Nuclear power is an important source of energy, currently meeting about 11% of global electricity needs. The United States of America, China, and France are among the leaders in generating electricity through nuclear power plants. While it is seen as a safe source of clean energy with stable power output, using nuclear technology can also cause negative environmental impacts with catastrophic intensity. This article defines nuclear energy, highlights some of the latest trends for the global electricity sector, and provides a number of pros and cons related to the use of nuclear power and the plants that produce it.
What is nuclear energy?
Nuclear energy is obtained by splitting nuclear agents, such as uranium or plutonium atoms, through nuclear chain reactions. The generated heat is combined with water to create steam that is then sent to turbines and converted into electricity. There are currently about 450 nuclear reactors around the world that meet approximately 11% of global electricity needs. The United States is the leader in generating nuclear energy, followed by France, China, Russia, and South Korea. Although nuclear power is considered to be the backbone of low-carbon electricity generation, it cannot be labeled as renewable due to its reliance on mined, finite resources.
Fig.1. Countries generating the most nuclear energy
Source: Nuclear Energy Institute: Top 15 Nuclear Generating Countries – by Generation.
Trends for global electricity sector
The ongoing COVID-19 pandemic has affected the global electricity sector leading to a significant decline in the rates of electricity production and the overall demand from commercial and industrial operations. The International Energy Agency analyzed daily data on the energy consumption of 30 countries during the lockdown periods and discovered that every month of full lockdown reduced the demand for electricity by 20% on average or over 1.5% on an annual basis. Another noteworthy trend relates to the production of renewable energy in the Organization for Economic Co-operation and Development (OECD) European member countries which was higher than the production of fossil fuel power for the second consecutive year. Overall, the green energy produced by OECD members in 2020 amounted to 31.6 % of total energy production. On the other hand, nuclear energy represents 17.2 % of the total, still below the levels of energy produced using coal (19.2%) or natural gas (29.5%).
Fig.2. Shares of electricity production by source in OECD countries, 2020 (%)
Source: Nuclear Energy Institute: Shares of electricity production by source in OECD countries, 2020
Pros of nuclear energy
- Less impact on global warming – nuclear reactors do not release any type of greenhouse gases during energy production thus nuclear power is not considered to be a contributory factor to global warming. Moreover, nuclear energy produces more clean-air energy than any other source
- High and stable power output – nuclear power plants present excellent fuel to power outputs ratios, where relatively small amounts of nuclear agents can provide enough electricity to power a city of about half a million people
- Low operating costs – nuclear power plants are cheaper to operate than gas, coal, or any other fossil-fueled plants. Moreover, nuclear power is not subject to significant price volatility similar to traditional fossil-fueled energy source
- A reliable source of energy – unlike other sources of energy (wind, solar) that depend on external conditions, nuclear power can be generated non-stop independent of external factors. In 2019, for example, nuclear plants were considered to be the most reliable energy source in the United States.
Cons of nuclear energy
- Not a renewable source of energy – nuclear agents (e.g., uranium) used to fuel nuclear plants represent a finite resource expected to last for another 80 years
- Environmental impact – intensive mining activities and water usage leads to negative impacts on the environment. Moreover, nuclear plants generate high amounts of toxic radioactive waste that is very difficult to manage and dispose of
- Risk of nuclear accidents – nuclear power plants operate on very strict safety measures. Nonetheless, the risk of nuclear accidents that can bring catastrophic impacts for the environment and life, in general, remains possible
- High initial costs – building a nuclear plant involves very high financial costs ranging anywhere between US $30 – 85 billion and can take from five to 10 years to build
- The Berlin-based economic think tank DIW found that nuclear energy has always been unprofitable in the private economy and will remain so in the future. An analysis of the trends in nuclear power plant construction since 1951 found that the average 1,000MW nuclear power plant would incur an average economic loss of 4.8 billion euros.
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