Germany plans stake in nuclear fuel firm Urenco, with 4 billion euros in the 2027 budget

A budget line that surfaced late

Reports published on Friday, 13 November 2026 say the federal government plans to take a stake in Urenco, the uranium enrichment company. The plan came to light when a new spending item appeared during the budget committee session on the 2027 federal budget, held on Thursday, 12 November. The item, titled 'expenses related to acquiring and holding stakes in companies in the energy sector', carries 4 billion euros, but the government has declined to say which company it covers. Insiders cited by Reuters say the money would buy the Urenco shares held by RWE and Eon. Focus has asked why Berlin considers a cut to electricity tax, put at around 5 billion euros, unaffordable while setting aside 4 billion euros for an energy company.

Urenco and what a stake would mean

Urenco is one of the four large uranium enrichers in the world, and it supplies about a third of the global market for enriched uranium. The company runs an enrichment plant in Gronau in Westphalia, alongside sites in the Netherlands, Britain and the United States. Britain and the Netherlands each hold a third of the shares, while RWE and Eon together hold the remaining third. Under the plan, the federal government would take over the Eon and RWE holdings, giving Berlin a third of the company. Boris Schucht, a German manager who previously headed the grid operator 50Hertz, has been chief executive of Urenco since 2019, according to Handelsblatt. Insiders say talks have also taken place with Britain and the Netherlands.

Britain's nuclear forces and Germany's deterrence

Insiders link the plan to Britain's plan to modernise its nuclear forces, with Urenco expected to play a central role in enriching uranium for weapons. Welt reported that Urenco, historically geared toward civilian nuclear energy, has become more active in the military nuclear field at Britain's request. Handelsblatt reports that Berlin acted on a British request and wants to keep RWE and Eon from selling their shares to other buyers. Focus points to a British parliamentary paper from 2024 that mentions a review of a cycle for producing reactor fuel for defence purposes, and to Urenco's statement in summer 2026 that it could rebuild that production. Germany owns no nuclear weapons and has committed in treaties never to acquire any, relying instead on the American nuclear weapons stationed on its soil, although confidence in US reliability has been shaken. Washington is pressing European allies to do more within NATO, and Germany and France announced in the summer that they would cooperate more closely on nuclear deterrence.

Utilities want out, and markets react

RWE has repeatedly said it wants to sell its minority stake, and its finance chief told Reuters in autumn 2025 that he would be glad to do so, though a sale would be hard to arrange. Eon chief executive Leonhard Birnbaum has said the group could only consider a sale with the federal government's consent. Welt's insiders say the utilities want to exit because the stake no longer has strategic value after Germany's nuclear phase-out. Neither the government nor the companies commented on the reports, and the finance and economy ministries declined to take a position. Eon shares rose 1.5% on Friday, making it one of the biggest gainers on the DAX, while RWE shares added 0.3%.

Eon1.5%

RWE0.3%

Eon

1.5 %

RWE

0.3 %

Data from the article text

What remains unconfirmed

Insiders expect a draft purchase contract to arrive soon, and closing is not expected before mid-2027. The government has not confirmed the figures or the company named in the budget item. Until a contract is signed, the stake remains a plan based on insider accounts and press reports.