Reviewed: 26th September 2024
Uranium: Growth in Demand
Low Carbon Energy Future
According to the International Energy Association (EIA), global electricity consumption is projected1 to rise from 20% today to over 50% by 2050 in the Net Zero Emissions Scenario. The International Atomic Energy Association (IAEA) is now projecting that nuclear power generation capacity2 will increase by between 1.4 and 2.5 times the current capacity by 2050. The IAEA says nuclear energy has the lowest carbon footprint, uses fewer materials and takes up less land
Capacity Factor and Baseload Electricity Generation
Compared to other sources of electricity generation, nuclear has by far the highest capacity factor (the percentage generated compared to the generation capacity at continuous full-power operation3)
Nuclear power plants require less maintenance and are designed to operate for longer stretches before refueling, typically every 1.5 or 2 years3. Nuclear is the only proven low-carbon generation technology which can provide reliable baseload power to balance the variability of wind and other renewables4
Sources:
1IEA https://www.iea.org/energy-system/electricity
2IAEA – Outlook for Nuclear Power Increases for Fourth Straight Year, Adding to Global Momentum for Nuclear Expansion https://www.iaea.org/
3U.S. Energy Information Administration https://www.energy.gov/
4University of Sheffield Nuclear Advanced Manufacturing Research Centre https://namrc.co.uk/