According to the International Energy Agency (IEA), Nuclear power accounts for 10% of the world’s electricity supply, and more than a quarter of the generation from low carbon emitting sources. Plagued by historically high construction costs, several well-known disasters and related low public support, nuclear fission’s global share of energy generation has declined from 16% of global power generation in 2006 to 10% in 2021. With little investment in new nuclear plants, existing capacity comes from an ever aging base. According to the International Atomic Energy Agency, across 422 active sites, 66% of nuclear capacity comes from plants that are more than 30 years old. In the US, while the average age of nuclear power plants is 40, research conducted over the last decade by the Department of Energy and the Nuclear Energy Commission resulted in 88 of 92 reactors receiving 20-year extensions on their operating license. Although most of those extensions will expire in 2030, many expect to receive a second extension.
Source: International Atomic Energy Agency, March 2023.