#Youtube way to the woods plus

Delivering a technological renaissanceĭelivering the necessary nuclear capacity to reach net zero will require not only building more conventional reactors and extending the life of existing projects, but also progress with technology.

#Youtube way to the woods plus

Nuclear also remains a more competitive option through to 2050 compared to co-fired power generation sources such as coal plus ammonia and natural gas with hydrogen.Īnd while firmed renewables, including battery storage and gas peaker backup (without CCS), are expected to be competitive as low-carbon options against nuclear by the 2030s, this won’t be baseload, carbon-free.

This is similar to coal with CCS in both years. We estimate its levelised cost of electricity (LCOE) at US$87/MWh in 2022, increasing to US$93/MWh by 2050 in real terms.

Nuclear can be a competitive low-carbon technology. Not only do governments and developers now understand that renewable costs can go up as well as down, record coal and natural gas prices have put the spotlight on the relative affordability of nuclear. But the energy crisis is changing attitudes. The capital intensity of nuclear power has long been a deterrent. To reach net zero by 2050, countries as diverse as Singapore, Bangladesh, Vietnam and Australia must include nuclear in their energy mix. Not only would it require a far more ambitious build-out of capacity in China and India, it would also mean welcoming new members to the nuclear power club. However, in our Accelerated Energy Transition scenario ( AET-1.5), in which carbon emissions match with the most ambitious goal of the 2015 Paris Agreement to reach global net zero by 2050, nuclear power more than doubles compared to the ETO. This outlook for nuclear in Asia is aligned with our base case Energy Transition Outlook, consistent with a 2.5 ˚C global warming outcome. Taiwan remains doggedly committed to shutting its nuclear fleet by 2025. More than a decade on from the Fukushima Daiichi disaster, Japan has announced a commitment to a new generation of advanced nuclear technology, while South Korea’s ambitions to ramp down nuclear have been tempered by the energy crisis. While not a colossal sum on a global scale, it indicates India’s willingness to accelerate its project pipeline.įor Asian markets with significant political and civil opposition to nuclear it is a mixed story. India plans to build 14 GW by 2030, but this could increase with the recently announced union budget boosting funding for nuclear development by over 40% to US$1.3 billion. By 2050, China will account for nearly half of all operational nuclear capacity. We expect the region to add an additional 80 GW of new capacity by 2030, all in markets with existing programmes.Ĭhina has by far the largest pipeline globally, with over 60 GW of large-scale conventional nuclear to come online by 2030. What’s driving the growth behind Asian nuclear? Could the region’s capacity grow even faster? And can a technological renaissance help deliver Asia’s next generation of nuclear power? Asia’s nuclear hotpotsĪsia’s 103 GW of operational nuclear power is concentrated in just six markets (China, Japan, South Korea, India, Pakistan and Taiwan). Led by China, we see the region’s nuclear capacity more than quadrupling to 470 GW by 2050, accounting for 12% of regional power generation by this time. Parts of Europe are also seeing a resurgence of interest in nuclear, with new reactors planned in France, Finland, Poland and the UK.īut this is small beer in comparison to what’s happening in Asia. The Inflation Reduction Act in the US contains tax and investment incentives for the nuclear industry.

Governments are moving fast to capitalise. Meanwhile, soaring electricity bills are likely assuaging public concerns over safety, just as technological breakthroughs promise more reliable plants. And, of course, all this comes with zero emissions. Nuclear is a proven technology offering large-scale, 24/7 electricity without exposure to volatile fossil fuel prices. With energy security topping the political agenda, it’s not difficult to see why. From an industry maligned for decades on the back of high-profile accidents, project delays and massive cost overruns, bigging up nuclear power is now a safe topic for dinner party conversation. The global energy crisis is proving good for nuclear.