The nuclear option: Atomic energy could offer Europe hope, say analysts — but it won't be easy

Hefty upfront costs, issues disposing of radiation and waste, and memories of terrible accidents have all contributed to Europe's reluctance to embrace nuclear energy in recent decades. But the effective closure of the Strait of Hormuz amid the U.S.-Iran war has exposed the continent's vulnerability to disrupted energy imports – and nuclear may offer Europe a lifeline. IEA chief Fatih Birol previously told CNBC that nuclear power would get a "boost" from the supply crisis and urged governments to bolster their resilience with alternative energy sources. Nuclear energy produces significantly fewer emissions than fossil fuels, plants take up minimal space on the landscape, and reactors are extremely reliable in all weather conditions. "I think nuclear has to play a big role in solving this problem for Europe," Chris Seiple, vice chairman of Wood Mackenzie's power and renewables division, told CNBC. The U.S., China and France are all better placed to deal with the supply shock caused by the war, in part because they are the three largest producers of nuclear energy worldwide. "If you don't have a natural energy supply, then your energy costs are going to be higher to import it from somewhere, or you're going to have to build some degree of nuclear," Michael Browne, global investment strategist at Franklin Templeton, told CNBC. "It's expensive but very efficient, as France has shown. French energy prices are significantly lower than German prices." EDF nuclear plants in France. …