However, the rebirth of this industry is not exempt from obstacles that condition its viability in global investment.
Although many governments recognize that the electrical system will need Diversify sources to guarantee constant supply, capital demands, uncertain regulation and long construction deadlines They make the financial attraction relative.
To this are added the background of delays and cost overheads in emblematic projects that have deteriorated the confidence of investors and banks in the West.
Nuclear energy and the impact on the world economy
During the annual symposium of the World Nuclear Association in London, Sama Bilbao and León, general director of the organization, stressed that the demand for electricity will continue to increase in all sectors.
He gave as an example the growth of AI and mass consumption of data centers, which act as «Canarian in the mine”To show to what extent the electrical system will need new solutions.
In this context, nuclear energy appears as an option capable of contributing electricity 24 hours a day, seven days a week, in the face of the intermission of solar or wind.
Morgan Stanley estimates that Investments throughout the nuclear chain could reach 2.2 billion dollars in 2025compared to 1.5 billion projected by 2024. This figure reveals a growing interest, but also raises doubts about who will assume the financial risk.
The magnitude of the figures reflects that global investment requires coordination between governments, banks and private companies to cover a fiscal effort of such size.
The attractiveness and limitations of modular reactors
One of the most commented advances in recent years are small modular reactors (SMR). According to the International Energy Agency, this type of project would reduce the investment recovery time compared to the large conventional reactorswhose horizon is usually between 20 and 30 years.
However, SMRs have not yet reached the commercial phase. Most plans expect that they will not be operational until the next decade, which reduces its immediate attraction.
Investor enthusiasm contrasts with the lack of concrete examples in operation. In practice, global investment in this segment runs into the same difficulty: Long deadlines and regulatory uncertainty that slow decision -making.
Differences between the West and Asia in the execution of projects
The comparison between regions is another key element. In countries like China, large nuclear projects manage to be fulfilled in time and within the budget, which attracts banks and financial institutions. West, on the other hand, has accumulated decades without new significant constructions.
USAfor example, had not raised new plants from the 1990s until the recent start -up of the Vogtle units in Georgia, whose budget doubled with respect to the expected.
In it United Kingdomthe Hinkley Point project also suffered increasing delays and costs that exceeded 30,000 million pounds.
These background weigh on investor confidence. As explained by Mahesh Goenka, of the consultant Old Economy, the banks have gone from rejecting nuclear projects to be open to finance them, but the question persists about whether they really have a risk appetite.
Global investment depends largely on the ability to offer certainty in execution and deadlines, something that today remains in doubt in European and North American markets.
The role of governments and public-private associations
Mark Muldowney, from BNP Paribas, recalled during a panel that nuclear projects are «inherently political. ” No contractor wants to assume the risks of cost overruns and delays.
That leaves the weight of financing in governments, public service companies and, ultimately, electricity consumers.
In the United Kingdom, the Sizewell C project – with an estimated cost of 38,000 million pounds – has received state support precisely because the private sector cannot assume those figures alone.
Trevor Myburgh, from Eskom, said that public-private partnerships will be essential, especially in emerging economies. The global investment in nuclear energy will not be able to advance solely with private capital, but will need mixed schemes to distribute risks and guarantee financial stability.
Despite difficulties, there are positive signals. The US government has approved measures to accelerate the construction of advanced reactors, while France and the United Kingdom have reinforced their nuclear commitment within their energy transition plans. Switzerland, even with a current moratorium, discusses to raise the ban on new plants.