It’s possible that I shall make an ass of myself. But in that case one can always get out of it with a little dialectic. I have, of course, so worded my proposition as to be right either way (K.Marx, Letter to F.Engels on the Indian Mutiny)
Prime Minister Starmer announced plans for a major nuclear power expansion across England and Wales, including the development of small modular reactors (SMRs).
The government aims to streamline regulations and partner with the private sector to accelerate nuclear technology development, despite concerns about costs and safety.
While nuclear power is seen as a key component of the UK's clean energy transition, there are debates about the practicality of SMRs and the potential distraction from renewable energy deployment.
As the U.K. undergoes a massive energy transformation under the Labour government, there are high hopes for developing widescale clean energy projects, including nuclear power. As well as ambitious plans to deploy vast amounts of renewable energy, such as wind and solar power, and overhaul the country’s transmission infrastructure, U.K. Prime Minister Kier Starmer has shown significant support for nuclear power. Following decades of no new nuclear energy developments, several large-scale projects are now underway, and Starmer aims to construct even more nuclear power capacity in the coming years.
At the beginning of February, the PM unveiled plans for a historic nuclear power expansion across England and Wales. Starmer had previously called on tech companies to collaborate with the government to develop small modular reactor (SMR) technology to power the rising electricity demand that is being driven by data centres. He said the government would “push past nimbyism” as he announced plans to develop SMRs on various sites across the country. The U.K. Energy Secretary Ed Miliband has previously criticised the “not in my backyard” approach to clean energy projects for impeding the country’s green transition.
Starmer hopes the first small reactors will be built by 2032 and eventually become more common across the U.K. The government will now permit nuclear projects to be developed outside the existing eight designated nuclear sites, allowing for SMRs to be constructed on non-conventional sites. Echoing U.S. President Donald Trump, Starmer said his government would “build, baby, build” when it comes to nuclear power. However, while SMR technology is growing in popularity, there are currently no commercial SMR sites up and running globally, although several are expected to be launched over the next decade. This makes it difficult to clearly understand the timeframe and cost of establishing these sites.
In terms of regulations, the government has plans to establish a Nuclear Regulatory Taskforce to be in charge of making sure U.K. regulations align with international standards to facilitate quicker approvals for reactor designs.
There are high hopes that the private sector will support the government in investing in SMRs to help develop the technology faster. Starmer invited tech companies, such as Google, Meta, and Amazon, to invest in SMR-powered data centres in the U.K. “They are very keen to get the datacentres in and they’re very alive to the fact that the power is a big issue, so it is in their interest that this happens,” the PM stated. “There’ll be a lot of sense in that because it will give finance and a boost to the development,” he added.
The British aerospace company Rolls-Royce has criticised the former Conservative Party government for not supporting the development of SMRs. The company leads a British consortium that is developing SMR technology and critiqued the previous government for repeated delays in funding support for research and development. Starmer said that the new rules will provide a “great opportunity” for companies such as Rolls-Royce to accelerate their developments.
While nuclear power offers the potential to provide vast amounts of clean energy, supporting decarbonisation aims, some are concerned about the lack of practical application of SMR technology to date. Doug Parr, Greenpeace U.K.’s policy director, believes Starmer’s plan is unrealistic. “The Labour government has swallowed nuclear industry spin whole, seemingly without applying so much as a pinch of critical scrutiny or asking for a sprinkling of evidence,” he stated. “They present as fact things which are merely optimistic conjecture on small nuclear reactor cost, speed of delivery and safety, which is courageous – or stupid – given that not a single one has been built, and with the nuclear industry’s record of being over time and budget unmatched by any other sector,” Parr added.
Industry experts warn that SMRs could be extremely expensive to develop and run. The Tony Blair Institute for Global Change, which is investing in SMR development, has said that the technology “could have higher costs per MW compared to gigawatt-scale reactors”. There are also safety concerns, particularly as SMRs could be constructed on remote, non-conventional sites. This means that there must be rigorous regulations on the technology to mitigate any risk.
Nevertheless, if Starmer is successful in getting both conventional and small-scale nuclear power projects up and running across the U.K., it could provide abundant clean energy and help the country decarbonise. Meanwhile, Miliband has been steadfast in his support for widescale renewable energy deployment and a green transition. However, environmental groups are calling for strict regulations on the development of the U.K.’s nuclear power sector, to ensure that rigorous safety standards are adhered to.
The world is experiencing a nuclear energy renaissance, with global capacity expanding and driving a significant increase in uranium demand.
China and Russia have secured substantial uranium supplies, particularly from key producers like Kazakhstan, creating a challenge for the West.
The United States and Europe are facing an aging nuclear infrastructure and supply chain vulnerabilities, forcing them to reconsider their strategies for securing uranium.
This year, the world will generate more nuclear energy than it ever has before. “The market, technology and policy foundations are in place for a new era of growth in nuclear energy over the coming decades,” the International Energy Agency (IEA) wrote in a report published last month. This nuclear renaissance comes as public and private sectors galvanize in support of nuclear energy expansion as nuclear presents an increasingly convincing solution to keeping pace with energy demand growth without compromising decarbonization targets.
“It’s clear today that the strong comeback for nuclear energy that the IEA predicted several years ago is well underway, with nuclear set to generate a record level of electricity in 2025,” stated IEA Executive Director Fatih Birol. “In addition to this, more than 70 gigawatts of new nuclear capacity is under construction globally, one of the highest levels in the last 30 years, and more than 40 countries around the world have plans to expand nuclear’s role in their energy systems.”
This global expansion means that demand for nuclear fuel is about to go through the roof. As nuclear energy increasingly gains favor around the world, uranium demand is expected to far outpace supply, creating a tight market and heightened competition to ink deals within existing supply chains. The World Nuclear Association projects that demand for uranium will grow 28 percent by 2030 and nearly double by 2040, with far-ranging consequences for global markets.
And so far, it looks like the West might be losing the uranium race. With the exception of pro-nuclear France, the nuclear energy sector in the United States and Europe have been in serious decline over the last few decades. The U.S., while still the largest nuclear energy producer in the world, has zero nuclear plants currently under construction and is currently facing the reality of an aging fleet that will require a lot of plants to be retired in coming years, and miles of red tape preventing rapid buildout of younger plants. Germany, Europe’s largest economy, has made phasing out nuclear energy a central platform of its energy policy.
Now, nuclear energy is returning to favor in the United States and much of Europe, but they are returning to a market that China and Russia never faded from. And not only do Russia and China have longer and deeper ties in many of the world’s uranium markets, they’re also playing much more aggressively.
“Russian and Chinese players have been very keen to secure access to resources in central Asia and Africa, creating a very aggressive competitive environment,” Benjamin Godwin at Prism Strategic Intelligence recently told the Financial Times. Huge suppliers such as Kazakhstan are rerouting their uranium supplies to Beijing and the Kremlin, leaving North America and Europe scrambling.
Reports indicate that around two-thirds of sales by Kazakhstan’s state-owned mining group Kazatomprom went to Russia, China, and domestic markets in 2021. That represents a two-fold increase compared to 2021. Conversely, trade with the West has tanked. In 2021, 60 percent of Kazatomprom’s exports went to US, Canadian, French and UK buyers. In 2023, that rate had fallen to just 28 percent.
“We’re on a depletion curve that I don’t think many customers have realised,” Cory Kos, vice-president of investor relations at Cameco, the biggest western supplier of uranium, told the Financial Times. Kos indicated that this is thanks to “more flows of material into China.”
The impacts of this supply crunch could be far reaching, potentially causing geopolitical shifts. Changing global markets and volatility in Uranium stocks “may change how the U.S. and Europe secure uranium as rising demand stresses current supply lines,” TipRanks recently reported. “This could force them to consider local sources and create alliances to better compete with China and Russia.”
By Haley Zaremba for Oilprice.com
Uranium miner Cameco reports Q4 profit and revenue up from year ago
SASKATOON, Sask. — Cameco Corp. reported its fourth-quarter profit and revenue rose compared with a year ago, helped by higher uranium sales and prices.
The company says it earned a profit attributable to equity holders of $135 million or 31 cents per diluted share for the quarter ended Dec. 31, up from $80 million or 18 cents per diluted share a year earlier
On an adjusted basis, Cameco says it earned 36 cents per diluted share in its latest quarter, up from an adjusted profit of 25 cents per diluted share a year earlier.
Revenue for the quarter totalled $1.2 billion, up from $844 million a year earlier.
Uranium production totalled 6.1 million pounds for the quarter, up from 5.7 million a year earlier, while sales volumes amounted to 12.8 million pounds, up from 9.8 million pounds. Cameco’s average realized price for uranium was $80.90 per pound, up from $71.65 a year earlier.
Cameco’s fuel services business saw production of 3.6 million kilograms, down from 3.7 million a year earlier, while fuel services sales held steady at 4.2 million kilograms. Fuel services reported an average realized price of $35.41 per kilogram, up from $32.19 in the fourth quarter of 2023.
This report by The Canadian Press was first published Feb. 20, 2025.
Western Australians support lifting uranium ban, poll finds
Friday, 21 February 2025
With a new poll showing that the majority of West Australians support lifting the state's ban on uranium mining, Australia's national mining association is calling on the state's Labor Party to let voters know if it would consider overturning the ban if it retains power in the upcoming general election.
Exploration drilling at Kintyre, one of the four projects conditionally excluded from Western Australia's uranium ban (Image: Cameco Australia)
The Association of Mining and Exploration Companies (AMEC) commissioned the poll, which was carried out by market research consultancy Painted Dog Research. Well over half - 57% - of the 806 respondents to the poll said they would like to see Western Australia's current ban on uranium mining, implemented in 2017, lifted. This is up from a 2023 industry poll that found 49% per cent in support of uranium mining.
Asked "Do you support uranium mining as a way of reducing the world's carbon emissions?" 58% of respondents said they did, while 15% expressed "little or no support". But awareness of Australia's long history of uranium mining was low, with only 54% saying they knew that uranium has been mined safely in Australia for more than 50 years.
AMEC CEO Warren Pearce said the poll demonstrates that West Australians can "see the value" in uranium mining and "points to a community understanding that WA is a mining state, with the professionalism and skill to deal with uranium mining in a safe and responsible way".
Western Australia (WA) has significant known uranium resources but the Labor-led government has banned uranium mining since 2017, with the exception of four uranium projects that had already received ministerial approval from the previous government: Wiluna, Kintyre, Mulga Rock and Yeelirrie. "Quite frankly, it's time for WA Labor to reconsider the current ban and move with the times," said Pearce.
Australia has double the uranium resources of Kazakhstan and Canada, Pearce said, but is only the fourth largest producer. Western Australia "has the potential to be the eighth largest uranium source in the world", he said. "It would create more jobs, attract investment, diversify the economy from iron ore and gold, and create a new billion dollar commodity export market.
"With job losses in the nickel and lithium sectors over the past 12 to 18 months, now is the perfect time to throw out the ban and look to add a new commodity to our mining mix."
The Western Australia general election is due to take place on 8 March. Respondents to the survey were aged over 18 and from both metropolitan and regional parts of Western Australia.
South Korea confirms need for new reactors
Friday, 21 February 2025
Two new large nuclear power reactors and 700 MW of small modular reactor capacity should be built by 2038 - in addition to the large reactors already under construction or planned - under South Korea's latest 15-year long-term energy plan, which has now been finalised.
An artistic impression of Shin Hanul 3 and 4 (Image: KHNP)
The 11th Basic Power Supply and Demand Plan, a draft of which was released in May last year, was presented to a plenary session of the National Assembly by the Ministry of Trade, Industry and Energy on 19 February. It was approved by the National Assembly's Power Policy Review Committee on 21 February.
The Basic Power Supply and Demand Plan contains domestic power generation facility plans for the next 15 years. It is updated by the Ministry of Trade, Industry and Energy every two years. The 11th basic plan includes plans from 2024 to 2038.
According to the latest plan, South Korea's demand for electricity will increase by an annual average 1.8% between 2024 and 2038, to reach 129.3 GW by 2038 - an increase of more than 30% from 2023.
Under the draft plan, the portion of carbon-free energy sources in the country's energy mix will increase from about 40% in 2023 to 70% by 2038. It says nuclear power generation is expected to grow from 180.5 TWh in 2023 to 248.3 TWh in 2038. The portion of nuclear power generation will grow from 30.7% in 2023 to 35.2% in 2038. The country's 26 reactors currently provide about one-third of its electricity.
The ministry noted the plan assumes the "smooth construction and continued operation of the five nuclear power plants already planned": Shin Hanul unit 2 (which entered commercial operation in April 2024), Saeul units 3 and 4, and Shin Hanul units 3 and 4. Together, these units will have a combined generating capacity of 7 GWe.
A further two large nuclear reactors with a combined capacity of 2.8 GWe, as well as 0.7 GWe of small modular reactor (SMR) generating capacity will be needed by 2038 to reach the target nuclear capacity, it said.
"After developing technology to ensure SMR safety, obtaining standard design approval, etc, commercialisation of domestic SMR [is expected] by 2035 on the premise of obtaining a construction permit in the early 2030s," the ministry said.
Former President Yoon Suk-yeol, who took office in May 2020 and was impeached in December last year, vowed to reverse previous President Moon Jae-in's policy of phasing out nuclear power, a policy which was brought in after he assumed office in 2017, and followed the 2011 Fukushima Daiichi accident in Japan.
Belgian nuclear extension financing plans approved by EU
Friday, 21 February 2025
The European Commission has concluded its in-depth investigation and approved revised plans for Belgium's proposed financing of the lifetime extensions of Doel 4 and Tihange 3 nuclear power units.
The Doel plant in Belgium (Image: Engie)
The context
Under a plan announced by Belgium's coalition government in December 2021, Doel 3 was shut down in September 2022, while Tihange 2 shut down at the end of January 2023. The newer Doel 4 and Tihange 3 would be shut down by 2025. However, following the start of the Russia-Ukraine conflict in February 2022 the government and Electrabel began negotiating the feasibility and terms for the operation of the reactors for a further 10 years, with a final agreement reached in December, with a balanced risk allocation
Belgium finalised plans in December 2023 to extend the lifetimes of Doel 4 and Tihange 3 by 10 years, providing capacity of 2 GWe from the reactors, which will be 89.8% owned by a joint venture between Engie's Electrabel and the Belgian state, and 10.2% by EDF's subsidiary Luminus. The decision to extend their lifetimes was designed to boost the country's energy security while keeping carbon emissions as low as possible.
The European Union's concerns
In July 2024 the European Commission launched its inquiry to "assess the need, appropriateness and proportionality of the measure" because of "doubts regarding the Contract for-Difference design and the proportionality of the (combination of) the financial arrangements, which might have relieved the beneficiaries from a too big share of the risk, as well as regarding the proportionality of the amount of the transferred nuclear waste liabilities".
A Contract for Difference is essentially where there is a future fixed price guaranteed for electricity generated, with the government either paying the difference between the market price and the agreed sale price, or receiving payment if the market price is higher.
The support being investigated was the creation of the joint venture to cover the necessary capital expenditure - Electrabel alone owns 89.8% of the units prior to the start of the lifetime extensions - a Contract for Difference aimed at ensuring stable revenues for 10 years and "financial protective mechanisms, such as a loan and an operating cashflow guarantee". There was also a transfer of liabilities from Electrabel to the Belgian state relating to nuclear waste and used fuel, against a lumpsum payment of EUR15 billion (USD 15.7 billion).
The investigation's conclusions
In announcing its decision, the European Commission said that Belgium had clarified that "the nuclear reactors are based on an old technology whereby it is not secure nor technically feasible to often ramp up and down the power (‘modulate'). The number of modulations is therefore capped by the Belgian nuclear safety authority, which limits the flexibility of the reactors and the capacity of the nuclear operator to respond to market signals".
The EC also said Belgium had clarified that the financial support measures beyond the Contract for Difference "are complementary, covering different risks related to the project, thus necessary to ensure its long-term financial viability".
The commission said that to avoid undue distortion of the electricity market an independent energy manager would sell the joint venture's "share of the nuclear electricity on the market, and who will have the appropriate financial incentives, which are subject to re-evaluation after 3.5 years, to guarantee an efficient use of the stock of modulations".
It said that Belgium would set the strike price of the Contract for Difference "on the basis of a discounted cash flow model ensuring that the total aid amount is limited to the funding gap of the project" in a financial model which ensures the shareholders will get a market rate of return on their investment. There will also be an "intensified ... Market Price Risk Adjustment mechanism, whereby the pain (or gain) of lower (or higher) than expected market prices is shared between the Belgian State and the beneficiaries".
The commission said: "Following the additional evidence and modifications of the measure, the commission concluded that the aid is necessary and appropriate to achieve the objective pursued, as well as proportionate as it is limited to the minimum necessary, while competition distortions caused by the measure are minimised. On this basis, the Commission approved the Belgian measure under EU State aid rules."
Engie said the operation of these two reactors and the dismantling work under way of its other units will maintain around 4000 direct, indirect and induced jobs.
Viewpoint: South Africa's G20 Presidency - will nuclear energy be on the agenda?
Friday, 21 February 2025
As South Africa takes the helm of the G20 Presidency in 2025, there is widespread curiosity about the nation’s agenda and whether nuclear energy will feature prominently in these critical discussions, writes Princess Mthombeni. With the theme "Solidarity, Equality, Sustainability", South Africa is poised to address global challenges, but the question remains: will nuclear energy’s potential to support sustainable development and energy transitions be part of the conversation?
(Image: Princess Mthombeni)
The G20, or Group of Twenty, is a forum of major developed and developing economies established to address global economic and financial issues. Representing 85% of the global GDP, more than 75% of global trade, and two-thirds of the world’s population, it is a crucial platform for multilateral cooperation. South Africa, a G20 member since its inception in 1999, assumed the Presidency on December 1, 2024. This marks the first time an African nation has held this position, a significant milestone for the continent.
South Africa’s G20 Presidency comes at a time when the global community is grappling with economic recovery, energy transitions, and sustainable development. Since assuming the role, South Africa has already hosted the First Sherpa-Finance and Central Bank Deputies Meeting in December 2024. Upcoming discussions include the Research and Development Working Group Meeting, the Energy Transition Working Group Meeting, and the Task Force on Inclusive Economic Growth, Industrialisation, Employment, and Reducing Inequality. These forums offer a unique opportunity to integrate nuclear energy into the broader G20 agenda.
South Africa’s nuclear research and innovation sector, however, faces significant challenges. A 2023 report by the Academy of Science of South Africa (ASSAf) highlighted the country’s limited participation in International Atomic Energy Agency (IAEA) initiatives and a lack of strategic direction in nuclear research and development. The report recommended enhancing interdepartmental collaboration, developing a human capital strategy for sustainable nuclear applications, and integrating research into isotope hydrology and nuclear medicine. These recommendations underscore the need for nuclear technology to be a key focus during the Research and Development Working Group discussions.
The energy transition is another area where nuclear energy could play a transformative role. South Africa operates the Koeberg Nuclear Power Station, Africa’s only commercial nuclear plant, which has been a cornerstone of energy stability and economic growth. In July 2024, the National Nuclear Regulator approved a 20-year life extension for Koeberg’s Unit 1, reaffirming its importance to the national grid. Eskom, the state-owned utility, recently emphasised Koeberg’s contributions, noting that the plant adds R23.1 billion to South Africa’s GDP, supports 1,600 permanent jobs, and stabilises the Western Cape’s power grid.
Policy frameworks also highlight nuclear’s potential. The Department of Mineral Resources and Energy’s Integrated Resource Plan (IRP) 2019 allocated 2,500 MW of new nuclear capacity, while the draft IRP 2023 proposes up to 14,500 MW by 2050. These plans position nuclear as a vital component of South Africa’s efforts to achieve net-zero emissions target while addressing energy security and many other socio-economic challenges.
Globally, nuclear energy is gaining renewed attention. It currently generates 9% of the world’s electricity and is the second-largest source of low-carbon power after hydropower. At COP29 in Baku, six nations joined a declaration to triple global nuclear capacity by 2050, bringing the total number of endorsing countries to 31. The United Nations Economic Commission for Europe (UNECE) has unequivocally stated that international climate objectives cannot be met without nuclear power, describing it as essential for decarbonising energy systems.
The IAEA’s involvement in the 2024 G20 under Brazil’s Presidency marked a turning point for nuclear energy’s inclusion in global forums. The agency presented strategies for scaling nuclear power to meet net zero goals, setting a precedent that South Africa would do well to follow. By inviting the IAEA to this year’s G20 meetings, South Africa could ensure nuclear energy remains a focal point in discussions on energy transitions.
South Africa’s leadership in the G20 presents a unique opportunity to champion nuclear energy as a solution to pressing global challenges. Fourteen G20 countries currently operate nuclear power plants, two are exploring the adoption of nuclear technology, and six pledged at COP28 in Dubai to triple their nuclear capacity by 2050. With its extensive experience and established infrastructure, South Africa is well positioned to advocate for nuclear’s role in sustainable development.
The time has come for South Africa to move beyond rhetoric and demonstrate tangible commitment to nuclear energy. Integrating nuclear into the G20 agenda is not just a matter of national interest but a global imperative. By prioritising nuclear discussions in the Research and Development, Energy Transition, and Inclusive Economic Growth working groups, South Africa can set a powerful example of leadership and innovation. Nuclear energy has proven its value - it is time for the G20 to give it the attention it deserves.
Princess Mthombeni, an award-winning nuclear communicator, writes in her role as a founder and communications lead at Africa4Nuclear.
Akkuyu's first back-up diesel generator being commissioned
Friday, 21 February 2025
The first back-up diesel generator - which plays an essential role in safety systems - has been launched for the first unit at Turkey's Akkuyu Nuclear Power Plant.
(Image: Akkuyu NPP)
Each of the four units at the Akkuyu plant will have three diesel generators, which will be ready to operate within 15 seconds of being required to provide power if the mains power supply is lost.
The first diesel generator was started at idle and there will now be tests of its operation under load, with around 50 checks to take place in various operating modes. Once these tests are successfully passed it will be put into "standby" mode, where it will be ready to automatically start to provide back-up power when required.
The commissioning of diesel generators is required before the cold-hot testing phase of the reactor unit.
Andrei Zhukov, Deputy Director and Technical Director of the NPP Under Construction at Akkuyu Nuclearsaid: "Backup diesel power plants are one of the basic elements of nuclear power plant safety systems. These plants serve as independent power sources for the nuclear power plant in case of a main power supply failure. Together, the three diesel generators in each unit will be able to provide power to all designed systems of the unit for at least 72 hours without refuelling."
The Russian VVER-1200 reactors at Akkuyu are each designed to have three diesel generators - two for the emergency power supply and one for the normal operation system. Each plant has a capacity of 6.3 MW and are located in independent buildings. They each have a back-up start-up system which allows remote start-up from the nuclear power plant or from the back-up control centre. In total a fuel reserve for six days of backup power is stored on site.
Background
Akkuyu, in the southern Mersin province, is Turkey's first nuclear power plant. Rosatom is building four VVER-1200 reactors, under a so-called BOO (build-own-operate) model. According to the terms of the 2010 Intergovernmental Agreement between the Russian Federation and the Republic of Turkey, the commissioning of the first power unit of the nuclear power plant must take place within seven years from receipt of all permits for the construction of the unit.
The licence for the construction of the first unit was issued in 2018, with construction work beginning that year. Nuclear fuel was delivered to the site in April 2023. Turkey's Nuclear Regulatory Agency issued permission for the first unit to be commissioned in December, and in February it was announced that the reactor compartment had been prepared for controlled assembly of the reactor - and the generator stator had also been installed in its pre-design position.
The aim is for unit 1 to begin supplying Turkey's energy system in 2025. When the 4800 MWe plant is completed, it is expected to meet about 10% of Turkey's electricity needs, with the aim that all four units will be operational by the end of 2028.
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