The German government plans to acquire German power utilities RWE and E.ON's combined one-third stake in London-based nuclear company Urenco, two German newspapers reported on Friday.
Britain and the Netherlands each own a third of Urenco, while the two German utilities, which used to operate nuclear power plants in Germany, own the remaining third. Urenco, one of the world's largest uranium enrichment companies, still operates an enrichment plant in western Germany even though the country took its last nuclear power plant off the grid in 2023.
The reports come after expenditure worth €4 billion ($4.4 billion) appeared in a federal budget document prepared for lawmakers on Thursday. Die Welt and Sueddeutsche Zeitung said the document suggests the budgeted amount was earmarked for buying the Urenco stake from RWE and E.ON.
The group, which also runs sites in Britain, the Netherlands and the United States, is expected to produce highly enriched uranium for British submarines, Sueddeutsche Zeitung reported, citing people within Germany's coalition. Die Welt, which first reported the plans, said Berlin appears intent on remaining involved in nuclear technology for geopolitical reasons.
Die Welt said both utilities aim to divest their respective stakes following Germany's nuclear phase-out and because Urenco is becoming increasingly active in the military nuclear sector. The German energy ministry, Urenco, RWE and E.ON declined to comment.
A purchase would keep Berlin a shareholder in one of the world's key nuclear fuel companies as European governments rethink energy security and defence supply chains.
