With just a laptop and a smartphone an expert can bypass firewalls in panels and turn them off, tipping the supply-demand balance for the power network to the point that it shuts down. The EU suffered over 200 cyberattacks on energy infrastructure last year. Motivation could be ransom payments, market manipulation or military (Russia).

Out of 84 submitted projects, the Australian government selected 19 solar, wind and battery projects by Neoen, BP, and billionaire Andrew Forrest’s Squadron Energy totalling 6.4 GW. Subsidies will be provided through the Capacity Investment Scheme criticised by the opposition, which promises to promote nuclear power, if it wins the 2025 election.

Because of the thousands of wind turbines in Sweden, electricity prices dip below zero for hours or days. This reduces returns and is discouraging investors. Subsidies for new projects ended 3 years ago. No new turbines have been ordered in Sweden since the first quarter. A further worry for the wind industry is the government’s plans for new nuclear.

Due to rising costs, Ørsted has had to pause significant projects in offshore wind and hydrogen. It had locked in electricity prices on large projects before the costs increased. In the US, it overestimated the federal government tax credits. It is now trying to raise $16.1 bln by the end of the decade by selling stakes in wind farms and other assets.

The tender for three wind farms didn’t offer subsidies or fixed prices like some others in Europe and in the UK. That left developers susceptible to market prices that can hit zero or even turn negative when conditions are windiest. Danish company Orsted also cited high interest rates, inflation and supply-chain bottlenecks as reasons for not bidding.

French officials are drawing up plans for an interest-free loan to state-owned power utility EDF to finance six new nuclear reactors with a total capacity of 10 GW that will cost over €50 bln. The plans include a long-term guaranteed price for the power generated, known as a contract for difference (CfD) and needs to be cleared by the European Commission.

All 13 projects were planned in areas directly opposite the Russian exclave of Kaliningrad. The wind turbines emit radar echoes that could disrupt sensors that detect incoming cruise missiles, cutting the warning time from 2 minutes to 60 seconds. The electricity demand in Sweden could more than double by 2045 and expansion of wind power is still a priority.

Russia controls 40% of the global enrichment market. Western industrial groups such as Orano and Urenco could replace the Russian supplies by next decade, but will only invest in new capacities, if they have long-term contracts. Sanctions on Russia are not enough, as Russia is selling to China, which is selling its own enriched uranium globally.

Amazon will finance four “small modular reactors” and take a stake in X-energy, an SMR developer. Google has agreed to buy power from SMRs by Kairos Power. Microsoft agreed a 20-year power purchasing deal with Constellation Energy. The tech industry’s dash for nuclear reflects in part the take-off of power guzzling artificial intelligence.

US microreactor developer Last Energy will invest £300 mln into a nuclear power station at the site of the old Llynfi coal-fired power station in Wales. The four 20 MW pressurised water reactors can be fabricated, transported and assembled on site within 24 months. The company has reached commercial agreements for 80 units worldwide.

Google has ordered 6-7 small modular nuclear reactors, each with a 75MW capacity, from Kairos Power to provide electricity for its data centres. Kairos has received a construction permit from the US Nuclear Regulatory Commission to build a 50MW demonstration reactor. This was the first approval for a new type of reactor in the US in 50 years.

A bespoke financial instrument would give investors a stake in the nuclear power station. Its total cost is £47.9 bln. The first reactor will be operational with a 5-year delay in 2030. EDF is in talks with sovereign wealth funds and large infrastructure funds like Centrica. The costs and the long timescales for nuclear projects make it difficult to attract investors.