Energy
How Old Are the World’s Nuclear Reactors?
Subscribe to the Elements free mailing list for more like this
How Old Are the World’s Nuclear Reactors?
This was originally posted on Elements. Sign up to the free mailing list to get beautiful visualizations on real assets and resource megatrends each week.
Since the advent of nuclear electricity in the 1950s, nuclear reactors have played an essential role in meeting our rising energy needs.
Nuclear reactors are designed to operate for decades and are typically licensed for 20 to 40 years, and they can last even longer with license renewals.
So, just how old is the world’s current nuclear reactor fleet?
The bubble chart above looks at the age distribution of the 422 reactors operating worldwide as of March 2023, based on data from the Power Reactor Information System (PRIS).
The Age Distribution of the Global Reactor Fleet
Nuclear power saw a building boom in the 1970s, 1980s, and 1990s as countries expanded their energy portfolios and sought to capitalize on the advancements in nuclear technology.
As a result, the majority of the world’s nuclear reactors began operating during this period.
Age Group (years) | Number of Reactors | Net Electrical Capacity (megawatts) |
---|---|---|
0–10 | 67 | 66,937 |
11–20 | 29 | 20,964 |
21–30 | 46 | 40,905 |
31–40 | 155 | 149,638 |
41–50 | 107 | 88,526 |
>50 | 18 | 10,921 |
Total | 422 | 377,891 |
Data as of March 22, 2023.
Of the total of 422 reactors, 262 reactors have been in operation for 31 to 50 years. In other words, about 62% of all current nuclear reactors were connected to the grid between 1973 and 1992.
Growth in nuclear power slowed down by the turn of the 21st century, with decreasing public support and increasing concern over nuclear safety. As a result, only a small number of reactors fall into the 11 to 20 year age group.
But over the last decade, some countries have renewed their interest in nuclear energy, while others like China have continued to expand their reactor fleets. Some 67 reactors are between zero and 10 years old, accounting for 18% of global nuclear electrical capacity.
The oldest operating reactors (five of them) are 54 years old and entered commercial service in 1969. Two of these are located in the United States, two in India, and one in Switzerland.
How Long Can Nuclear Reactors Last?
Although specific lifespans can vary, nuclear reactors are typically designed to last for 20 to 40 years.
However, reactors can operate beyond their initially licensed periods with lifetime extensions. Extending reactor lives requires rigorous assessments, safety evaluations, and refurbishments.
Some countries have granted license renewals for aging reactors. Notably, 88 of the 92 reactors in the U.S. have received approvals to operate for up to 60 years, and some have applied for additional 20-year extensions to operate for up to 80 years.
With safety concerns addressed, reactors with lifetime extensions can offer various advantages. Without the high capital investments needed to build new reactors, they can produce carbon-free electricity at low and competitive costs, which is especially important as the global power sector looks to decarbonize.
Energy
Charted: 4 Reasons Why Lithium Could Be the Next Gold Rush
Visual Capitalist has partnered with EnergyX to show why drops in prices and growing demand may make now the right time to invest in lithium.
4 Reasons Why You Should Invest in Lithium
Lithium’s importance in powering EVs makes it a linchpin of the clean energy transition and one of the world’s most precious minerals.
In this graphic, Visual Capitalist partnered with EnergyX to explore why now may be the time to invest in lithium.
1. Lithium Prices Have Dropped
One of the most critical aspects of evaluating an investment is ensuring that the asset’s value is higher than its price would indicate. Lithium is integral to powering EVs, and, prices have fallen fast over the last year:
Date | LiOH·H₂O* | Li₂CO₃** |
---|---|---|
Feb 2023 | $76 | $71 |
March 2023 | $71 | $61 |
Apr 2023 | $43 | $33 |
May 2023 | $43 | $33 |
June 2023 | $47 | $45 |
July 2023 | $44 | $40 |
Aug 2023 | $35 | $35 |
Sept 2023 | $28 | $27 |
Oct 2023 | $24 | $23 |
Nov 2023 | $21 | $21 |
Dec 2023 | $17 | $16 |
Jan 2024 | $14 | $15 |
Feb 2024 | $13 | $14 |
Note: Monthly spot prices were taken as close to the 14th of each month as possible.
*Lithium hydroxide monohydrate MB-LI-0033
**Lithium carbonate MB-LI-0029
2. Lithium-Ion Battery Prices Are Also Falling
The drop in lithium prices is just one reason to invest in the metal. Increasing economies of scale, coupled with low commodity prices, have caused the cost of lithium-ion batteries to drop significantly as well.
In fact, BNEF reports that between 2013 and 2023, the price of a Li-ion battery dropped by 82%.
Year | Price per KWh |
---|---|
2023 | $139 |
2022 | $161 |
2021 | $150 |
2020 | $160 |
2019 | $183 |
2018 | $211 |
2017 | $258 |
2016 | $345 |
2015 | $448 |
2014 | $692 |
2013 | $780 |
3. EV Adoption is Sustainable
One of the best reasons to invest in lithium is that EVs, one of the main drivers behind the demand for lithium, have reached a price point similar to that of traditional vehicle.
According to the Kelly Blue Book, Tesla’s average transaction price dropped by 25% between 2022 and 2023, bringing it in line with many other major manufacturers and showing that EVs are a realistic transport option from a consumer price perspective.
Manufacturer | September 2022 | September 2023 |
---|---|---|
BMW | $69,000 | $72,000 |
Ford | $54,000 | $56,000 |
Volkswagon | $54,000 | $56,000 |
General Motors | $52,000 | $53,000 |
Tesla | $68,000 | $51,000 |
4. Electricity Demand in Transport is Growing
As EVs become an accessible transport option, there’s an investment opportunity in lithium. But possibly the best reason to invest in lithium is that the IEA reports global demand for the electricity in transport could grow dramatically by 2030:
Transport Type | 2022 | 2025 | 2030 |
---|---|---|---|
Buses 🚌 | 23,000 GWh | 50,000 GWh | 130,000 GWh |
Cars 🚙 | 65,000 GWh | 200,000 GWh | 570,000 GWh |
Trucks 🛻 | 4,000 GWh | 15,000 GWh | 94,000 GWh |
Vans 🚐 | 6,000 GWh | 16,000 GWh | 72,000 GWh |
The Lithium Investment Opportunity
Lithium presents a potentially classic investment opportunity. Lithium and battery prices have dropped significantly, and recently, EVs have reached a price point similar to other vehicles. By 2030, the demand for clean energy, especially in transport, will grow dramatically.
With prices dropping and demand skyrocketing, now is the time to invest in lithium.
EnergyX is poised to exploit lithium demand with cutting-edge lithium extraction technology capable of extracting 300% more lithium than current processes.
-
Lithium5 days ago
Ranked: The Top 10 EV Battery Manufacturers in 2023
Asia dominates this ranking of the world’s largest EV battery manufacturers in 2023.
-
Energy1 week ago
The World’s Biggest Nuclear Energy Producers
China has grown its nuclear capacity over the last decade, now ranking second on the list of top nuclear energy producers.
-
Energy1 month ago
The World’s Biggest Oil Producers in 2023
Just three countries accounted for 40% of global oil production last year.
-
Energy1 month ago
How Much Does the U.S. Depend on Russian Uranium?
Currently, Russia is the largest foreign supplier of nuclear power fuel to the U.S.
-
Uranium2 months ago
Charted: Global Uranium Reserves, by Country
We visualize the distribution of the world’s uranium reserves by country, with 3 countries accounting for more than half of total reserves.
-
Energy3 months ago
Visualizing the Rise of the U.S. as Top Crude Oil Producer
Over the last decade, the United States has established itself as the world’s top producer of crude oil, surpassing Saudi Arabia and Russia.
-
Debt1 week ago
How Debt-to-GDP Ratios Have Changed Since 2000
-
Markets2 weeks ago
Ranked: The World’s Top Flight Routes, by Revenue
-
Countries2 weeks ago
Population Projections: The World’s 6 Largest Countries in 2075
-
Markets2 weeks ago
The Top 10 States by Real GDP Growth in 2023
-
Demographics2 weeks ago
The Smallest Gender Wage Gaps in OECD Countries
-
United States2 weeks ago
Where U.S. Inflation Hit the Hardest in March 2024
-
Green2 weeks ago
Top Countries By Forest Growth Since 2001
-
United States2 weeks ago
Ranked: The Largest U.S. Corporations by Number of Employees