Nuclear power generation will decrease by 2040 within the Organization for Economic Co-operation and Development (OECD) due to the retirement of aging nuclear power plants but will rise in China, British oil and gas giant BP said in its latest Energy Outlook on Thursday.
According to BP, nuclear power generation will continue to grow over the outlook, although less rapidly than overall power generation, such that its share within overall power generation declines.
Nuclear generation will grow at an average rate of 1.1 percent per year, broadly in line with the growth seen over the past 20 years or so, in accordance with BP's Evolving transition (ET) scenario.
The report highlighted two contrasting patter in the growth of nuclear power, with a fall in the OECD but a rise in China.
"Nuclear energy within the OECD declines materially over the outlook, as aging nuclear plants are decommissioned and there is limited investment in new capacity. In contrast, nuclear generation in China increases strongly, rising by 1000 terawatt-hours over the outlook, with the level of nuclear generation in China by 2040 similar to that in the entire OECD," BP said.
The report notes that China's energy growth will slow as its economic expansion weakens. However, despite this downturn, China will remain the largest source of growth for energy supplies, driven by rapid expansion in nuclear power and renewables.
By Firdevs Yuksel