You may be surprised to learn electricity only accounts for 21 percent<\/a> of the world\u2019s energy consumption<\/a>. Fossil fuels and the rest all play their part to make the world go around, but their role is likely to diminish no matter what happens. The International Energy Agency believes electricity\u2019s share of global energy consumption is going to double<\/em><\/a> in the next decade alone. You all know the causes: Electrification, EVs, data centers and AI mean the planet needs to dramatically increase its power generation, transmission and storage capacity. It\u2019s a shame, then, that the world is nowhere near ready to satisfy such an outrageous surge in demand.<\/p>\n The US has certainly spent the year opening doors to dramatically increase domestic energy production. Part of that has to give the signal that the US will embrace nuclear power in ways it hasn\u2019t for generations. This January, an executive order titled Unleashing American Energy<\/a> included an instruction for the government to eliminate rules and regulations related to power generation. Its primary focus was to destroy environmental regulations limiting the extraction of oil, natural gas and coal, but also to remove roadblocks to the construction of new nuclear plants. Then, in May, a subsequent order<\/a> declared a desire to ensure the deployment of \u201cadvanced nuclear technologies.\u201d<\/p>\n As the driving force behind the AI push, big tech has made some high profile moves to buy up extra generation capacity. Meta signed a 20-year deal with Constellation to own the output of the Clinton Power Station<\/a>, preserving the 1.1GW facility once its state tax credit expires next year. Microsoft has its own 20-year deal with Constellation to own the power generated by reactor 1 at Three Mile Island<\/a>, now renamed the Crane Clean Energy Center. On November 18, that project was also given the backing of the Department of Energy which authorized a $1 billion loan<\/a>. But even without the backing of big tech, other mothballed reactors are being restarted, like the Palisades plant in Michigan. Earlier this year, the Department of Energy handed out a $1.52 billion loan<\/a> to get the facility, capable of generating 800MW, back up and running.<\/p>\n Big tech is also betting on the future of nuclear power, signing deals with a number of startups looking to build out a new generation of reactors. Google, for instance, has backed Kairos Power<\/a> and its plan to build a series of small, modular reactors. Amazon, meanwhile, invested in X-Energy and has published plans<\/a> for its own buildout in Washington State.<\/p>\n It\u2019s not just the US that is learning to fall back in love with nuclear power, as the rest of the world is also building out new capacity. The World Nuclear Association<\/em><\/a> says there are 70 reactors currently under construction across 15 countries. Russia<\/a>, India<\/a>, Argentina<\/a>, Turkey<\/a>, South Korea<\/a>, Japan<\/a>, and Brazil<\/a>, to name just a few, are all working on new reactors.<\/p>\n China on its own is presently building 33 reactors and, as Nuclear Business Platform<\/em><\/a> reported earlier this year, greenlit a further 10 this April. That same report adds that China\u2019s policy of producing multiple reactors at a time has seen costs crater. It says that while the UK\u2019s two new reactors at Hinkley Point will cost in excess of $60 billion, each of these new reactors will cost $2.7 billion.<\/p>\nRe-learning to love the atom<\/h2>\n
Bridging the nuclear gap<\/h2>\n
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