P&C the October 2023 issue

The Revival of Nuclear Energy

Supply chain instability has driven some countries to reassess this option.
By Andrea De Bono Posted on September 27, 2023

“We are seeing a revival of nuclear energy in Europe,” says Pawel Kowalewski, head of energy, power and mining at Greco Specialty. “For example, Poland has announced three big-scale, third-generation-plus (Gen III+) projects with capacity in excess of 50 small module reactors. There’s a huge increase in interest also from other countries in the region.”

Japan aims to restart many of its nuclear reactors, which have sat idle since the Fukushima Daiichi nuclear disaster in 2011. After launching plans to lessen its reliance on nuclear energy, France has announced plans to build six new reactors and a dozen additional small modular reactors. Similarly, the United Kingdom has unveiled an ambitious proposal to construct 16 small modular reactors and eight new reactors.

“One of the positive aspects of nuclear energy is that it has the ability to provide a base load—which is critical for the stability of electric power systems—by generating a stable energy output,” Kowalewski says. “Since grids in the EU are interconnected, we have to look at the whole region. If there is a serious deficiency in the grid system—either too much energy or too little—then you have a blackout.

“A blackout would bring about unthinkable consequences to any country or region, and, unfortunately, classical renewable sources or technologies—such as gas, photovoltaic or solar energy—are not capable of generating base loads. So the base load will still have to be generated by other technologies, the leading one being nuclear.”

To succeed, the nuclear sector will need to evolve in important ways to play a major role in addressing energy security and climate challenges. Additionally, current nuclear technologies are complex and require highly trained personnel to maintain and operate. Moreover, the large amount of fissile material in the core of a reactor depends on a multiplicity of active systems to ensure safe operations. For many countries new to nuclear power, sophisticated regulatory action would be required to ensure the plants are operated safely.

Andrea De Bono Director of International, The Council Read More

More in P&C

Protect Your Pet
P&C Protect Your Pet

Pet insurance has become a multibillion-dollar global industry, but it has plenty of room to grow.

P&C Premium Increases Flat to Down
The Council’s Commercial P/C Market Index for Q1 is here.
A Mosaic of an Insurance Claim
P&C A Mosaic of an Insurance Claim
The marine insurance industry can withstand Baltimore bridge catastrophe, expert...
Power Play
P&C Power Play
Insurers and insureds alike must face the glaring risks and vulnerabilities in t...
Property & Casualty Hard Market Turns 6
P&C Property & Casualty Hard Market Turns 6
It may not happen immediately, but signs point to softening ...
Small Business Cyber Risk Represents a Big Opportunity for Agents
P&C Small Business Cyber Risk Represents a Big Opportunity for Agents
Q&A with Joshua Parrish, Executive Vice President at RT Spec...
Sponsored By RT Specialty