Advanced nuclear reactors, microreactors and Small Modular Reactors or SMRs were once thought to be years away from realization. Recent developments and strong demand signals from new markets, combined with innovation and investment in supply chain and infrastructure, have changed that perspective. What is the new timetable for microreactors to join the mix? What needs to change to make these nuclear concepts navigate the energy transition successfully?
Global nuclear power generation has stagnated since the early 2000s. However, most decarbonization outlooks foresee a significant increase in the role of nuclear, for base-load low-carbon electricity. At the same time, volatile fossil fuel prices and the invasion of Ukraine by Russia are driving heightened scrutiny of supply chain security. At COP28, more than 20 countries pledged to triple nuclear energy capacity by 2050. Could a regeneration of nuclear power be on the way? What role will nuclear play in a future lower-carbon energy mix? Can new emerging nuclear technologies accelerate the decarbonization of power systems?
The widespread uptake of renewable power generation is creating new variability and system reliability issues for operators to manage. Power markets are addressing the challenge in different ways, from ramping gas or coal fleets up and down, to enhancing transmission interconnections, leveraging pumped hydro or batteries storage and innovating demand-side management. Policies and market mechanisms are poised to evolve to reward flexible power supply, particularly for zero-carbon solutions. But what are the risks? What changes need to be made to create commercial opportunities for flexibility suppliers? In a transforming energy system, what are the sources of future flexibility?