China to knock the US off the top of the leaderboard for nuclear capacity
The International Energy Agency (IEA) has suggested that China will increase its capacity for nuclear industry to a level that will exceed the US, and put China as the leading global nuclear power producer.
The IEA has suggested that China is rapidly progressing with nearly a third of the 60 nuclear plants currently under development worldwide being built in China. The IEA is confident that China will soon exceed the capacity levels in the United States and become the global nuclear leader.
The United States has maintained the number one spot since the 1960s but is facing two major issues that will disrupt its top position. At present, the US is not investing enough in the nuclear industry to maintain sustained growth. Industry experts also suggest that the United States is not doing enough to extend the lifetime of current operational plants.
The IEA stress that if this continues the overall capacity of the nuclear industry will decline from around 20% to closer to under 10%. The IEA suggests that nuclear could face the similar challenges that are now affecting the solar market. In contrast, China is continuing to evolve, bringing prices down and utilise cost-effective, export technology. They are now in a position where they can compete effectively with exporters in Japan, Korea, Europe and the US.
The IEA strongly believe that China will become the main catalyst for transforming the energy market in years to come. The IEA highlight how recent decisions made by China have had significant impacts on the global energy market. As China changes, the rest of the world will also change and so new policies implemented in the nation will create a new scenario for the global energy market.
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