POLICY & FINANCE | RENEWED NUCLEAR MOMENTUM nuclear comeback IEA forecasts a
Nuclear is back with a new report from the International Energy Agency flagging the nuclear power opportunity to deliver a secure and clean power source as demand for electricity grows strongly around the world.
By Judith Perera
NUCLEAR POWER IS SET TO reach a new record in 2025 and can improve energy security as electricity demand accelerates, although costs, project overruns and financing must be addressed, according to a new International Energy Agency (IEA) report. The 98-page report, ‘The Path to a New Era for Nuclear Energy’, says 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. It 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. These include insights on how to finance new nuclear projects while ensuring reliable and diversified supply chains for building and fuelling them. IEA Executive Director Fatih Birol noted in his Foreword to
the report that four years ago, the IEA had said that nuclear energy was well positioned to make a comeback after a difficult period following the 2011 accident at the Fukushima
Daiichi NPP. “Today, this comeback is clearly underway and nuclear now stands on the cusp of a new era, owing to a combination of government policies, technological innovation and private sector interest. At the same time, several major challenges still need to be overcome on the path to this new era,” he said. He added: “It is important to note, however, that some
countries, including some IEA Members, do not see a role for nuclear energy in their future, and the IEA Secretariat fully respects their position. This report should not be seen as representative of their views.” He said innovation is changing the nuclear landscape
through the development of small modular reactors (SMR), the first of which are expected to start commercial operations around 2030. “Alongside renewable technologies such as solar and wind, whose electricity output is expanding rapidly, nuclear can play an important role in meeting growing power demand securely and sustainably.” Birol noted that the global map of nuclear is changing. “In the 1990s, for example, Europe was a frontrunner in nuclear power, but its nuclear industry has shrunk. Today, half of nuclear power projects under construction are in
Above: China is building a world first with its ACP-100 terrestrial SMR Linglong 1 in Hainan 30 | February 2025 |
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