CERA Report: Nuclear Power “Renaissance” Moving Beyond Talk to Real Action

From the press release:

Governments and businesses around the globe have moved beyond talking to real action to renew development of nuclear power, and have created “good prospects for a major nuclear expansion over the coming decades,” according to a new analysis by Cambridge Energy Research Associates (CERA).

“Over the past few years, high fossil fuel prices, energy security and climate change concerns and increasing urgency about reducing greenhouse gas emissions have all converged to improve the position of nuclear power relative to other options,” CERA Senior Director Jone-Lin Wang and Associate Director Christopher J. Hansen write in the new report Is the “Nuclear Renaissance” Real?

In the U.S., where no new reactor has been ordered in 28 years, these trends, plus excellent performance of the existing nuclear fleet and financial incentives in the Energy Policy Act of 2005, have led to a race to develop new nuclear power reactors. In Asia, where the building of new nuclear plants never stopped, several countries have recently upped their target for new nuclear capacity. In Western Europe, a new reactor is under construction for the first time in more than a decade; a second one is not far behind.

In the near-term, CERA’s assessment is that limits on nuclear component manufacturing capacity and skilled personnel could constrain nuclear capacity growth over the next several years, but these are short-term growing pains similar to those faced by other industries and other segments of the energy industry.

Longer-term issues involving spent fuel storage and the risk of proliferation need to be addressed, and will require implementation of international conventions. Development of convincing long-term solutions must make continuing progress or public support for the upcoming expansion may decline, according to the CERA report.

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