Trends in the Energy and Engineering Industry From a Nuclear Power Perspective

Abstract

The purpose of this paper will be to discuss the role of nuclear power in world energy production during the 21st century. Nuclear power is currently a significant source of the global electricity supply, providing approximately 16% of the world’s electricity, and world consumption of nuclear power is continuing to grow. Worldwide nuclear capacity is projected to increase from 349 gigawatts (in 1998) to 368 gigawatts in 2010. Much of this near-term increase in nuclear capacity is due to aggressive plans for nuclear capacity expansion in Asia. Longer term high growth projections for nuclear power include assumptions of limited reactor aging effects, with more reactors operating after license renewals. In early 2000, the USNRC issued the first license renewals for nuclear power plants, for a 20 year extension beyond the expiration of the initial license term. In addition, utilities have already notified the USNRC of plans to submit renewal applications for more than 20 units by 2003. License renewal is expected to be an attractive option for companies as the most inexpensive means of future electricity generation. Another factor pointing towards the positive prospects for nuclear power in the future are the substantial improvements seen in plant safety, reliability and output over the last two decades. Due to improved management practices, higher reliability and output, and shorter refueling outages, the average production cost of US nuclear power plants has steadily decreased over the last five years. Based solely on economic factors, most US nuclear units should be able to compete in a competitive electricity market. Many additional factors point to nuclear power as an energy source which will become increasingly important in the 21st century. These factors include environmental considerations such as carbon emissions from fossil fuels, reduced waste quantities produced by nuclear power, and the security of supply of uranium reserves.