The nuclear power sector will see growth in developing economies such as Russia, China and India over next two decades, while several developed economies are planning to phase out their plants and opting for renewable energy, said the global credit rating agency Standard & Poor’s (S&P) in its latest research report, The Energy Transition: Nuclear Dead or Alive.
According to S&P, concerns about the safety of nuclear plants and nuclear waste storage solutions, an aging global nuclear fleet, and massively escalating costs for many new projects have added to the decline.
“We see little economic rationale for new nuclear builds in the United States or Western Europe, owing to massive cost escalation and renewable cost-competitiveness, which should lead to a material decline in nuclear generation in those countries by 2040,” said Elena Anankina, S&P Global Ratings credit analyst.
“Several developed countries, including Germany, Belgium