Nuclear projects are slowing down / After record production in 2024, investments are lacking
A record level of global nuclear power production in 2024 will be difficult to maintain in the coming years due to a lack of required investment, aging plants and project cancellations, the World Nuclear Industry Status Report highlighted.
This energy has experienced a resurgence of interest from various countries trying to phase out fossil fuels, with the United States recently pushing hard to make nuclear power a policy focus and securing several new agreements with other countries to increase production.
Global nuclear power generation reached a record in 2024 of 2,677 terawatt-hours after falling for two years, largely due to growth in China, data from the report showed.
However, to keep global nuclear production sustainable through 2030, the world would need 44 additional startups beyond those already planned, increasing annual startups to roughly two and a half times the pace of the past decade, the report said.
Risks around aging facilities, slow construction, accelerating system outages from renewable energy, and China-centric development are expected to weigh on growth and lead to declines in regional shares of electricity generation, according to the report.
Competition from cheaper non-hydro renewables and battery storage is expected to have a wide-ranging impact, as investment in renewables was 21 times higher than nuclear last year, while capacity additions were more than 100 times net nuclear additions, the report said.
Battery costs are also falling, about 40% less by 2024, while nuclear power plant costs continue to rise, the report said.
"Together, these new technologies are evolving towards a highly flexible fully electrified energy system... surpassing traditional centralized fossil and nuclear systems," the report said.
Nuclear power projects around the world are facing delays. From 2020 to mid-2025, 44 of the 45 global construction starts were by Chinese or Russian state-owned firms in countries such as Egypt and Turkey.
There is no evidence of a strong global growth in nuclear power and its share of global energy production could decline further from 9% in 2024, the report said.
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