Solar and Wind attracted 15 times more investment than Nuclear in 2021

Global investments in wind and solar power were, in 2021, almost 15 times higher than those for new nuclear power plants.

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Global investment in wind and solar power was nearly 15 times greater than investment in new nuclear power plants in 2021, according to a report released Wednesday.

Some $350 billion has been invested in solar and wind energy projects, compared with $24 billion for nuclear power, according to the World Nuclear Industry Status Report (WNISR) published on Wednesday, as the decline of nuclear power continues: its share of global electricity production fell below 10% last year for the first time.

“Renewable energy is more competitive than nuclear and fossil energy in most markets because it is cheaper and faster to build,” the report says.

“As a result, there is more investment in renewable energy, which leads to lower prices and more deployments, creating a virtuous circle,” WNISR adds.

Nuclear power generation, however, increased in gross terms by 3.1% in 2021, but remains below the 2019 level.

For the second year in a row, China has relegated France to second place in the world’s largest
producers.

Six reactors were connected to the grid last year, including three in China, while eight were shut down for a total of 98 start-ups and 105 closures between 2002 and 2021.

A total of 411 reactors were operating as of July 1, 2022 in 33 countries, four fewer than in 2021, seven fewer than in 1989, and 27 fewer than the 2002 record.

In 2022, five new reactors began producing electricity, two of which are in China, where 40% of the reactors currently under construction are located.

Yet it is Russia that “largely dominates the international market”, according to WNISR, with China limiting itself to domestic projects.

Only three of the 20 reactors currently being built by the Russian company Rosatom are located in Russia.

The impact of the sanctions, imposed after the invasion of Ukraine, is “uncertain” for the moment, the report notes.

Of the ten projects to be launched in 2021, six are Russian technology reactors, including two in India.

Four are projects of Chinese operators.

Russian and Chinese companies are responsible for all 18 construction sites launched between early 2020 and mid-2022.

Of the reactors under construction, “at least half are behind schedule”, with nine projects more than ten years behind schedule, including the Flamanville-3 EPR.

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Amazon unveils new visuals of its upcoming nuclear site, marking a key step in its partnership with X-energy to deploy up to 960 MW of modular nuclear capacity in Washington state.
Canadian uranium producer NexGen Energy has completed a A$1bn ($639mn) equity raise split between North American and Australian markets to support the development of its Rook I project.
Tokyo Electric Power Company Holdings is examining the permanent closure of units 1 and 2 at the Kashiwazaki-Kariwa nuclear power plant, the oldest at the site, while continuing efforts to restart unit 6.
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California-based Radiant will build its first microreactor production facility in Oak Ridge, on a former Manhattan Project site, with production targeted at 50 units per year by 2028.
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Nano Nuclear and the University of Illinois will begin drilling operations for the KRONOS MMR™ reactor on October 24, marking a key step toward commercialisation of the nuclear project on the Urbana-Champaign campus.
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EDF adjusts its 2025 nuclear production forecast to between 365 and 375 TWh, supported by the performance of its industrial programme START 2025 focused on maintenance efficiency.
The United Nations nuclear agency is urging Ukraine and Russia to establish a local ceasefire to repair damaged power lines at the Zaporizhzhia plant, which remains on alert after losing all external power supply.
Deep Isolation is calling on First Mover States to incorporate radioactive waste management into their joint strategy to ensure the industrial viability of new nuclear reactors.
Canada’s nuclear regulator has approved the launch of a new building that will store used steam generators from Bruce Power's refurbishment programme.
Costain has been selected to upgrade essential utilities at the Sellafield nuclear site under a contract worth up to £1bn over fifteen years.
A 5,000-megawatt nuclear programme will be launched by the South African government with NECSA to support national electricity supply and reduce power cuts.

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