Page 13 - AsiaElec Week 27 2022

AsiaElec NUCLEAR AsiaElec

Russia dominates global

reactor market

ASIA RUSSIA dominated the global market for new likely to be further stimulated by recent spikes in
nuclear reactors between 2017 and 2021, with oil, gas and electricity prices.
China one step behind, at a time when surging Nuclear power is a significantly cheaper path
energy prices present a major new opportu- to net-zero by 2050, the report found. If nuclear
nity for the industry, the International Energy investment is not accelerated, reaching this
Agency (IEA) said. target would mean an additional global cost of
China and Russia built 87% of the nuclear $500bn, which would raise the consumer elec-
reactors that started construction since 2017, tricity bill by $20bn a year to 2050, it said.
while the US, US, France and Canada accounted The IAE’s global pathway to achieve net zero
for just 10% combined. emissions by 2050 requires nuclear capacity to
“Advanced economies have lost market double between 2020 and 2050, with construc-
leadership, as 27 out of 31 reactors that started tion of new plants needed in all countries that are
construction since 2017 are Russian or Chinese open to the technology. Even so, by 2050, nuclear
designs,” said executive director Faith Birol. Rus- will only account for 8% of the global power mix,
sia accounted for 17 of the reactors, and China which will be dominated by renewables.
10. China is ahead of the curve, set to become the
“In today’s context of the global energy crisis, leading nuclear producer by 2030, the IEA says.
skyrocketing fossil fuel prices, energy security Meanwhile, advanced economies are scram-
challenges and ambitious climate commitments, bling to keep pace, the IEA says. They currently
I believe nuclear power has a unique opportunity have nearly 70% of global nuclear capacity, but
to stage a comeback,” recent projects have run over budget and are
The report said that uncertain times for behind schedule, while investment is stalling.
global energy make nuclear power a key geo- Western plants, which were first constructed
political battleground, eclipsing past safety in response to the 1970s oil shocks, are also
concerns over nuclear which came after major beginning to look tired with outdated technol-
accidents in Three Mile Island, Chernobyl and ogy, the IEA said. The average age of nuclear
Fukushima Daiichi. capacity in North America and Europe is 38
A total of 19 countries currently have nuclear years, compared with 15 years in India, and five
reactors under construction, demonstrating the years in China, it added.™
recent momentum behind nuclear power that is

Week 27 06•July•2022 www. NEWSBASE .com P13