10-08-2025
Nuclear Power Output Quietly Sets A New Record
Nuclear power has always been a paradox. It can produce massive amounts of low-carbon electricity, yet it must constantly battle the headwinds of politics and public perception.
The latest Statistical Review of World Energy shows that while nuclear generation is growing globally—setting a new record high in 2024—the trend is anything but uniform. Some countries are charging ahead, while others are stepping back.
Global Output: Modest Growth, Unevenly Shared
In 2024, global nuclear generation reached 2,817 terawatt-hours, a modest uptick from 2023, but surpassing the previous all-time high set in 2021.
Over the past decade, output has grown at a 2.6% annual rate—slow, but a clear recovery from the post-Fukushima slump. That growth is heavily skewed toward non-OECD countries, which are building new capacity at a faster pace (3.0% annual growth) than the flat-to-declining trend in OECD nations (2.5%).
Asia Pacific: The New Center of Gravity
The most dramatic shift is happening in Asia Pacific, now responsible for over 28% of global nuclear output—over double its share from a decade ago.
This marks a clear geopolitical shift. Nuclear power is no longer dominated by Western democracies, but by countries with state-driven, long-term infrastructure agendas.
North America: Stable, but Aging
The United States still leads the world in nuclear output at roughly 850 TWh annually (29.2% of the world's total nuclear output), but beneath the stability is a slow attrition of older plants and a lack of new construction.
But the U.S. had the biggest nuclear milestone in decades in 2023 and 2024 with the startup of Vogtle Unit 3, followed by Unit 4. Located in Georgia, Vogtle is the first newly built nuclear power plant in the United States in more than 30 years, and its completion marks the end of a long, costly construction saga plagued by delays and budget overruns. Together, the two new reactors added more than 2,200 megawatts of capacity—enough to power over a million homes—and provide a rare example of nuclear expansion in a country where most growth has come from extending the lives of existing plants.
Canada's output has slipped from 106 TWh in 2016 to 85 TWh in 2024, reflecting plant refurbishments and changing policies. Mexico, a small player, has seen big year-to-year swings, which may indicate operational challenges.
Europe: A Story of Contrasts
Western Europe is drifting away from nuclear:
In Eastern Europe, the picture is brighter. The Czech Republic, Hungary, and Slovakia are increasing output, while Ukraine has managed to maintain over 50 TWh annually despite wartime disruptions.
Emerging Regions: Small Shares, Big Moves
In Latin America, Brazil and Argentina are holding steady around 15–25 TWh, with Brazil inching higher. Africa's only nuclear producer, South Africa, remains flat at about 13 TWh. The Middle East has a new entrant in the UAE, which ramped from zero in 2019 to over 40 TWh in 2024 thanks to the Barakah plant—an impressive buildout in such a short time.
The Outliers
Final Thoughts
The global nuclear landscape is diverging. Some countries are doubling down, driven by the twin imperatives of energy security and climate action, while others are walking away. The center of gravity is moving away from traditional Western producers toward nations prepared to back nuclear with long-term capital and policy support.
For investors, the next wave of growth is likely to come from Asia and the Middle East, not the historical powerhouses of Europe and North America. That shift carries environmental upside as well—especially in China, the world's largest carbon emitter. Every gigawatt China moves from coal to nuclear represents a major win in the fight to reduce carbon emissions.
