Nuclear power isn’t talked about much when people think of sustainable energy.
Opponents point to the nuclear waste that is produced and the risk to people and the environment that a meltdown poses.
But they forget that nuclear has caused few fatalities per unit of energy than coal, petroleum, natural gas and hydroelectric.
In fact, it has been estimated that nuclear power has actually saved 1.84 million lives due to reduced air pollution.
People around the world may be waking up to the reality that nuclear is a viable option, however.
Growth in nuclear power
Currently there are 58 new reactors in construction, 154 reactors planned and more than 300 proposed.
Even if we ignore the 300 proposed reactors, the first two numbers alone would account for 63 and 157 extra gigawatts of energy produced.
Considering it takes an average 58 months to complete construction of a reactor, this would be a total output increase of 16% in the next five years.
As for those planned, that number could jump out to 40% in the next 10–15 years.
As covered previously, this could mean big gains for Australian uranium stocks as old uranium mines are reopened to deal with demand.
Uranium trading near one-year high
Uranium is currently trading near one-year highs as seen below.
The World Nuclear Association aims to have 25% of the world’s power generated by nuclear by 2050.
Big plans indeed.
Money Morning will continue to watch this story as it unfolds.
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