Report: Nuclear projects slow down after record-breaking output in 2024
The World Nuclear Industry Status Report released on Monday said that the record-breaking level of nuclear power production in 2024 would be difficult to maintain due to the lack of investment required, aging plants, and disruptions to projects.
Various countries are re-engaging in nuclear power as they try to phase out fossil energy. The United States has recently pushed hard to make the policy of nuclear energy and secured several agreements with countries to increase production.
Data from the report revealed that global nuclear power production reached a new record of 2,677 Terawatt-hours in 2024 after falling for two years. This was largely because of growth in China.
The report stated that in order to maintain the current global nuclear production through 2030, 44 new startups would be needed beyond the ones already planned. This would bring the annual startup rate to about two-and-a-half times what it was during the last decade.
The report predicts that risks associated with aging fleets and construction, rapid disruptions from renewable energy and China-centred growth will impact on regional production and cause a decline in shares. This is an annual report produced by a collaboration of various research groups.
The competition from non-hydro renewables (non-hydro) and battery storage will have a wide impact. Investment in renewables last year was 21 times greater than nuclear, while capacity added was 100 times more than net nuclear additions.
The report also said that nuclear plant costs will continue to increase, and the cost of batteries will fall by about 40% by 2024.
The report stated that "together these new technologies are evolving toward a highly versatile fully electrified system... surpassing traditional centralized nuclear and fossil systems."
Delays are a common problem for nuclear power projects worldwide. Chinese and Russian state-owned firms started 44 out of 45 global construction projects between 2020 and mid-2025 in countries like Egypt, Turkey, and Egypt.
The report stated that there is no evidence for a global nuclear buildout. In fact, nuclear power's share in global energy generation will likely continue to decline from its current 9% by 2024, unless both project delivery and economics significantly improve.
A small modular reactor is also a largely unrealized dream in the West, as despite increasing public and private funding no Western SMR construction project has started. China is an exception with two SMRs in operation or being built, but limited operational data is available. (Reporting and editing by Susan Fenton; Forrest Crellin)
(source: Reuters)
