Just when it looked like the world was ramping up for a nuclear power renaissance, driven in part by AI's insatiable appetite for energy, something unexpected happened: AI became more efficient.
At least that is the claim made by DeepSeek, the Chinese AI platform that purports to do as much as OpenAI's ChatGPT with far less computing power and fewer data centres, and therefore less energy.
Those claims sent several energy companies' stock prices briefly careening, including Constellation Energy, which recently made the most of the energy requirements of AI to boost its nuclear power offerings to technology companies.
Just how intense was that need for more energy to propel AI data centres? Last September, Constellation Energy announced it would be restarting the Three Mile Island Unit 1 in Pennsylvania as part of a 20-year power purchase agreement with Microsoft.
Three Mile Island (TMI) was the site of the one of the biggest nuclear accidents in US history. In 1979, the core of Unit 2 was partially exposed, leading to a temporary evacuation of the nearby area and a lengthy clean-up.
The accident left a black mark on the US nuclear industry, one that remains to this day, although recent polling has suggested those concerns may be waning.
All that said, debates remain about the potential health effects stemming from the accident, and research is continuing.
During a recent interview at Microsoft's headquarters in Redmond, Washington, Alistair Speirs, the company's senior director of infrastructure, was asked by The National if the technology giant was taking a pronuclear energy stance with some of its recent moves to power its AI ambitions, particularly the agreement with Constellation Energy.
“Our stance is zero carbon energy,” he said. “We really look at that as the view, so the next question is where can we source zero carbon energy?”
He said Microsoft uses power purchase agreements (PPAs), which are long-term contracts committing to a set amount of energy usage from the grid. That way, Microsoft ensures that the energy provided is supplemental, and therefore not raising energy prices for consumers.
“We're essentially sending a supply signal to the utility providers,” he said, referring to the deal with Constellation Energy's Three Mile Island.
Mr Speirs said that other sources of energy such as hydrogen, solar and wind, depending on the location of data centres, are also in the mix for Microsoft.
The tech giant is not alone in its push to meet the energy needs of data centres. Alphabet, parent company of Google, along with Amazon, Oracle, OpenAI and others have recently expressed interest in using small modular nuclear reactors (SMRs) to help meet those needs.
Mr Speirs spoke to The National in January, before DeepSeek debuted. Some have suggested that increased AI efficiency will blunt and possibly put an end to efforts at bolstering nuclear energy.
That speculation was the main ingredient that led to a sudden drop in Constellation's stock price in late January, along with other energy companies amid the rise of DeepSeek.
Maryam Salman, a senior consultant for Middle East markets at Qamar Energy, said that the situation is far more nuanced, and that DeepSeek's emergence is hardly a death blow for a nuclear renaissance.
“While it is true that the launch of DeepSeek upended investor confidence in nuclear energy for data centres, especially in the West, the underlying nuclear thesis remains intact – power demand is on the rise and will continue growing, whether from homes, factories, commerce, industry [or] new technologies,” she said.
“AI is infinitely scalable, and as new applications emerge and competition intensifies between the US and China, innovation will accelerate, ensuring sustained power demand for the sector. In this context, investing in nuclear energy can serve as a hedge against the unpredictable future of AI power needs,” she added.
Andrea Zanon, chief executive of Confidente, a Washington-based consulting group echoed those sentiments. “I don't want to say it's a no-brainer, but it's clearly happening,” he said, referring to the increasingly prominent nuclear energy push, particularly for smaller, modular nuclear reactors.
He was not very concerned about DeepSeek's long-term impact on energy stocks, particularly nuclear energy. “It's a part of, unfortunately, the panic and the psychology of money,” he said “This AI revolution is only at the beginning and it's going to be manifold bigger than what we see in the news every day, therefore the clean tech aspect, nuclear, will be needed.”
Yet for all the analyst optimism, there remains a stigma around nuclear power. The shadows of the 1979 accident at Three Mile Island, Chernobyl's deadly 1986 explosion and Fukushima's 2011 disaster loom large.
Eric Epstein is director of Three Mile Island Alert, a grass roots safe energy organisation founded in 1977, two years before the Unit 2 accident at the power station. He said that while the world does appear to be in a “nuclear zeitgeist”, it is mostly “mindless”.
“How does exporting [Three Mile Island Unit 1's] energy to another zip code keep the lights on in central Pennsylvania?” he said, in an email to The National. “Starting a zombie nuclear plant to provide electricity to data centres, inanimate beings in northern Virginia, Illinois and Ohio, that's worth fighting against.”
Mr Epstein also said that tax dollars were ultimately being spent in the form of a federal loan to assist Constellation in reviving the reactor, and attempting to greenwash the nuclear industry.
“Consumers, taxpayers, and citizens have been told that nuclear power deserves a second chance because it has now been rebranded as environmentally friendly, simply because it's not coal.”
Constellation Energy said that, pending approval from the Nuclear Regulatory Commission, TMI's Unit 1 is expected to restart in 2028.
Abu Dhabi GP Saturday schedule
12.30pm GP3 race (18 laps)
2pm Formula One final practice
5pm Formula One qualifying
6.40pm Formula 2 race (31 laps)
Russia's Muslim Heartlands
Dominic Rubin, Oxford
Afghanistan squad
Gulbadin Naib (captain), Mohammad Shahzad (wicketkeeper), Noor Ali Zadran, Hazratullah Zazai, Rahmat Shah, Asghar Afghan, Hashmatullah Shahidi, Najibullah Zadran, Samiullah Shinwari, Mohammad Nabi, Rashid Khan, Dawlat Zadran, Aftab Alam, Hamid Hassan, Mujeeb Ur Rahman.
Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
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J%20Street%20Polling%20Results
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Killing of Qassem Suleimani
About Seez
Company name/date started: Seez, set up in September 2015 and the app was released in August 2017
Founder/CEO name(s): Tarek Kabrit, co-founder and chief executive, and Andrew Kabrit, co-founder and chief operating officer
Based in: Dubai, with operations also in Kuwait, Saudi Arabia and Lebanon
Sector: Search engine for car buying, selling and leasing
Size: (employees/revenue): 11; undisclosed
Stage of funding: $1.8 million in seed funding; followed by another $1.5m bridge round - in the process of closing Series A
Investors: Wamda Capital, B&Y and Phoenician Funds
Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
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MATCH INFO
Uefa Champions League quarter-final, second leg (first-leg score)
Porto (0) v Liverpool (2), Wednesday, 11pm UAE
Match is on BeIN Sports
Profile of MoneyFellows
Founder: Ahmed Wadi
Launched: 2016
Employees: 76
Financing stage: Series A ($4 million)
Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund
THE SPECS
Engine: 3.6-litre V6
Transmission: eight-speed automatic
Power: 285bhp
Torque: 353Nm
Price: TBA
On sale: Q2, 2020
COMPANY PROFILE
Company name: BorrowMe (BorrowMe.com)
Date started: August 2021
Founder: Nour Sabri
Based: Dubai, UAE
Sector: E-commerce / Marketplace
Size: Two employees
Funding stage: Seed investment
Initial investment: $200,000
Investors: Amr Manaa (director, PwC Middle East)
Where to apply
Applicants should send their completed applications - CV, covering letter, sample(s) of your work, letter of recommendation - to Nick March, Assistant Editor in Chief at The National and UAE programme administrator for the Rosalynn Carter Fellowships for Mental Health Journalism, by 5pm on April 30, 2020.
Please send applications to nmarch@thenational.ae and please mark the subject line as “Rosalynn Carter Fellowship for Mental Health Journalism (UAE programme application)”.
The local advisory board will consider all applications and will interview a short list of candidates in Abu Dhabi in June 2020. Successful candidates will be informed before July 30, 2020.
The biog
Name: Greg Heinricks
From: Alberta, western Canada
Record fish: 56kg sailfish
Member of: International Game Fish Association
Company: Arabian Divers and Sportfishing Charters
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In the Restaurant: Society in Four Courses
Christoph Ribbat
Translated by Jamie Searle Romanelli
Pushkin Press
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
UAE SQUAD FOR ASIAN JIU-JITSU CHAMPIONSHIP
Men’s squad: Faisal Al Ketbi, Omar Al Fadhli, Zayed Al Kathiri, Thiab Al Nuaimi, Khaled Al Shehhi, Mohamed Ali Al Suwaidi, Farraj Khaled Al Awlaqi, Muhammad Al Ameri, Mahdi Al Awlaqi, Saeed Al Qubaisi, Abdullah Al Qubaisi and Hazaa Farhan
Women's squad: Hamda Al Shekheili, Shouq Al Dhanhani, Balqis Abdullah, Sharifa Al Namani, Asma Al Hosani, Maitha Sultan, Bashayer Al Matrooshi, Maha Al Hanaei, Shamma Al Kalbani, Haya Al Jahuri, Mahra Mahfouz, Marwa Al Hosani, Tasneem Al Jahoori and Maryam Al Amri
More from Neighbourhood Watch:
The view from The National
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Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Ferrari
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Teams
Pakistan: Sarfraz Ahmed (captain), Mohammad Hafeez, Sahibzada Farhan, Babar Azam, Shoaib Malik, Asif Ali, Shadab Khan, Shaheen Shah Afridi, Usman Khan Shanwari, Hasan Ali, Imad Wasim, Faheem Ashraf.
New Zealand: Kane Williamson (captain), Corey Anderson, Mark Chapman, Lockie Ferguson, Colin de Grandhomme, Adam Milne, Colin Munro, Ajaz Patel, Glenn Phillips, Seth Rance, Tim Seifert, Ish Sodhi, Tim Southee, Ross Taylor.
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Get inspired
Here are a couple of Valentine’s Day food products that may or may not go the distance (but have got the internet talking anyway).
Sourdough sentiments: Marks & Spencer in the United Kingdom has introduced a slow-baked sourdough loaf dusted with flour to spell out I (heart) you, at £2 (Dh9.5). While it’s not available in the UAE, there’s nothing to stop you taking the idea and creating your own message of love, stencilled on breakfast-inbed toast.
Crisps playing cupid: Crisp company Tyrells has added a spicy addition to its range for Valentine’s Day. The brand describes the new honey and chilli flavour on Twitter as: “A tenderly bracing duo of the tantalising tingle of chilli with sweet and sticky honey. A helping hand to get your heart racing.” Again, not on sale here, but if you’re tempted you could certainly fashion your own flavour mix (spicy Cheetos and caramel popcorn, anyone?).
Brief scores:
Everton 0
Leicester City 1
Vardy 58'
Company name: Farmin
Date started: March 2019
Founder: Dr Ali Al Hammadi
Based: Abu Dhabi
Sector: AgriTech
Initial investment: None to date
Partners/Incubators: UAE Space Agency/Krypto Labs
Tips for SMEs to cope
- Adapt your business model. Make changes that are future-proof to the new normal
- Make sure you have an online presence
- Open communication with suppliers, especially if they are international. Look for local suppliers to avoid delivery delays
- Open communication with customers to see how they are coping and be flexible about extending terms, etc
Courtesy: Craig Moore, founder and CEO of Beehive, which provides term finance and working capital finance to SMEs. Only SMEs that have been trading for two years are eligible for funding from Beehive.
