Italy’s national interest and energy security: the nuclear option

Italy’s energy system is marked by a production mixture heavily tilted in the direction of the more expensive energy sources, oil and gas, and – almost without exception – by its dependence on fuel imports. It is therefore incapable of supporting the country’s development. In comparison to its European neighbors, Italy is paying for years of delay in the development of infrastructures, to the point where today it is paying an extremely high energy bill, with serious damage to the competitiveness of our businesses. Moreover, it is also extremely vulnerable to the instability of the international energy markets.
If we want to bring about change and give new impetus to the competiveness of the Italian system, we need to define a wide-ranging energy strategy. If we look at the example of other countries, the use of nuclear energy, as well as renewable energy sources and energy efficiency must by necessity be part of this strategy.
Nuclear energy is also one of the solutions to climatic change. Today, in Europe, it is the most important source of electricity with a very low incidence of greenhouse effect.
Still, particularly in a period of uncertainty like the present one, nuclear power is a major challenge. The difficulty of controlling important exogenous variables, such as the cost of financing or the price of oil or other raw materials whose volatility seems to have become structural rather than contingent. It is therefore arduous for private businesses to make binding, long-term investment commitments in the absence of a reliable, stable legislative framework.
In addition, it is a given fact that the great phase of development of nuclear energy in the ’70s and ’80s was mainly the result of the determination of a few countries. Given Europe’s present energy market, it does not seem possible to repeat experiences similar to that of France. It is also true however that nuclear power must be a system choice where institutions need to grant investors the chance to operate with instruments that mitigate risk, taking the specificity of nuclear energy into account.
In this respect, the proposal of creating a range of guarantee that could be applied to the generation of nuclear power, like the process implemented for renewable energy sources, is an interesting idea. It could offer economic-financial stability for the huge investments necessary, at the same time protecting both investors and consumers from the volatility of combustible fuel prices.
Like incentives for renewable energy, the expenses borne by the community would be justified in strategic terms. The development of a nuclear power sector would, on one hand, mean diversification of energy supplies and a reduction on our dependence of hydrocarbons. In addition, it would allow Italy to jump onto the train of technological and industrial development so precious for development and economic growth.
There are still concerns however on other questions that are still to be resolved. There do not yet seem to be any definitive solutions to the final deposit of radioactive wastes and the risks tied to proliferation.
One important aspect is how to manage consensus through proper channels of communication. Even though people seem more responsive today to the benefits of nuclear energy, an ample information plan to sensitize public opinion is needed.