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:

March 2017 saw a setback for nuclear renaissance when producer of the AP1000 reactor Westinghouse Electric Company filed for Chapter 11 bankruptcy protection.

In 2009 annual generation of nuclear power has been on a slight downward trend since 2007, decreasing 1.8% in 2009 to 2558 TWh with nuclear power meeting 13-14% of the world's electricity demand. A major factor in the decrease has been the prolonged repair of seven large reactors at the Kashiwazaki-Kariwa Nuclear Power Plant in Japan following the Niigata-Chuetsu-Oki earthquake.

In March 2011 the nuclear emergencies at Japan's Fukushima I Nuclear Power Plant and shutdowns at other nuclear facilities raised questions among some commentators over the future of the renaissance.Platts has reported that "the crisis at Japan's Fukushima nuclear plants has prompted leading energy-consuming countries to review the safety of their existing reactors and cast doubt on the speed and scale of planned expansions around the world". In 2011 Siemens exited the nuclear power sector following the Fukushima disaster and subsequent changes to German energy policy, and supported the German government's planned energy transition to renewable energy technologies. China, Germany, Switzerland, Israel, Malaysia, Thailand, United Kingdom, Italy and the Philippines have reviewed their nuclear power programs. Indonesia and Vietnam still plan to build nuclear power plants. Countries such as Australia, Austria, Denmark, Greece, Ireland, Latvia, Liechtenstein, Luxembourg, Portugal, Israel, Malaysia, New Zealand, and Norway remain opposed to nuclear power. Following the Fukushima I nuclear accidents, the International Energy Agency halved its estimate of additional nuclear generating capacity built by 2035.

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