Nuclear power’s share in APAC’s power generation to grow to 8% in 2050: report

It accounted for only 5% of APAC’s power generation in 2021. 

The International Energy Agency (IEA) projected nuclear power’s share in the Asia Pacific’s power generation will grow to 8% in 2050, Moody’s Investor Service reported.  

Nuclear came second to hydropower amongst the biggest contributor of low-emission energy globally in 2021. However, it only accounted for 10% of the total power generation and only 5% in the Asia Pacific region. 

“The growth trajectory in APAC will depend on the region's power demand growth, how successful will government policy and regulatory oversight alleviate public concerns as well as the financial and operating risk faced by nuclear power producers,” the report read in part. 

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The IEA also expected the share of nuclear power to remain at 10% by 2050 amidst moves to retire nuclear power plants in Europe and expansions in Asia. 

As of end-April, Moody’s noted that around 60% of new nuclear units under construction are located in the Asia Pacific. 

“New capacity additions, primarily spearheaded by Asia, together with a more open attitude to nuclear power to meet net-zero targets in markets like the UK, will offset retirements and exits of nuclear in markets such as Germany,” the report also read. 

“There have been announcements of lifetime extensions of existing reactors in developed markets that originally had plans to exit nuclear power, such as Belgium.”