The International Atomic Energy Agency (IAEA) has revised its projections for the expansion of nuclear power. It estimates that global nuclear operational capacity will more than double by 2050 to two and six-tenths times the 2024 level. Small modular reactors (SMR) expected to play a pivotal role in this high-case scenario.
Rafael Mariano Grossi is the Director General of the IAEA. He announced the new projections in the annual report Energy, Electricity, and Nuclear Power Estimates for the Period up to 2050 at the 69th IAEA General Conference in Vienna.
In the report’s high-case scenario, nuclear electrical generating capacity is expected to increase from three hundred and twenty-seven gigawatts at the end of 2024 to nine hundred and ninety-two gigawatts by 2050. In a low-case scenario, capacity rises fifty percent, compared with 2024, to five hundred and sixty-one gigawatts. SMRs are projected to account for twenty-four percent of the new capacity added in the high case and for five percent in the low case.
This is the fifth year in a row that the IAEA has raised its power projections, having first revised up its annual projections in 2021 after Japan’s Fukushima Daiichi nuclear power station accident in 2011. Since then, the projection for the high-case has increased by twenty-five percent, from seven hundred and ninety two gigawatts in 2021.
Grossi said, “The IAEA’s steadily rising annual projections underscore a growing global consensus: nuclear power is indispensable for achieving clean, reliable and sustainable energy for all.”
In drafting its projections, the IAEA considered all operating reactors, possible license renewals, planned shutdowns, power uprates to increase output levels, and plausible and ongoing construction projects anticipated for the next few decades. According to the IAEA, the report’s low-case and high-case projections reflect alternative, yet plausible, assumptions regarding the worldwide deployment of nuclear power.
The assumptions for the low-case projections are that current market, technology, and resource trends continue and that there are few changes in laws, policies, and regulations affecting nuclear power.
In the high case, the IAEA reviewed national intentions for expanding the use of nuclear power. The report claims that the high-case projection remains both plausible and technically feasible and notes the possibility for capacity to exceed even this estimate.
The report says that enabling factors, such as national policies, supporting investment, and workforce development, would be necessary to help facilitate reaching or exceeding the high-case scenario. SMRs continue to attract a lot of interest from both embarking and expanding nuclear power countries. However, harmonized regulatory and industrial approaches will also be necessary for their successful and timely deployment, according to the agency.
The new IAEA report highlights the following nuclear developments for 2024:
At the end of 2024, four hundred and seventeen nuclear power reactors were operational, with a global nuclear operational capacity of three hundred and seventy- seven gigawatts.
In addition, sixty-two reactors with a total capacity of sixty-four gigawatts were under construction, and twenty-three reactors with a total capacity of twenty gigawatts GW were in suspended operation.
Six new nuclear power reactors with a total capacity of seven gigawatts were connected to the grid, and four reactors with a total capacity of three GW were retired. Two reactors with a total capacity of one and a half gigawatts restarted after suspended operation. Construction began on nine new reactors that are expected to add a total capacity of ten gigawatts.
Compared with 2023, total electricity production from all energy sources increased by about three and a half percent percent, and electricity production from nuclear power reactors increased by 3 percent to two thousand six hundred and seventy terawatt-hours.
Nuclear power accounted for eight and seven tenth percent of total electricity production in 2024, a slight reduction, compared with nuclear electricity production in 2023.
International Atomic Energy Agency