of Hormuz, which connects the Persian Gulf to the Arabian Sea, is recognized as one of the world’s most important oil chokepoints. The inability of oil to traverse through the Strait of Hormuz, even temporarily, can ratchet up global energy prices, raise shipping costs and create significant supply delays. In 2023, oil flows through the waterway averaged 20.9 million barrels per day, according to the U.S. Energy Information Administration, accounting for about 20% of global petroleum liquids consumption.

“Given the Iranian threat to U.S. military bases in the region, availability of warships for protection of commercial shipping is probably limited, especially for commercial ships with no affiliation to the U.S. or Israel,” Larsen said.

The Strait of Hormuz handles less than 4% of global container trade but the ports of Jebel Ali and Khor Fakkan are critical intermediary points for global shipping networks in the region.

The majority of cargo volumes from those ports are destined for Dubai, which has become a hub for the movement of freight with feeder services in the Persian Gulf, South Asia, and East Africa.

The conflict in the region has also sparked ocean freight rates to surge from Shanghai to Jebel Ali, the Arabian Gulf’s largest port.

Freight intelligence firm Xeneta said average spot rates have increased 55% month-over-month, prior to the conflict escalation between Israel and Iran. Rates are now $2,761 per forty-foot equivalent unit (FEU), a standard unit for measuring the capacity of container ships and volume of cargo.

On the tanker side, spot rates for very large crude carrier (VLCC) voyages between the Middle East and China are up 154% week-over-week. Rates on the long-range tankers’ (LR2) Middle East-Japan trade route are up 148% and Middle East-Japan very large gas carrier (VLGC) rates are up 33%.

Closure of Strait of Hormuz would be "carnage", says Shipping Analyst

The reason behind the increase in rates includes the added expenses on security measures, higher bunker fuel prices, and fuel costs as vessels use more fuel due to faster sailing through high-risk areas.

Marsh McLennan, the world’s largest marine insurance broker, noted hull and machinery insurance rates for vessels transiting the Strait of Hormuz have increased by more than 60%.

In light of the latest wave of defense measures, Bimco is encouraging shipowners to review their security risk assessments and carefully consider mitigation measures.

“Merchant ships in the area should consider reducing their exposure to threats from Iran, for example, by routing away from the Iranian coast,” said Larsen. “We also recommend that ships maintain close contact to naval forces in the area through UK Maritime Trade Operations, maintain strong vigilance and increased lookout, report suspicious sightings and events to UKMTO, and increase the resilience of ships to absorb damage by ensuring watertight integrity and readiness of damage control organization including firefighting capability.”

“Bimco never directly recommends shipowners to completely stay away from a conflict area. Such a decision should be taken by the shipowner, taking into consideration all relevant factors of the security risk assessment, including, for example, the threat, the ship’s vulnerabilities, and the risk acceptance level of seafarers, the shipowner, and the cargo owner.”