Supply & Demand
Increasing Global Demand for Uranium & Nuclear Power
An ever-increasing demand for a sustainable, environmentally-safe source of electricity is paving the way for nuclear growth. The story is compelling. Today, nuclear power provides 14% of the world's electricity. This percentage, however, could increase rapidly as it has the potential to support global consumption growth without compromising greenhouse gases & pollution. Resource economists do not deny the fact of depletion, more so that the exhaustion of uranium resources is real.
There is an ever-increasing awareness of the global depletion of oil, as consumption growth rates have reached nearly 10% annually over the past 50 years. Improved reactor designs and operations, nuclear's lack of greenhouse emissions and the depletion of fossil fuels all make nuclear an essential component of a diverse energy mix for the future. In addition, significant capacity is being created by upgrading the performance of existing nuclear power plants. This is a highly cost-effective way of bringing on new capacity.
More than 15 countries rely on nuclear power for 25% or more of their electricity. In Europe & Japan, the nuclear share of electricity is over 30%. In the US, nuclear power generates over 20% of electricity. France currently generates approximately 75% of its electricity from nuclear power and is the world's largest exporter of nuclear power. Overall, the number of reactors to be built worldwide is expected to increase by over 90% within the next decade.
*Source: World Nuclear Association, 2011