Panelists see strong momentum for global nuclear generation as climate changes

Advanced nuclear and legacy nuclear technologies are approaching what may be their greatest opportunity for development as timelines to meet global decarbonization goals and address the climate change crisis grow shorter, according to experts who spoke on an Electric Power Research Institute panel.

"We need nuclear to play every role that it can play," Diane Cameron, head of the nuclear technology development and economics division at the Organization for Economic Co-operation and Development Nuclear Energy Agency, said July 19. "There's an enormous amount of momentum around the world for nuclear energy today in a way that hasn't been there for decades, and there's a seriousness to this momentum that wasn't there around the so-called 2010 'renaissance.' "

Factors prompting that new consideration of nuclear energy include the climate crisis coming into sharper focus around the world, Cameron continued, and the reality of how short the timelines are for action, compounded by an energy security crisis and a desire to alleviate energy poverty to foster economic development.

Tripling of capacity urged

Panelists said analyses show that the world should look to triple global installed nuclear capacity to nearly 1,200 GW by 2050 for it to play a role in the clean energy transition.

"We've had another 10 years of not decarbonizing with other options, and it's getting very close to being too late, full stop," said Jonathan Cobb, senior communications manager for the World Nuclear Association. "That is creating demand for nuclear. Now that we're being looked at, we have to deliver."

Reaching a goal of 1,200 GW globally will require a range of nuclear technologies with diverse applications, panelists said.

"That's going to be absolutely crucial for getting global all-economy decarbonization," Cobb said.

So far there has been no shortage of advanced reactor designs, though there are none operating commercially in the US, said Doug True, senior vice president and chief nuclear officer of the Nuclear Energy Institute.

Worldwide, there is one commercial SMR under construction in China, Cobb said, with others "getting there" and expected within the decade.

"But it needs to get out of the starting gate," Cobb said.

Panelists encouraged further investment in nuclear innovations such as fusion, "but we also need to activate the technology available to us," Cameron said.

Large and small working together

A conversation about small modular reactors is not complete without a discussion of the continued role of larger-scale reactor technologies, experts said.

"It has to be recognized that they're often tied together," Cobb said, adding that in the UK, Poland, France and India, plans to pursue SMRs come hand-in-hand with further development of large reactors. "We can really see a pattern around the world of countries that are looking to develop SMRs, but they're often doing that alongside deployment of [light-water reactors] as well."

And as countries around the world look to retire carbon-heavy generation, demand for alternatives is growing, panelists said.

"The demand is truly global," Cameron said, citing the need to replace several terawatts of global installed coal capacity as well as natural gas cogeneration, bunker fuel and diesel.

Overcoming challenges

Challenges remain to nuclear's role in filling those gaps, however. Some include market access, regulatory collaboration, licensing timelines, multi-jurisdictional licensing, fuel availability and workforce.

Overcoming those challenges is "what's going to allow us to unlock these global markets," Cameron said.

"Nuclear is not the only answer; it's part of the answer," said panel host Neil Wilmshurst, senior vice president of energy system resources at the Electric Power Research Institute. "This actually puts a tremendous pressure on the nuclear industry to really deliver."

S&P Global Commodity Insights reporter Abbie Bennett produces content for distribution on Capital IQ Pro .