World Nuclear Association Director General: Embracing the Return to Nuclear Energy
The Future of Nuclear Energy: Growth Plans and Projections
In a recent statement, Bilbao y Leon emphasized the growing importance of nuclear energy in achieving net-zero emissions commitments, particularly as countries like the UK and France voice plans to expand their nuclear energy capacities in response to the energy crisis. With a focus on energy security, many countries have adopted a pragmatic approach, prioritizing the long-term viability of nuclear energy as an independent industry.
This shift in perception, according to Bilbao y Leon, has led to increased investments and support for the nuclear energy sector, particularly in Europe where numerous countries have extended the lifespan of their existing power plants. In fact, most European countries, with the exception of Germany, have plans to continue using nuclear energy and even increase its capacity. The European Commission recently announced its goal of increasing nuclear energy capacity by 50 percent by 2050.
Bilbao y Leon predicts a significant global increase in nuclear energy capacity, potentially reaching up to 931 gigawatts by 2040, an increase of 2.5 times the current capacity. New projects, including the Akkuyu Nuclear Power Plant in Turkey, are expected to be operational by 2030. The first unit of the Akkuyu Nuclear Power Plant is set to be operational next year, paving the way for the completion of all 4 units before 2030.
One of the challenges facing the nuclear energy sector is access to affordable financing. It is expected that once nuclear power plants are implemented on time and with correct budget planning, financing costs will decrease significantly, making it a more cost-effective option for many countries.
Another aspect that is driving growth in the nuclear energy industry is the desire to reduce dependence on Russia, especially in regions like North America and Europe. A focus on uranium mining and enrichment projects, along with efforts to increase self-sufficiency, is expected to fuel further growth in the sector.
While there is reluctance in North America and Europe to depend on Russian technology, other regions such as Africa are looking to develop nuclear energy with the support of players like Russia, South Korea, and China. According to the World Nuclear Association, the current global nuclear energy capacity meets 10 percent of the world’s electricity production, a figure that is expected to increase significantly by 2040. The projections for the high scenario put the capacity at 931 gigawatts, highlighting the potential for substantial growth in the nuclear energy industry.
