MEA: China and Russia monopolize the nuclear technology market.

Interest in nuclear energy is growing worldwide

Global interest in nuclear energy is reaching the level of the oil crisis of the 1970s; however, this development is dependent on China and Russia, according to the International Energy Agency (IEA) report 'A New Era of Nuclear Energy'.

IEA Head Fatih Birol urges Europe, the USA, and Japan to enhance the industry's efficiency and reclaim the market from China and Russia by building new reactors.

To reduce dependence on Russia, Birol suggests diversifying uranium supply channels, as Russia holds nearly 40% of the world's enrichment capacity. 'This is a significant dominance. It is very important for us to diversify this,' Birol emphasized.

The construction of new data centers provides a new impetus for the development of nuclear energy, particularly small modular reactors. In 2023, the world invested nearly $65 billion in nuclear energy; however, the USA and Europe lag behind China in adopting nuclear power. Projects in the USA and France are delayed by nearly eight years and exceed planned costs by 2.5 times, Birol noted.

According to Birol's forecasts, China will become the leader in the nuclear energy sector within the next 5 years.

Nuclear power plants account for almost 10% of the world's electricity generation. Ukraine previously ranked third after France and Slovakia in the share of nuclear power plants in global generation, as nuclear plants provided more than half of electricity production.

The USA imposed sanctions against 'Rosatom' due to its work in the field of nuclear weapons and the defense sector of Russia, as well as malicious activities, including the occupation of the Zaporizhzhia nuclear power plant in Ukraine. About 70 subsidiaries and affiliated companies of 'Rosatom' registered in the USA also fell under sanctions.