In a transformative shift in the global energy landscape, the World Nuclear Industry Status Report (WNISR) 2024 has disclosed that the world’s installed solar PV capacity is now nearly five times greater than that of nuclear energy.
According to the report, solar energy has reached approximately 2 terawatts (TW) of capacity as of mid-2024, compared to nuclear energy’s 367 gigawatts (GW) from 408 operational reactors.
This significant milestone reflects growing trends in the renewable energy sector, which favor solar-plus-storage solutions over nuclear power.
Blending solar energy with battery storage has proven to be more financially viable in many markets, especially with the projected declining costs of battery storage anticipated to fall below those of coal-fired and nuclear power plants in China by around 2025.
The report, guided by French nuclear energy consultant Mycle Schneider, highlights the disparities in growth rates between solar and nuclear energy.
While nuclear power saw a minor uptick in 2023 with a 2.2 percent increase in global production, it still trails behind 2021 and 2019 levels.
Despite a slight rise in the number of operating reactors, the industry is seeing a declining trend in new constructions, notably in major nuclear nations like the United States.
The report indicates that only five new reactors came online last year, contributing 5 GW to the global nuclear capacity, but they were offset by the decommissioning of five reactors totaling 6 GW.
This results in a net decline of 1 GW. This trend is evident in the two-decade period from 2004 to 2023, where 104 closures matched 102 nuclear startups.
Outside of China, the nuclear industry faced a significant net decline of 51 units over the same period.
Another point of concern is the fate of small modular reactors (SMRs), heralded as the future of nuclear energy.
However, the report casts doubt on their viability, noting the lack of design certifications and widespread construction delays.
While the nuclear sector faces these challenges, solar energy’s dominance continues to grow, backed by advancements in battery storage technology.
Notably, costs for solar-plus-storage are already falling below nuclear power in most markets, and this combination is increasingly competitive with other low-emission electricity sources.
According to the WNISR, China remains a significant player in nuclear startups, but even there, solar energy vastly outstrips nuclear energy.
In 2023 alone, China initiated one new nuclear reactor but added over 200 GW of solar capacity, generating 40% more power than all its nuclear reactors combined.
The implications of these shifts are profound.
As battery storage technologies become more accessible and affordable, solar energy paired with storage systems could revolutionize global energy policies, making renewable energy a more prominent solution to meet the world’s growing power demands.
In conclusion, despite the enduring presence of nuclear power, the rapid ascent of solar energy underscores a pivotal change in how nations balance their energy portfolios.
As the world continues to address climate change and seeks sustainable energy solutions, solar-plus-storage technologies may indeed become the dominant force in the global energy market.