Brussels Edition: Going nuclear

Ursula von der Leyen makes a pitch for nuclear power amid fears of an energy crisis

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Welcome to the Brussels Edition. I'm Suzanne Lynch, Bloomberg's Brussels bureau chief, bringing you the latest from the EU each weekday. Make sure you're signed up. Donald Trump's claim that the Iran war may end "very soon" sent spiraling oil prices into retreat, offering a respite for markets. European leaders nevertheless are contending with a looming energy crisis. Speaking at a nuclear energy summit hosted by French President Emmanuel Macron this morning in Paris, European Commission chief Ursula von der Leyen laid out the EU's long-term plan to focus on low-carbon sources like renewables and nuclear energy. "Together, they can become the joint guarantors of independence, security of supply, and competitiveness – if we get it right – now," she said. The remarks on atomic energy are bound to ruffle feathers. Noting that only 15% of Europe's electricity comes from nuclear sources compared with a third in 1990, she lamented Europe's decision to "turn its back on a reliable, affordable source of low-emissions power." The move was a "strategic mistake." Ursula von der Leyen on Feb. 12, 2026. Photographer: Simon Wohlfahrt/Bloomberg The notable context is that von der Leyen was a cabinet member in the German government when former Chancellor Angela Merkel doubled down on the country's nuclear phaseout after the Fukushima disaster in 2011, reversing an initial ambition to extend the life of nuclear power plants. Merkel earlier today was named among the first laureates of the European Order of Merit by the European Parliament. Coming full circle, von der Leyen announced a €200 million guarantee to support private investment in innovative nuclear technology backed by the the Emissions Trading System, the cornerstone of the EU's climate policy. The commission chief is also preparing a clean energy investment package later today in Strasbourg. As we reported yesterday, the EU's executive arm will launch a new investment fund to help deliver the trillions of euros of spending that will be needed over the next 15 years for the bloc's green-energy transition. The annual price-tag is a whopping €695 billion ($803 billion) over the decade beginning 2031, according to a draft of the Clean Energy Investment Strategy. The European Investment Bank is due to play a critical role, including by providing the initial finance for an equity-based Strategic Infrastructure Investment Fund that will help grid operators shore up balance sheets. The EU is trying to keep its green agenda on track as business pushes back on what some see as onerous regulations. In particular, the ETS, which is up for renewal this year, has come in for particular criticism, including from German Chancellor Friedrich Merz. The Latest NATO is deploying an advanced defense system to southeast Turkey. The decision to deploy the Patriot systems in Malatya province came in the wake of two Iranian missile attacks targeting Turkey.  ECB Governing Council member Madis Muller said the chances of an interest-rate hike have risen of late, but that officials shouldn't react hastily to the war in Iran and its implications. Renault plans to introduce 22 vehicles in Europe by 2030, with 16 of them being fully electric cars, just as consumers face sharply higher prices at the pump. Meanwhile, Mercedes-Benz Group is considering sharing its manufacturing plant in South Africa with Chinese firm Great Wall Motor Co., a move that could boost the facility's viability as US trade tariffs take effect, we have learned. Lego, the closely held Danish toy company, plans to step up investing in the US, undeterred by the political risks from the Iran war, CEO Niels B. Christiansen told us. Seen and Heard on Bloomberg Volkswagen is targeting more cost reductions to protect profitability under pressure from competition, tariffs, and electric vehicle development costs. "The next step should be drawing even more on group synergies, reducing complexity in the group," Volkswagen CFO Arno Antlitz told Bloomberg TV. "We have to prepare for a more challenging competition also in Europe." Europe's largest automaker forecast an operating return in a range of 4% to 5.5% this year. Chart of the Day Swiss arms shipments abroad neared an all-time high last year as European defense spending boomed, a rebound for an industry that feared extinction over the country's strict export rules. War material exports surged 43% to 948 million Swiss francs ($1.2 billion) in 2025 from the previous year, according to the State Secretariat of Economic Affairs.  Coming up Press conference by European Commission Vice President Teresa Ribera and Energy Commissioner Dan Jorgensen in Strasbourg this afternoon Meeting of a group of EU leaders this evening ahead of next week's European Council on competitiveness French President Emmanuel Macron hosts a dinner following the nuclear summit Final Thought Czech citizens write to Babis for help in fighting cancer and other health problems. Photographer: Milan Jaros/Bloomberg As Russia's war in Ukraine rages to the east and the US piles on pressure to spend more on the military, Czech Prime Minister Andrej Babis has been focusing on a very different agenda. The billionaire premier put healthcare at the center of his focus since returning to power in December. Even as his government vows to scale back NATO-mandated defense spending because of budget constraints, Babis said in an interview in Prague that when it comes to funding for healthcare, there will be no such limits.  Like the Brussels Edition? Don't keep it to yourself. Colleagues and friends can sign up here. How are we doing? We want to hear what you think about this newsletter. Let our Brussels bureau chief know. We're improving your newsletter experience and we'd love your feedback. If something looks off, help us fine-tune your experience by reporting it here. Follow us You received this message because you are subscribed to Bloomberg's Brussels Edition newsletter. If a friend forwarded you this message, sign up here to get it in your inbox. Unsubscribe Bloomberg.com Contact Us Bloomberg L.P. 731 Lexington Avenue New York, NY 10022 |