Nuclear: Between Ambitions and Contrasting Realities

Nuclear power is regaining popularity in the face of the climate crisis. However, a recent report highlights the limits of its expansion, dominated by China and Russia.
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The renaissance of nuclear power against a backdrop of climate emergency offers a glimmer of hope. Nations are desperately seeking alternatives to fossil fuels, and nuclear power, despite its controversial past, is re-emerging as a viable option. However, the latest WNISR report, analyzing trends and statistics in the sector, reveals a complex reality. With 407 reactors in operation in 32 countries, the global nuclear scene looks dynamic. However, these figures represent a slight drop on previous years, with 4 fewer units than in 2022, and 31 fewer than at the 2002 peak. This reduction indicates not only a slowdown, but also the challenges inherent in maintaining aging fleets and building new capacity.

Reactor Construction: A Monopoly of Power

Nuclear expansion is, worryingly, highly concentrated. Between December 2019 and mid-2023, 28 new reactors began construction. However, this growth is driven almost exclusively by two players: China and Russia. China, with its ambitious nuclear development program, and Russia, through its giant Rosatom, dominate the reactor construction landscape. This geopolitical concentration raises questions about the diversity and resilience of the global nuclear market. While other countries such as France, the UK and the USA contribute modestly, with a few projects each, the predominance of China and Russia raises concerns about the balance of power and technological dependence in the sector.

The Challenges of Nuclear Renewal

The WNISR report highlights several challenges facing the nuclear sector. Firstly, the management of aging fleets poses an increased risk of failure and high maintenance costs. In addition, the sector is marked by chronic delays and significant cost overruns in new construction projects. This trend is illustrated by projects such as the Flamanville EPR in France, which has suffered delays and cost overruns. The 549-page report describes a sector struggling to maintain its relevance and competitiveness in the face of rapidly evolving energy alternatives, such as renewable energies. The ambitious goal of tripling nuclear production by 2050, often cited in political and industrial circles, is deemed “highly unrealistic” by the report’s authors, given these obstacles.
The WNISR report provides a balanced overview of the current state of the nuclear industry. Although nuclear power has regained some favor in the context of the climate crisis, its future expansion is far from assured. Structural challenges, construction delays, high costs and the geopolitical concentration of production limit its growth potential. The future of nuclear power, while promising in theory, remains uncertain and will depend on the industry’s ability to overcome these obstacles.

After several decades without funding nuclear projects, the World Bank has formed a strategic partnership with the IAEA to provide technical and financial support to countries integrating nuclear energy into their energy strategies.
South Korea's Nuclear Safety and Security Commission officially validates the decommissioning of reactor number one at the Kori plant, initiating an unprecedented project for the national industry scheduled to last until 2037.
Uranium producer enCore Energy surpasses three thousand pounds per day at its Alta Mesa ISR complex and sees three new Texas laws as a strong signal for faster nuclear production permits.
The International Atomic Energy Agency expresses concerns over Iran’s enriched uranium stockpiles following the abrupt suspension of inspections at key sites disrupted by recent attacks whose consequences remain uncertain.
NPCIL has announced an extension until September 30 for industrial proposals concerning Bharat Small Reactors (BSR), following increased interest from the Indian private sector.
A regional court has upheld the award of two new reactors in the Czech Republic to Korea Hydro & Nuclear Power, dismissing Électricité de France’s challenge to the €16bn contract in a decisive step for the national energy programme.
Facing rising temperatures, EDF anticipates cuts in nuclear production starting early July, primarily due to thermal constraints on rivers used for cooling the power plants.
The preliminary agreement launches planning and site assessment for a tailored AP1000 reactor, following two years of feasibility study, and enlists Westinghouse and Hyundai to support Fortum’s regional nuclear expansion.
Donald Trump's unprecedented decision to dismiss Christopher Hanson, a member of the NRC, provokes outrage among former federal officials and raises concerns over the regulatory independence of the U.S. nuclear sector.
Uranium Energy Corp strengthens its position in Anfield Energy Inc., now holding approximately 32.4% of the company’s shares following an investment of CAD19.55mn ($14.82mn), significantly expanding its strategic influence in the uranium market.
New York State plans an advanced nuclear power plant with a 1-gigawatt capacity to meet long-term energy and economic goals, involving significant investment to enhance regional energy independence.
Niger announces its intention to nationalize SOMAÏR, a mining company jointly owned with Orano, provoking strong opposition from the French company and paving the way for further international legal tensions.
Russia strengthens its economic presence in Mali with new agreements, notably in nuclear energy and gold refining, consolidating strategic cooperation within a rapidly evolving geopolitical context.
The US government grants a fourth payment of $100.45 mn to Holtec International to restart the Palisades Nuclear Plant, pending regulatory approval, marking an unprecedented event in the United States.
EDF announces a major agreement with Apollo to raise up to £4.5 billion via bonds to finance the British nuclear project Hinkley Point C, whose costs continue to rise significantly.
The Élysée proposes Anne-Isabelle Étienvre, current Director of Fundamental Research at the CEA, as General Administrator to replace François Jacq, recently appointed President of CNES.
Greek Prime Minister Kyriakos Mitsotakis has announced his country's interest in small modular nuclear reactors to meet national energy challenges and decarbonize the maritime sector within the next fifteen years.
TerraPower, an American nuclear company, secures $650 million funding from investors, including NVIDIA, to develop its Natrium modular reactors in the United States and internationally.
EDF and the French state finalize a €70 billion financing plan for six EPR2 nuclear reactors, including a specific territorial coordination framework in Gravelines led by Michel Marbaix, awaiting European approval by 2026.
Maire S.p.A and Newcleo form strategic partnership to industrialise the development of 200 MW modular nuclear power plants, via a joint venture majority-owned by Nextchem.