Nuclear power generation from the world's fleet of nearly 420 reactors is on track to reach a record high in 2025, according to a new report by the International Energy Agency on Thursday.
The report, The Path to a New Era for Nuclear Energy, highlights the renewed impetus behind nuclear in the form of new policies, projects, investments and technological advances, such as small modular reactors (SMRs).
“Some 63 nuclear reactors are currently under construction, representing more than 70 gigawatts of capacity, one of the highest levels seen since 1990,” said the Paris-based global energy watchdog.
Despite some countries phasing out nuclear power or retiring plants early, global generation from nuclear plants is rising as Japan restarts production, maintenance works are completed in France, and new reactors begin commercial operations in various markets, including China, India, Korea and Europe, the report added.
“The global map for nuclear is changing, with the majority of projects under construction in China, which is on course to overtake both the US and Europe in installed nuclear capacity by 2030,” it added.
Pointing out Russia as a key player in the global nuclear technology landscape, the report said: “Of the 52 reactors that have started construction worldwide since 2017, 25 are of Chinese design and another 23 are of Russian design.”
To achieve rapid nuclear growth, annual investment would need to double to $120 billion by 2030, according to the report.
“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,” the IEA executive director Fatih Birol commented on the report.
“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,” Birol added.
“SMRs in particular offer exciting growth potential,” he added.
“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.”
Currently, over 99% of global enrichment capacity is concentrated in four supplier countries, with Russia holding the largest share at 40%, Birol said.
Reporting by Nuran Erkul in London
Writing by Handan Kazanci
Anadolu Agency
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