Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Nuclear share in energy generation falls to lowest in four decades-report

Published 10/05/2022, 04:13 AM
Updated 10/05/2022, 04:16 AM
© Reuters. FILE PHOTO: The nuclear power plant of Neckarwestheim along the Neckar river pictured amid the energy crisis caused by Russia's invasion of Ukraine, in Neckarwestheim, Germany, September 13, 2022.  REUTERS/Timm Reichert/File Photo

By Nina Chestney

LONDON (Reuters) - The share of nuclear power in global gross electricity generation fell below 10% last year to the lowest in around four decades, an industry report showed on Wednesday.

Nuclear energy generated 2,653 terawatt hours of electricity last year, accounting for 9.8% of global generation - the lowest since the 1980s, the annual World Nuclear Industry Status Report (WNISR) showed.

Proponents of nuclear say as a low-carbon power source it could be vital in helping countries meet climate targets, but several plants around the world are coming to the end of their life expectancies and many new ones have faced delays.

The most nuclear power in the world is generated in the United States, followed by China.

As of mid-2022, 411 reactors were operating in 33 countries, four less than a year earlier and 27 below a 2002 peak of 438.

The slow pace of new projects coming on stream has meant the average age of reactors is around 31 years old.

Out of 53 reactors under construction currently, at least half of the projects are delayed. Five new units became operational in the first half of this year, while eight closed last year.

Global investment in new nuclear construction projects last year was around $24 billion, accounting for 6.5% of total investment of $366 billion in non-hydro renewables projects.

Nuclear power is also losing ground to renewables in terms of cost as reactors are increasingly seen as less economical and slower to build.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

The levelised cost of energy - which compares the total lifetime cost of building and running a plant to lifetime output - fell to $36 per megawatt hour (MWh) last year for solar photovoltaic from $359/MWh in 2009, while the cost for wind fell to $38/MWh from $135/MWh, the report showed.

However, nuclear power costs rose by 36% last year to $167/MWh from $123/MWh in 2009.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.