PARIS, Jan 16 (KUNA) -- Nuclear power is expected to reach a new record in 2025 and can improve energy security as electricity demand accelerates, the UN nuclear watchdog said on Thursday, citing such growth as the dawn of a new era. While costs, project overruns and financing remain lingering concerns, "renewed momentum" behind nuclear energy has the potential to "open a new era" for the secure and clean power source, according to a report published on the International Atomic Energy Agency's (IAEA) website.
The report, entitled, "The Path to a New Era for Nuclear Energy," delves into the current situation of nuclear power, which shows a "fresh impetus" behind in the form of new policies, projects, investments and technological advances, such as small modular reactors, it underlined.
"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 report cited IAEA chief executive Fatih Birol as saying.
On the intricacies of such growth, more than 70 gigawatts of new nuclear capacity is under construction globally, one of the highest levels in the last 30 years, while more than 40 countries around the world have plans to expand nuclear use in their energy systems, he explained. Discussing the bulk of "nuclear power fleet today," it said it comes from the world's most advanced economies, despite plants that were built decades ago, while the "global map" for nuclear energy 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 said.
Russia remains the powerhouse for nuclear energy capacity, the report showed, "accounting for 40 percent of global capacity, the single largest share," it highlighted, adding that concentrated markets for nuclear technologies, including uranium production and enrichment, represent a "risk factor" for the future.
While a "new era for nuclear energy will require a lot of investment," in a "rapid growth scenario," annual investment would need to double up to USD 120 billion already by 2030, it said, pointing to the private sector as among the biggest proponents of nuclear power, with big names in the technology sector signing power purchase agreements with developers. (end) ma.nam