Emerging Economies In Asian Continent Will Drive Nuclear Power Come Back – Uranium Executive

Nuclear power use may have abruptly lost its appeal in 2011 because of Japan's nuclear reactor disaster, but suffice to say, it is bound to stage a powerful comeback, thanks to the energy requirements of the emerging economies in the very same Asian continent where the world's third-largest economy is located.

"The growth isn't going to come from the West. The growth in the nuclear industry is going to come from exactly where it was going to come from pre-Fukushima. The countries and the economies that are expanding most rapidly are the ones that really need more power," Amir Adnani, chief executive of Uranium Energy Corp., said in an interview with The Energy Report.

Many believed what happened with Japan's Fukushima nuclear reactor signaled the curtain call for the uranium and nuclear power sectors, but Mr Adnani said it was actually the two sectors' "first act."

Of the total 65 number of nuclear power reactors under construction in the world right now, only 3 per cent come from the G7 countries, the Uranium Energy Corp. chief executive said.

"The top four markets are China, Russia, India and South Korea," he noted.

The desire and strong commitment of these economies to use environment-friendly energy fuel is what will drive the positive resurgence of the nuclear power sector. In China alone, deaths occur almost every hour because of excessive exposure to coal use and its nasty toxins in the air. Coal infrastructure is also another separate issue all together.

"No other form of power can match nuclear power's ability to generate electricity in a low-cost, emission-free manner on a baseload scale," Mr Adnani said.

On Tuesday, China National Nuclear Power Co. announced plans of conducting an initial public offering (IPO) to raise much needed funds to support its nuclear power projects and plans, an evident testament to the country's desire to use nuclear power. In May, China had approved "in principle" a proposed plan on nuclear safety for the five years ending 2015 and long-term targets for 2020.

According to Mr Adnani, China targets to increase and build its nuclear capacity to 70 gigawatts (GW) by 2020, while India targets 60 GW to 63 GW of installed nuclear capacity by 2030, with plans of an additional 25 per cent by 2050.

Another Asian nation, Saudi Arabia, plans to build 16 nuclear reactors, a program worth $400 billion.

The developed economies also have their nuclear power programmes, stalled yes, but nevertheless are almost ready in the offing.

The U.S. Nuclear Regulatory Commission, in early 2012, had approved four licenses for operating nuclear reactors to come on-line in Georgia and South Carolina, the first licenses issued in the U.S. after 30 years.

The United Kingdom has also expressed plans to construct seven or eight new nuclear reactors.

"It is very positive to see those developments post-Fukushima," Mr Adnani said.