| Nearly 80 percent of the world's operating | | | | energy. Finland moved forward in building Europe's |
| commercial reactors were built more than 15 years | | | | first nuclear reactor since 1991 because of worries |
| ago. The nuclear renaissance, since 2002, has been | | | | about energy supplies. They depend for 100 percent |
| driven by the anticipated evolutionary shift from one | | | | of their natural gas supplies from Russia. Many Finns |
| reactor design to a later generation. Most of the | | | | are concerned about rising natural gas prices and |
| world's nuclear reactors are the second generation. | | | | availability of supply. This will be the world debut of |
| In 1996, Japan became the first country to begin | | | | the EPR (European Pressurized Reactor) which is |
| using the third generation of reactors. This transitory | | | | being built by the joint venture of Areva's |
| third generation could dominate nuclear reactor | | | | Framatome and Siemens AG. |
| designs for the next two to three decades. The one | | | | A second EPR is expected to be operational by 2012. |
| exception, the Pebble Bed Modular Reactor (PBMR), | | | | France is adding more nuclear to its existing |
| could revolutionize the entire nuclear energy field and | | | | infrastructure by constructing its 1600 MW reactor |
| accelerate the global demand for uranium. | | | | for the power utility Electricite de France in western |
| Newer, more high-tech designs have been selected | | | | France at Flamanville. As we were going to press, the |
| to launch the Generation IV nuclear reactors as early | | | | French Prime Minister had approved a plan to build |
| as by 2020. The preponderance of such reactors | | | | the country's second nuclear plant using third |
| would not likely arrive until after 2030. Subsequently, | | | | generation technology. |
| our forecasts of a sustained bull market in uranium, | | | | By the end of the second decade, China, India, |
| one which might last through 2015, could result in an | | | | Pakistan, Iran, Russia, Argentina, Brazil, Bulgaria, Chile |
| understatement. As nuclear countries convert over to | | | | Turkey, the Czech Republic, South Korea, Taiwan |
| the next generation of reactors, during the coming | | | | and South Africa each hope to have built one or |
| two decades, there should be several significant | | | | more reactors to keep up with electricity growth in |
| growth spurts, within this super bull uranium cycle of | | | | their countries. For example, South Korea currently |
| this sector. | | | | has four reactors under construction and a further |
| Several countries are building new reactors to replace | | | | eight planned by 2015. By then, the country hopes to |
| their aged fleet. New reactors will have to replace | | | | have boosted its total capacity of nuclear energy |
| decommissioned ones, said the International Energy | | | | production to 13,000 MW. Korea's electric company, |
| Agency. The hope is to maintain nuclear energy's | | | | KEPCO, maintains some of the world's operational |
| percentage in the overall energy source mix. | | | | ratios with its twelve reactors. Russia is constructing |
| Otherwise, air-polluting coal will fill the gap. Ontario's | | | | six nuclear plants and hopes to build eight more. |
| Bruce Power plans to rebuild two nuclear reactors, | | | | China, India, Japan, South Korea and Taiwan |
| which have remained idle for the past decade. | | | | combined could account for another 85 to 100 new |
| Canada's Ontario Power Authority announced plans to | | | | nuclear plants over the next two to three decades. |
| build twelve new plants in place electricity-generating | | | | There could be many surprises, especially in South |
| coal plants. More importantly, as many as 20 of | | | | America. During the last uranium bull market, several |
| Ontario's AECL-designed CANDU reactors may be | | | | southern hemisphere countries had announced great |
| retired. This opens the door for nuclear reactor | | | | expectations. Brazil hoped to build as many as 30 |
| vendors to replace the CANDU with a third | | | | new reactors, Argentina aimed for six, Venezuela for |
| generation reactor. | | | | as many as three, Mexico for between two and ten, |
| Finland's Teoliisuuden Voima' (TVO) utility company | | | | and Chile, Peru and Colombia for as many as two. |
| should have its third reactor powered up on Olkiluoto | | | | Those are the wild cards, which might benefit from |
| island in western Finland by 2010. The 1600 MW | | | | the more advanced smaller scale commercial |
| pressurized water reactor, aptly named Olkiluoto 3, | | | | reactors, such as the Pebble Bed Modular Reactor. |
| will join two reactors built in the 1970s. With the | | | | New engineering designs will spur demand for nuclear |
| addition of the third, much larger reactor, Finland will | | | | energy as fossil-based energy prices continue to |
| derive about 30 percent of electricity of nuclear | | | | remain high. |