[Asia Economy Reporter Hwang Sumi] Since Russia's invasion of Ukraine, nuclear power has emerged as a cornerstone of energy security, with analyses indicating that Russia and China have already dominated the nuclear power market. In contrast, the United States and Europe have reportedly lost their leadership amid the energy crisis and efforts to address climate change.
According to the US CNBC broadcast on the 2nd (local time), the International Energy Agency (IEA) released a statement saying that out of 31 new reactors constructed since 2017, 27 are based on designs from Russia or China.
The IEA analyzed that the leadership in nuclear power has shifted to Russia and China, who possess unique design technologies. This is because, amid the energy crisis, a large number of new reactors need to be built worldwide to achieve carbon neutrality by 2050. The IEA estimated that nuclear power generation must double compared to 2020 levels to meet this goal.
In particular, the situation for Russia and China has become even more favorable following the Ukraine war. European countries, which had emphasized eco-friendliness, are showing signs of reverting to fossil fuels due to energy supply shortages.
On April 7, the UK announced its 'UK Energy Security Strategy,' which includes plans to expand nuclear power. This plan covers financing and construction support to increase the current 15% share of nuclear power to 25% by 2050. France has decided to build six new reactors on existing nuclear sites and is considering an additional eight reactors.
The change in attitude among European countries appears to be a response to Russia's natural gas export control policy announced on May 11. This policy has been devastating for the EU, which has been heavily dependent on Russian energy imports. According to a report by the Korea Institute for International Economic Policy, as of last month, the EU sources 46.7% of its coal and 41.1% of its natural gas from Russia. The IEA stated that the environment has been created for Russia and China to further increase their market share in nuclear power.
On the other hand, the US and Europe seem to be hampered by a gap in nuclear construction. Although they have increased investments in nuclear power to reduce dependence on Russian energy and achieve carbon neutrality goals, they are struggling with a lack of technology.
According to the Wall Street Journal (WSJ) on the 23rd of last month, some reactor construction projects underway in the US and Europe have faced delays in completion or budget overruns. After decades of halting nuclear facility construction for safety and other reasons, suddenly attempting to build reactors has led to a shortage of experienced technicians.
In France, the completion of the next-generation European Pressurized Reactor (EPR) under construction in Flamanville on the Normandy coast has been delayed by more than 10 years. Originally targeted for completion in 2012, welders are still correcting mistakes discovered seven years ago around the cooling system of the pressurized water reactor. In the US, the completion of the nuclear power plant in Georgia, being built for the first time in over 30 years, has been delayed, with the budget exceeding trillions of won. Construction at the South Carolina nuclear plant was halted due to welding issues.
Meanwhile, China has announced plans since last year to build at least 150 new reactors over the next 15 years. This number exceeds the total reactors built by the rest of the world in the past 35 years. If all planned reactors are completed, China is expected to surpass the US to become the world's largest nuclear power country.
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