Nuclear renaissance

Since about 2001 the term nuclear renaissance has been used to refer to a possible nuclear power industry revival, driven by rising fossil fuel prices and new concerns about meeting greenhouse gas emission limits. In the 2009 World Energy Outlook, the International Energy Agency stated that: A nuclear renaissance is possible but cannot occur overnight. Nuclear projects face significant hurdles, including extended construction periods and related risks, long licensing processes and manpower shortages, plus long‐standing issues related to waste disposal, proliferation and local opposition. The financing of new nuclear power plants, especially in liberalized markets, has always been difficult and the financial crisis seems almost certain to have made it even more so. The huge capital requirements, combined with risks of cost overruns and regulatory uncertainties, make investors and lenders very cautious, even when demand growth is robust. The World Nuclear Association reported that nuclear electricity generation in 2012 was at its lowest level since 1999. In 2015: Ten new reactors were connected to the grid, the highest number since 1990, but expanding Asian nuclear programs are balanced by retirements of aging plants and nuclear reactor phase-outs. Seven reactors were permanently shut down. 441 operational reactors had a worldwide net capacity of 382,855 megawatts of electricity. However, some reactors are classified as operational, but are not producing any power. 67 new nuclear reactors were under construction, including four EPR units. The first two EPR projects, in Finland and France, were meant to lead a nuclear renaissance but both are facing costly construction delays. Construction commenced on two Chinese EPR units in 2009 and 2010. The Chinese units were to start operation in 2014 and 2015, but the Chinese government halted construction because of safety concerns. March 2017 saw a setback for nuclear renaissance when producer of the AP1000 reactor Westinghouse Electric Company filed for Chapter 11 bankruptcy protection.