IAEA Triples Nuclear Power Forecast as Small Reactors Finally Take Off
After years of delays and plateaued development timelines, it might finally be time for the small nuclear revolution. In a brand new report, the International Atomic Energy Agency (IAEA) has once again increased its long-term nuclear power forecast, projecting that the world’s nuclear power generation capacity will fully triple by 2060. The Agency expects a whole lot of that increased capacity to…
The International Atomic Energy Agency (IAEA) has tripled its forecast for nuclear power generation by 2060, projecting significant growth driven by small modular reactors (SMRs). These reactors, touted for their potential in providing round-the-clock, emissions-free electricity at lower upfront costs compared to traditional nuclear power plants, have been delayed due to regulatory hurdles, funding gaps, and nuclear fuel supply chain issues.
However, SMRs are now seen as a viable and economically competitive alternative, with only Russia and China currently operating grid-connected models. The IAEA's high growth scenario anticipates that 28% of all new nuclear capacity added by 2060 will come from SMRs, with 23% in the lowest nuclear power growth case. The highest uptake is expected in North America, South-Eastern Asia, and Latin America and the Caribbean, with the U.S. Nuclear Regulatory Commission approving a fast-tracked plan for two SMRs in Michigan, expected to produce 680 megawatts of electricity.
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