Russia’s role in nuclear energy matters to grow for next 10-15 years

Asian countries will remain the center of nuclear energy industry growth in the medium term and the long term. According to the International Atomic Energy Agency, the region accounted for 46 out of 70 nuclear power-generating units under construction in 2014. The figure is quoted by the IAEA’s 2014 report that highlights the agency’s operation and global nuclear energy industry trends.

According to the document, as of 31 December 2014 there were 438 nuclear power-generating units in use across the world, with the total installed capacity of 376.2GW (e). Over the course of one year five units were connected to the power grid, one was phased out, and the construction of three units began. In 2014 projections concerning the expected increase in nuclear generation by 2030 have been reduced in comparison with projections made in 2013 to vary between 8% (the low scenario) and 88% (the high scenario).

Yuri Prokudin, FX BAZOOKA expert:

In the last five years we’ve been able to see quite an interesting picture with regard to the redistribution of nuclear installations under construction across the globe. The European zone was the busiest one in the past. Now Asian and Middle East countries are the busiest ones. There are quite many reasons behind the reversed trends. The key ones are as follows. First, most of the Asian countries demonstrate rather fast population growth rates and gradual economy growth, including light and heavy industries. When other sources of energy are ineffective it is nuclear power engineering that demonstrates its ability to ensure successful operation and energy independence. Second, economic figures largely depend on an effective balance of trade. There is no need to waste money on additional hydrocarbons even considering their falling prices when it is possible to launch a nuclear power plant and spend the saved resources on more tangible purposes, including economic development. The choice is obvious.

Unlike Asia and the Middle East Europe demonstrates slower development of nuclear energy industry. After the Fukushima accident Germany no longer intends to operate its own nuclear power plants. Instead the country substitutes them with other sources of energy and spends huge amounts of money to develop alternative options. Despite that decision France is still intent on using nuclear power plants and developing nuclear energy industry in other regions. Some European countries do not support Germany’s stance on peaceful uses of nuclear energy. Finland is a good example. In addition to operating the available facilities it is building a new nuclear power plant with Russia’s assistance.

Taking into account the mentioned facts saying that nuclear energy industry is being phased out in Europe would not be entirely correct. It is true for individual countries but it is not a common trend.

It has been noted repeatedly that Russia’s role on the global nuclear power plant construction market is on the rise. At present Russian specialists have a lot of experience of building, equipping, and commissioning nuclear power plants under their belts. Apart from that, in the last three years they have been modernizing the existing installations to extend the service life of nuclear power plants and increase the effectiveness of existing reactors. Considering how actively Russian specialists are involved in various projects in Europe and Asia Russia’s role in nuclear energy industry matters is going to steadily rise for the next 10-15 years.