- Renewed momentum behind nuclear energy has the potential to open a new era for the secure and clean power source as demand for electricity grows strongly around the world, according to a new IEA report.
The report, The Path to a New Era for Nuclear Energy, shows the fresh impetus behind nuclear in the form of new policies, projects, investments, and technological advances, such as small modular reactors (SMRs). It provides a comprehensive assessment of the current situation, identifying the major challenges that need to be addressed to build on the current momentum and enable a new era to take hold. This includes insights on how to finance new nuclear projects while ensuring reliable and diversified supply chains for building and fuelling them.
The report outlines four key trends:
- Power generation from nuclear is set to reach a record high in 2025 as Japan restarts production, maintenance works are completed in France, and new reactors begin commercial operations in various markets, including China, Europe, India and Korea.
- There is more than 70 gigawatts (GW) of new nuclear power capacity under construction – one of the highest levels in the past 30 years.
- Interest in nuclear energy is now at its highest level since the oil crises in the 1970s. Over 40 countries around the world have plans for expanding the use of nuclear power.
- Innovation is quickly changing the technology landscape, with the first small modular reactors (SMRs) set to start commercial operations around 2030. With the right combination of policy support from governments and project delivery by industry, we project that over 1,000 SMRs could start operating by mid-century.
“It’s clear today that the strong comeback for nuclear energy that the IEA predicted several years ago is well underway, with nuclear set to generate a record level of electricity in 2025,” said IEA Executive Director Fatih Birol. “In addition to this, more than 70 gigawatts of new nuclear capacity is under construction globally, one of the highest levels in the last 30 years, and more than 40 countries around the world have plans to expand nuclear’s role in their energy systems. SMRs in particular offer exciting growth potential. However, governments and industry must still overcome some significant hurdles on the path to a new era for nuclear energy, starting with delivering new projects on time and on budget – but also in terms of financing and supply chains.”
The report also identifies the major challenges that need to be addressed to build on the current momentum and enable a new era to take hold – notes that governments and industry must still overcome some significant hurdles. That starts with delivering new projects on time and on budget. It also includes developing new approaches to financing and working towards the diversification of supply chains.
To learn more, link to the full report HERE
Author: Bryan Groenendaal
