Nuclear power generation could help the world decarbonize energy amid growing global demand for electricity with the 'electrify everything' push, including in transportation.
The energy crisis of the past year and a half has led to increased support for nuclear power in many countries, including the U.S., the UK, and even Japan.
Nuclear power can do that, and its low lifecycle emissions can generate additional low-emission electricity to complement wind and solar energy.
Despite growing government support for nuclear energy in several countries, the economics of nuclear energy at its current state of development and innovation just doesn't add up.
"The nuclear industry will have to address the cost challenge with urgency if it is to participate in the huge growth opportunity that low-carbon power presents. At current levels, the cost gap is just too great for nuclear to grow rapidly," said David Brown, Director, Energy Transition Service at Wood Mackenzie, and lead author of the report.
The current costs of small modular reactors, which analysts and governments believe could be the future of nuclear power, is even higher than the current generation of PWRs and much higher than wind, solar, natural gas, and coal power generation.
"Expanding public support for nuclear will be critical to expanding investment; voters will need to embrace the value proposition of nuclear for it to have a social licence to operate," WoodMac's Brown said.
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