Europe will need to invest 584 billion euros ($637 billion)to upgrade its power grids this decade, according to European Union estimates.

Nuclear had only partially been included in the commission's proposal for NZIA. Among the 10 technologies it proposed was "advanced technologies to produce energy from nuclear processes with minimal waste from the fuel cycle, small modular reactors, and related best-in-class fuels".

If officials conclude that the court judgment broadly applies to most of Germany’s off-budget funds, as expected, Finance Minister Christian Lindner will have to retroactively account for at least €30 billion of new debt in a revised program for 2023,

The European Commission hopes to introduce a "requirement for attestations to also include itemized ancillary costs, such as insurance and freight," on top of a declaration on the price paid for the Russian oil.

The Commission set up a European SMR pre-Partnership in June with the overall objective of identifying enabling conditions and constraints, including financial ones, towards safe design, construction and operation of SMRs in Europe in the next decade and beyond in compliance with the EU legislative framework in general and to the Euratom legislative framework in particular.

"Together with Norwegian gas, American LNG has proven to be a reliable and steady source of supply for Europe and will contribute to Europe's energy supply security," Aasland said.

Still, the trade has become a headache for Germany, which has explicitly said it won’t use gas from Russia in the fallout of the war in Ukraine. Berlin is facing sharp criticism over concerns that a government-run company still has ties to Moscow, despite its political rhetoric.

The record-high prices that were triggered by Russia’s squeeze on deliveries last year are now gone, but worsening economic conditions are hitting demand just as hard. Gas usage across Europe’s industrial landscape is projected to remain about 20% below 2021 levels.

The auction will award up to €800 million to renewable hydrogen producers in the European Economic Area (EEA). The support will take the form of a fixed premium in €/kg of renewable hydrogen produced over ten years of operation, therefore targeting the gap between the production costs and the demand’s willingness to pay.

Benchmark futures settled 3.9% higher after another session of sharp price moves. Searing temperatures in parts of the region and global competition for liquefied natural gas continue to provide upward pressure — even as flows from Norway, Europe’s top supplier, return to levels last seen in April.