Nuclear Energy Finds Renewed Interest in the Face of Ever-Growing Climate Change Concerns

Ryan Epps, Tech Times 07 June 2022, 12:06 pm

In the United States, nuclear energy often draws a bout of wariness on the part of several various concerns, from its rather turbulent past, to the prospects inherent in its devastating potential if kept unchecked. Previous catastrophic utilizations of it, from 1979's Three Mile Island accident in Pennsylvania to the Chernobyl disaster of 1986, prove that nuclear power is wrought with fear.

Even today, highlighted via a Reuters poll published on June 6th, only 45% of Americans are in favor of harnessing nuclear power, while all but 33% oppose it and 22% remain unsure. Those that do support nuclear energy do so based on three key factors, all of which are the main advantages of nuclear energy: "48% cited energy reliability, 43% cited lower overall pollution, and only 39% said they favor it as a low-carbon energy source."

Of course, the main risk and main aspects for those that oppose it are the aforementioned nuclear meltdowns (69%) and nuclear waste (64%), both of which are extremely important as they come to the forefront of the driving fears that most associate with nuclear power plants. While Three Mile Island and Chernobyl occurred nearly four decades prior, not a mere 11 years ago, the Fukushima Daiichi incident highlights that even nature itself can be just as devastating in the face of humanity's potential.

Yet, despite these concerns, nuclear energy remains among the most reliable forms of power and is growing exponentially in popularity given the advantages of nuclear energy and climate change. What makes nuclear power plants so far reliable in the face of coal and natural gas factories is they required less maintenance and longer operational potential before refueling, which is anywhere between one and a half to two years. It's also carbon dioxide-free, allowing nuclear energy and the environment to work in tandem without restraint.

In fact, nuclear power plants afford more maximum power at a rate of 93% for a full year, meaning even natural gas or geothermal factories produce around 1.5 to 2 times less energy in the same time frame. Today specifically in the United States, only around 19% of our current energy supply runs on nuclear energy, while coal takes up 22%, renewables (like wind, hydrofuel, etc.) enlists 20%, and natural gas utilizes 38%, according to the Energy Information Association.

That number will only assuredly increase over the next several years. According to Mordor Intelligence, the compound annual growth rate (CAGR) of the nuclear power market is slated to jump 1.5% from 2022 to 2027, with "a nuclear installed capacity of 426.27 GW by 2027 from 388.7 GW in 2020." The fears are still prevalent, but the optics stay true to the future as even the International Atomic Energy Agency increased its nuclear power use projections back in Sept. last year, citing the following via Director General Rafael Mariano Grossi:

"The new IAEA projections show that nuclear power will continue to play an indispensable role in low carbon energy production. The report's findings represent an encouraging sign of increasing awareness that nuclear power, which emits no carbon dioxide during operation, is absolutely vital in our efforts to achieve net zero emissions."

Herein lies the absolute plausibility of nuclear energy: next-generation nuclear power plants. Around the world, top minds are building a more sustainable and less potentially destructive nuclear power plant, as witnessed via the likes of Hinkley Point C in the UK. In addition to creating around 25,000 jobs, the nuclear power station, first of its kind for the UK in over 20 years, is set to distribute low-carbon electricity to nearly six million homes utilizing 3,260MW from its twin unit UK EPR.

In our own backyard, billionaires Warren Buffett and Bill Gates have teamed up to construct a $1 billion next-generation nuclear reactor situated in Wyoming. Gates' TerraPower will utilize a far safer and more reliable cooling agent for the reactors in its Natrium Reactor plants: liquid sodium. Due to the fact that liquid sodium has a far higher boiling point as opposed to water, it can absorb far more heat and alleviate the buildup of pressure inside the reactor, which was the main cause of previous explosions in light water reactors.

Although merely discussing nuclear energy stocks, Mad Money's Jim Cramer brought up a valid point amid a showing aired on Mar. 25, "I think the twin imperatives of going green and freeing our European allies from their dependence on Russian natural gas has created a perfect moment for nuclear power."