6. 4.77 Official Journal of the European Communities No L 88/9 (Acts whose publication is not obligatory) COUNCIL COUNCIL DECISION of 29 March 1977 empowering the Commission to issue Euratom loans for the purpose of contri- buting to the financing of nuclear power stations ' (77/270/Euratom) THE COUNCIL OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Atomic Energy Community, and in particular Articles 2, 172 and 203 thereof, Having regard to the proposal from the Commission, Having regard to the opinion of the European Parlia- ment (1), Having regard to the opinion of the Economic and Social Committee (2), Whereas the use of nuclear energy can reduce the Community’s excessive dependence on external sources of energy and thus improve the terms on which energy is imported ; Whereas, under present technical and economic condi- tions, the use of nuclear energy for the production of electricity is economically advantageous and more satisfactory than the use of petroleum products ; Whereas the additional investment required for nuclear plant by comparison with conventional plant, combined with the costs arising out of the increase in the price of petroleum products which affect the operating costs of existing conventional power stations, means that electricity producers are being forced to borrow more ; Whereas Article 2 (c) of the Treaty gives the Commu- nity the task of facilitating investment and ensuring, particularly by encouraging ventures on the part of undertakings, the establishment of the basic installa- (") OJ No C 157, 14. 7. 1975, p. 35. () O] No C 248, 29. 10. 1975, p. 8. tions necessary for the development of nuclear energy in the Community ; whereas, if a contribution is to be made to the financing of nuclear power stations, arran- gements must be made for borrowing and lending; whereas such action appears to be necessary if the objective set out in Article 2 (c) of the Treaty is to be attained, although the Treaty does not provide for the powers necessary for that purpose ; Whereas in view of the large amount of capital required the financing potential should be increased ; whereas it appears that the Community can provide a substantial amount of aid in this field; Whereas the Community has a duty to employ all the means at its disposal to facilitate the attainment of the aims adopted under the new common energy policy strategy, HAS DECIDED AS FOLLOWS: Article 1 The Commission is hereby empowered to issue loans, on behalf of the European Atomic Energy Commu- nity (Euratom) and within amounts fixed by the Council, the proceeds of which will be lent for the purpose of financing investment projects relating to the industrial production of electricity in nuclear power stations and to industrial fuel cycle installa- tions. The Commission shall borrow no more than the amounts of the loans for which it has received applica- tions.