Nuclear power is getting a well-deserved second look. From Josh Owens at oilprice.com:
- Nuclear energy has long been deemed too dangerous, too expensive, and too slow to build, with governments and companies alike eschewing nuclear power and pursuing solar and wind.
- More recently, nuclear energy has been having a renaissance as countries around the world attempt to meet their ambitious climate goals.
- Today, in the wake of Russia’s invasion of Ukraine and a global energy shortage, the importance of nuclear energy in terms of energy security has been thrown into stark relief.
The global energy market is in turmoil, with electricity bills around the world soaring and scant options when it comes to securing new supply. A combination of Russia’s invasion of Ukraine, years of underinvestment in new projects, and the rapid return of demand after covid have overwhelmed the energy market. The price of everything from coal to natural gas, oil, and even lithium is soaring. And while it may be impossible to conjure up new supply in the short term, now is certainly a good time to reconsider how best to invest in our energy infrastructure going forward so as to fortify it against future crises. In particular, it is time to revisit the debate over nuclear power, consider why it fell out of favor, and if it is time to bring it back.