New nuclear projects have the potential to provide up to 30% of electricity for developing countries, according to a December report by the Rockefeller Foundation.
The report, “The Role of Nuclear Energy in Powering Universal Energy Abundance for Emerging Economies”, said countries with a developing economy could use nuclear power to deliver up to 30% of electricity generation while lowering system costs by up to 31% by 2050. The Rockefeller Foundation said this can be achievable under the right policy and regulatory conditions.
Brazil, Ghana, India, Indonesia, Nigeria, Philippines, Rwanda and South Africa were selected for the study because they are seen as countries with some of the fastest growing energy markets, according to the report.
The report looks at scenarios of how these selected emerging countries would look with or without nuclear generation in its portfolio. The report found that nuclear power can be complementary to other renewables rather than adversarial.
Using nuclear power to reach a zero-carbon system can be preferable to overbuilding solar and storage, according to the report. This could be a critical point for emerging countries that are dealing with finance, land and supply chain restraints.
The report, commissioned by the Rockefeller Foundation, was done by Bayesian Energy and Radiant Energy Group.
While nuclear power would be key in achieving decarbonization and firm power, financing will be vital, according to the report..
“The cost savings of nuclear energy may only be fully realised towards the end of a country’s decarbonisation pathway, but planning and building must begin decades before this becomes apparent to market forces,” according to the report.
Interest in new nuclear has waned over the years partly due to cost overruns for nuclear projects, as well as safety concerns, the Rockefeller Foundation said. But there is a revival in nuclear interest due to growing demand for carbon-free power that can run around-the clock.