Nuclear Power - the essential partner
At July 2018, there are 452 operational reactors globally with an additional 56 reactors currently under construction. A further 153 reactors are planned, with approvals, funding or other commitments in place and expected start-up within the next decade. Base uranium demand is approx. 175M lbs pa and this is expected to increase towards 200M lbs pa by 2030. Nuclear power growth continues to be strongest in China and India, with MENA countries also expected to develop substantial nuclear capacity.
Progress continues towards normalisation of Japanese nuclear power generation. A total of 9 reactors have been brought back online in the country with an additional 17 facilities progressing restart applications with the Nuclear Regulation Authority. The Japanese government has approved a revised Basic Energy Plan which confirms that nuclear power will remain a key component of the country’s energy strategy, expecting to account for 20-22% of Japan’s overall energy supply in 2030. A small number of new reactors are expected to be commissioned alongside operation of existing facilities in the country.
Global uranium production cut-backs announced since late-2017 total more than 55M lbs through 2020. Additional cut-backs remain likely in the face of persistent low uranium prices. Global production is anticipated to decline to approx. 140M lbs in 2018, down almost 15% since 2016.