Why Nuclear Won’t Shield Europe From Energy Price Shocks

Every time energy prices spike, nuclear power makes a comeback in the debate. The argument is familiar. If Europe had more nuclear, it would be insulated from volatile gas markets. Prices would be stable. External shocks—from Hormuz to Ukraine—would matter less. There is truth in that. But only up to a point. And crucially, only under very specific conditions that are often ignored. Nuclear Works, If You Already Have It France is the obvious example. With a large nuclear fleet forming the backbone of its electricity system, France has…