nuclear-news

Global investment in new nuclear is an order of magnitude less than renewable energy investment. That is just one of the findings of a new independent report on the state of the worldwide nuclear industry that was issued on Thursday. No matter which aspect of the nuclear industry is assessed, the picture isn’t pretty.

Despite talk of a nuclear renaissance in the 1990s, no single Generation III reactor has come into service in the past 20 years. Most are delayed three to nine years and are far over budget.

“The impressively resilient hopes that many people still have of a global nuclear renaissance are being trumped by a real‐time revolution in efficiency‐plus‐renewables‐plus-storage, delivering more and more solutions on the ground every year,” Jonathon Porritt, co-founder of the Forum for the Future and former Chairman of the U.K.  Sustainable Development Commission, wrote in the forward to the World Nuclear Industry Status Report 2015. “[The report] remorselessly lays bare the gap between the promise of innovation in the nuclear industry and its delivered results.”

China, which leads the world in new nuclear builds, spent about $9 billion in 2014, but invested more than $83 billion on wind and solar in the same year. China’s non-hydro renewable fleet produces more energy than its nuclear capacity.

What’s more, Germany, Brazil, India, Mexico, the Netherlands, Spain and Japan all generate more electricity from non-hydro renewables than from nuclear. Those countries make up nearly half of the world’s population and three of the world’s largest economies.

For nuclear that is being built, the word “boondoggle” seems to come up frequently, especially in the West. “The project is in shambles,” the report said of the U.K.’s Hinkley Point C reactor, which was meant to be the first new nuclear in the country in decades. Now, the company building it, Areva, is bankrupt. Areva’s Olkiluoto 3 project in Finland and Flamanville 3 in France are also both way over budget and still not in operation.

“What is spectacular is the extent to which the nuclear industry is appearing to ignore reality,” the report states. In 2013, Areva’s then-CEO predicted reactors would be coming back on-line in Japan by the end of the year and that his company would be taking new orders in the next few years. In 2015, Japan has been nuclear-free for the first time in more than four decades. Areva has had no new orders.

Despite the issues with Areva reactors, there are more than 60 reactors currently under construction. Of those reactors, most have been under construction for more than seven years. Three-quarters of the building sites are delayed and, amazingly, five have been listed as “under construction” for more than 30 years. http://www.greentechmedia.com/articles/read/renewables-outpace-nuclear-in-major-economies