Europe’s AI demand could set off nuclear energy boom, says JP Morgan
The EU’s goal of ramping up data centre capacity is already driving more investment in nuclear energy projects as the bloc seeks to decarbonise and secure energy security at the same time, says the global investment firm.
Europe's growing appetite for data centres could catalyze a nuclear energy boom, according to a research report by JP Morgan. The increasing demand for AI infrastructure is driving data centre electricity consumption up, with projections suggesting a doubling from 415 TWh in 2023 to 945 TWh by 2030. Within Europe, data centre power demand could rise by an additional 89 TWh by 2030, primarily driven by Iberia and the Nordics, accounting for about 45% of this growth.
Europe's data centre pipeline is currently valued at 66.1 GW, while live capacity stands at 10.8 GW, as per Aegir Insights. The European Union aims to triple data centre capacity by 2035, boosting technological independence and digital sovereignty. Nuclear power has been experiencing a resurgence in Europe as a sustainable and reliable source of energy, with its generation up 4.8% compared to 2023.
Twelve EU member states operate nuclear power plants, with France being the largest producer, generating 380 TWh in 2024. Tech companies, including Google and Amazon, are entering the nuclear sector to ensure a stable energy supply for large-scale AI infrastructure. Google signed a 22-year deal with Finnish energy company Fortum to purchase up to 50% of Loviisa nuclear power plant's capacity, while Amazon is investing in X-energy, a U.S. developer of small modular reactors.
Additionally, Microsoft has partnered with Helion Energy to secure electricity from commercial nuclear fusion, particularly in nuclear powerhouses such as France and Finland. JP Morgan's 2026 energy outlook projects a 75% increase in global nuclear energy capacity by 2050, driven by new reactors and lifespan extensions for existing plants.
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