It has been a week of political overhaul in Europe, and one of the victims in the fallout could be the continent's nuclear renaissance.

In a note to clients, Raymond James analyst Bart Jaworski pointed out that new political leadership in key European countries could cause them to waver on their nuclear power plans. That in turn could be bad news for the uranium market.

"In Europe, the road to a nuclear revival [and increased uranium demand] may not be as smoothly paved as it was last week," he wrote.

The most visible example is in Britain. Incoming Prime Minister David Cameron appears to support predecessor Gordon Brown's plan for up to 10 new nuclear reactors in the country. But Mr. Cameron was forced to form a coalition government with Nick Clegg's Liberal Democrats, who prefer energy conservation and renewable sources (however, the Liberal Democrats have said they will abstain from voting on the issue).

"The influence of the 'Lib Dems' in any coalition could play a critical role in whether the U.K. deviates from the nuclear path," Mr. Jaworski wrote.

Mr. Jaworski also pointed to Germany, where Chancellor Angela Merkel's coalition has lost majority control of the country's upper house. She will now need opposition approval for her plan to cancel legislation that would phase out the country's fleet of nuclear reactors. And in Italy, Industry Minister Claudio Scajola was forced to resign over corruption charges. He was working to revive nuclear power in the country, which was abandoned more than 20 years ago.