Enel and Newcleo Sign Agreement to Develop Generation IV Nuclear Technology

JAKARTA - Enel, Italy's largest utility company, and 'clean' nuclear technology company Newcleo have signed an agreement to cooperate on a British technology start-up project aimed at providing a safe and stable source of electricity. This was said by a source at the company Monday, March 13.

The agreement signals a renewed interest in nuclear worldwide, with major energy groups exploring the possibility of developing innovative solutions with start-ups as alternatives to fossil fuels.

"The Generation IV nuclear solution aims to provide a safe and stable source of electrical power and significantly reduce the volume of existing radioactive waste," Enel and Newcleo said in a statement quoted by Reuters.

Under the agreement, Newcleo has committed to securing an option for Enel as the first investor in the construction of its first nuclear power plant, to be built outside of Italy.

London-based Newcleo plans to design and build its first mini-lead fast reactor to be implemented in France by 2030.

Italy banned nuclear energy in 1987 after it was rejected in a national referendum.

Enel currently has more than 3.3 gigawatts (GW) of nuclear capacity in Spain and maintains a stake of around 33% in Slovak company Slovenské elektrárne, which recently connected to the first turbine generator network of the Mochovce nuclear power plant.