Nuclear generation could increase by as much as 80% according to the BP Energy Outlook Report
Nuclear power generation could increase by as much as 80% globally by 2050 if policies are implemented that are consistent with maintaining global average temperature rises well below 2°C and 1.5°C above pre-industrial levels in 2100, according to a new report.
The BP Energy Outlook 2023 presents two scenarios: "accelerated" and "net zero", where the pace and extent of decarbonization are broadly in line with Intergovernmental Panel on Climate Change scenarios in which the future of global energy is dominated by four trends: declining role for hydrocarbons, rapid expansion in renewables, increasing electrification, and growing use of low-carbon hydrogen.
The BP Energy Outlook 2023 Report indicates that nuclear power could rise by 80% or even double if climate change policies are implemented in one of two possible scenarios
Investment in new nuclear capacity is concentrated in China, supported by new capacity in other emerging economies and an extension of lifetimes and restarting of existing plants in some developed economies.
The Russia-Ukraine war will cause governments to implement policies to reduce their dependency on imported energy, the report says. This is modelled by adding a “security premium” of about 30% to the price of the energy imported into each region or country. This premium is increased to roughly 60% for energy imported by the EU given its particular exposure to war-related disruption and the need to reduce imports from Russia rapidly.
The report finds that the Russia-Ukraine war will force governmetns to reduce their dependency on imported energy and implement nuclear, renewables and hydropower
“The security premium imposed on imported energy increases the competitiveness of domestically produced energy, including renewables, nuclear and hydro power,” the report says.
Source: NucNet
