New Reactor ConstructionNew Reactor Construction
As a result of the many benefits of nuclear power, we are seeing a level of new reactor construction unparalleled in decades. By 2025, we expect to see around 480 reactors in operation, 60 of which are under construction right now. In addition, some existing plants are also adding capacity through uprates. Although this growth will be tempered by the closure of some reactors, the end result a significant amount of nuclear power added to the world’s grids over the next decade, and even more expected outside that timeframe.
More reactors mean more demand for uranium. Cameco estimates world uranium consumption will increase from 160 million pounds today to about 220 million pounds by 2025 – average annual growth of 3%. This does not include the strategic inventory building that usually occurs with new reactor construction, which would mean even further growth in demand.