Study analyses economic impact of Greek nuclear power plant

Conducted by Greece's Athlos Energy and global consulting company Helixos, the study says at peak construction, total employment could reach about 12,000 jobs, including around 4,000 directly on the project. During operation, the plant could support about 1,900 jobs across the station and the wider economy. Roles include engineers, skilled tradespeople, plant operators, and scientific and administrative staff. Many require specialised technical skills, creating opportunities for workforce development and long-term employment. The corresponding contribution to Greek GDP during operation is estimated at about EUR160 million a year.

The study assumes investment of about EUR11 billion, with more than 40%, or about EUR4.6 billion, spent within Greece. This could create work in construction, metal products, electrical equipment and technical services. The findings highlight the potential for Greece's existing industrial base to participate, even without an established domestic nuclear industry. Preparing businesses and developing the relevant skills would help Greece capture this opportunity and produce considerable benefits for businesses and communities beyond the nuclear industry.

Government tax revenues are estimated at about EUR1.2 billion over the construction period and EUR60 million a year during operation.

The analysis also examines a separate 300 MW small modular reactor (SMR) scenario. Its contribution to Greek GDP is estimated at about EUR590 million over the construction period, with around 2,100 jobs supported at peak construction. During operation, the plant could support about 500 jobs across the station and the wider economy. Phased expansion through additional SMR modules should also be considered in future project planning, the study says. This approach could offer economies of scale and further increase the project's contribution to Greek industry, employment and economic growth.

"Across Europe and around the world, we're seeing growing interest in nuclear energy, driven by energy security, rising electricity demand, and the need for reliable, low-carbon power. Greece now has an opportunity to consider what nuclear energy could mean for its own energy future and economic development," said Alexander Borovskis, co-founder of Helixos. "Our study shows that even without an established domestic nuclear industry, a first nuclear power plant could generate billions of euros in economic benefits and create thousands of jobs, capitalising on existing Greek industry and talent."

"This study shows that even a single nuclear power plant could generate billions of euros in economic activity, support thousands of jobs, and create opportunities for Greek businesses across a wide range of industries," said Efstathios Vlassopoulos, co-founder of Athlos Energy. "With the right preparation, Greece has the potential to capture a significant share of these benefits."

The goal of Athlos Energy - founded in September 2024 - is to lay the groundwork, both at the institutional level and in terms of providing responsible and objective information to the public, for the utilisation of nuclear energy in Greece, as well as the creation and implementation of the country's first nuclear programme.

"The findings add an economic perspective to Greece's assessment of the potential role of nuclear power in its future energy mix, focusing on GDP, employment, tax revenues and opportunities for Greek industry," the company said. "It forms part of Athlos Energy's preliminary assessments of the requirements for developing the country's first nuclear power project."

Greece has historically not deployed nuclear power, but in March this year Prime Minister Kyriakos Mitsotakis announced at the 2nd Nuclear Energy Summit in Paris that it would examine the potential role of small modular reactors in its energy mix. The Greek Council of Ministers set up an Inter-Ministerial Committee in August to explore the potential for SMRs. Last year Mitsotakis said Greece should be at the forefront of research and debate into using nuclear energy to decarbonise shipping.