The of the Federal Government, published on the same day. They show both increased participation in the reportedly intends to take a stake in uranium enrichment company Urenco The Süddeutsche Zeitung and Handelsblatt reported on 13 November 2026 that plans to this effect were under consideration. The federal government could take over the one-third stake currently held by German energy companies Eon and RWE According to news agency Reuters, the federal government and the companies declined to comment on the reports. No purchase has therefore been publicly confirmed.
A possible financial framework is provided by a new item in the 2027 draft budget. On 13 November 2026, the Bundestag’s Budget Committee approved an additional four billion euros for acquiring and holding stakes in energy companies. The Bundestag did not name any specific company in its statement about the committee meeting. Handelsblatt reported, citing government sources, that the money was intended for the Urenco stake. Whether a deal will go ahead, and at what price, remained unclear.
Urenco enriches uranium for use in nuclear power stations. The company operates a facility in Gronau, North Rhine-Westphalia, among other locations. The technology increases the proportion of the fissile isotope uranium-235 in the material. Even after Germany’s nuclear power generation has ended, enrichment in Gronau remains part of the international nuclear fuel business.
According to the reports, Eon and RWE each hold a one-third stake in Urenco, as do the British and Dutch sides. A federal government stake would therefore not create a German stake for the first time, but would change the ownership structure: the state would replace private German companies. Reuters has reported that RWE has repeatedly expressed interest in selling its minority stake.
The possible acquisition raises questions of national security as well as economic ones. Süddeutsche Zeitung reported, citing coalition sources, that Urenco was to produce highly enriched uranium for British nuclear submarines. This is a reported intention, not evidence that an order has already been placed. Nor can such a use be inferred from the general budget allocation.
The Treaty of Almelo is central to the control of enrichment technology. Germany, the Netherlands and the United Kingdom established the basis for their cooperation in 1970. Urenco says the treaty also provides for oversight of sensitive centrifuge technology with a view to preventing proliferation. A possible change of ownership would therefore not be merely an ordinary corporate decision.
The Budget Committee’s decision is also not the same as a completed acquisition. It concerns the draft federal budget in the first instance; the allocation of funds identifies neither the seller nor the terms of a deal. Details of the purchase price, the government’s rights and any future use of the technology would be crucial to assessing the financial and national security implications.
Editor: Phillipe Schmidt-Araguin (Article created with AI assistance).