GLOBAL NUCLEAR POWER POISED FOR RAPID GROWTH
Over the past several years, volatile fossil fuel prices, energy security concerns, and increasing urgency about reducing greenhouse gas emissions have converged to enhance the attraction and improve the position of nuclear power. Governments around the globe are adopting policies supporting nuclear power. Businesses are taking action. These and other signposts are evidence that the much-talked-about nuclear renaissance is real.
* The nuclear renaissance is a long-term process. It faces several hurdles. The pace of nuclear expansion will be affected by how well vendors can demonstrate good cost and performance for the new reactor designs, how fast component manufacturing capacity will expand to meet rising demand, the stability of licensing and regulatory processes, the predictability of power market structure, and government support to offset higher costs for the initial units.
* Climate change concerns tilt the field toward more nuclear power. CERA's long-term scenarios indicate that it is very difficult to slow rapidly rising global carbon dioxide emissions without expanding nuclear power generation. Two of the three global energy scenarios in CERA's Dawn of a New Age Multiclient Study include a net addition of 170 to 200 gigawatts of nuclear capacity between now and 2030.
* To sustain momentum and public support, nuclear spent fuel and proliferation risk need to be convincingly addressed.
