The Path to a New Era for Nuclear Energy (IEA)

Summary

• Generation from the world's fleet of nearly 420 reactors is on track to reach new heights in 2025, with support for expanding nuclear power in place in more than 40 countries.p.10
• In 2023, more than 410 reactors were in operation in over 30 countries, providing 9% of global electricity supply.p.16
• Of the 52 reactors that have started construction worldwide since 2017, 25 are of Chinese design and 23 of Russian design.p.11
• If SMR construction costs fall to parity with large reactors built on budget, deployment could reach 190 GW by 2050, with cumulative global SMR investment of USD 900 billion.p.12
• Total investment in nuclear energy reached about USD 65 billion in 2023, nearly double the level a decade before.p.27
• Investment in new nuclear facilities surged to USD 42 billion in 2023, alongside about USD 25 billion annually in refurbishing ageing infrastructure.p.27
• As of the end of 2024, there were 63 nuclear reactors under construction globally with a combined capacity of 71 GW, of which China had 29 reactors totalling 33 GW.p.23

Key insights

1. SMRs could account for 10% of all nuclear capacity globally by 2040, with the United States accounting for 20% of the growth in SMRs.p.5
2. The EU share of nuclear in electricity has declined from a peak of 34% in 1997 to 23% today.p.16
3. The average age of reactors in advanced economies is over 36 years, compared with 18 years in emerging economies.p.16
4. Long timelines for permitting and construction can push the breakeven point for a new large reactor to 20-30 years after project start.p.13
5. Public funding alone will not be sufficient, so private financing will be needed to scale up nuclear investment.p.13
6. Since 1971, nuclear energy has avoided 72 Gt of CO2 emissions.p.16
7. France has the highest nuclear share of electricity generation at 65%, while the United States has the most reactors in operation with 94.p.18
8. Vogtle Units 3 and 4 saw their capital cost estimate rise from about USD (2023) 5 600 per kW to USD (2023) 14 700/kW.p.25
9. Decisions in the past five years cover lifetime extensions at 64 reactors in 13 countries, with a total capacity of about 65 GW.p.28