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Explore new trends in the recent development of global nuclear energy
In recent times, the global nuclear power industry has experienced a sense of uncertainty. While the development of the nuclear sector has continued along the planned trajectories of various countries—whether rapidly or gradually—it still maintains a degree of consistency within the industry. Despite this stability, there are emerging trends that deserve closer attention.
Japan's nuclear energy landscape remains a central topic in the global nuclear community. A major focus is on the progress of the Fukushima nuclear disaster and Japan’s evolving stance toward nuclear power. In managing the aftermath of the Fukushima incident, a new strategy has been gaining momentum. Previously, Japan relied mainly on domestic efforts to address the complex "Fukushima legacy." However, international collaboration is now playing an increasingly significant role, with global industry cooperation becoming a growing trend. On November 7th, an IAEA expert team inspected Tokyo Electric Power Company's handling of the Fukushima Daiichi nuclear waste water issue, conducting water sample collection as part of a cooperative test initiated after consensus was reached between the regulatory committee and the IAEA. Before this, the U.S., Russia, and other nuclear nations had also expressed willingness to assist Japan in addressing the Fukushima pollution. Reports from early November indicate that the Japanese and U.S. governments held their second meeting on the disposal of the Fukushima nuclear accident and nuclear safety, agreeing to establish a project team focusing on probabilistic risk assessment methods. These techniques are being gradually integrated into Japan’s nuclear safety strategies, with the aim of enhancing nuclear power safety through U.S. collaboration.
Beyond domestic nuclear management, Japan's efforts to "go global" in its nuclear industry have also drawn considerable attention. Prime Minister Shinzo Abe has been a key driver behind Japan’s nuclear exports, often referred to by the media as “sales ambassador.†On October 28th, Abe made another visit to Turkey, his second in six months, which was unusual for such frequent visits. During talks with Turkish Prime Minister Recep Tayyip Erdogan, both sides agreed on the construction of a nuclear power plant in Sinop on the Black Sea coast. Once approved by the Turkish parliament, a formal contract will be signed, marking Japan’s first nuclear export project since the Fukushima disaster. The Sinop plant will be the world’s first using the Atmea1 reactor design, featuring four units and estimated to cost over $22 billion. Future agreements between Japan and Turkey will involve Japanese nuclear companies in future projects.
Abe has also reached preliminary agreements with Saudi Arabia, UAE, and India, while Japan and France have agreed to jointly promote nuclear technology exports to emerging markets. Meanwhile, Japanese companies are actively pursuing opportunities abroad. Toshiba recently announced plans to acquire nuclear business firms in the UK through its subsidiaries. Domestically, the NRA and JNES are set to merge in March 2014, significantly boosting the NRA’s resources and expertise. This reorganization signals a step toward rebuilding the Japanese nuclear industry.
In the UK, nuclear energy development has gained momentum. In late October, the British government and EDF signed a $26 billion deal to build two European Pressurized Water Reactors (EPRs) in Hinckley. This will be the first post-Fukushima nuclear plant in Europe and the UK’s first new plant in 20 years. Over the next few years, billions in foreign investment are expected, creating thousands of jobs. Additionally, the UK and South Korea have expanded their nuclear cooperation, aiming to triple trade by 2020. South Korea is also expanding its nuclear partnerships with Finland and Hungary, seeking to enter new markets.
Meanwhile, the global uranium market is showing signs of recovery. Cameco, one of the world’s largest uranium producers, reported a 167% increase in revenue in Q3 2013, driven by improved uranium sales. Though prices remain below 2011 highs, analysts expect demand to rise with the growth of nuclear energy. Canada and the EU have reached a trade agreement that opens up uranium mining opportunities, while Areva is developing Mongolia’s uranium resources. Turkey has also approved its first uranium mine, Temrezli, which is set to begin operations in 2016. These developments highlight the ongoing revival of the nuclear fuel sector.