Next-Gen nuclear energy emerges as a potentially-safe alternative

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  Quantumrun Foresight
• February 13, 2022

Insight summary

Despite its checkered past and public apprehension, nuclear power is poised for a transformation, with industry efforts focused on making it a safer and more efficient energy source. Developments like small modular reactors and molten salt reactors are being pursued, which could make nuclear energy more accessible, while also addressing the long-standing issue of nuclear waste management. The wider implications of these advancements range from providing power for commercial, industrial, and consumer use, to creating new job opportunities and influencing changes in national and international energy policies.

Next-gen nuclear energy context

Over the past few decades, nuclear power has struggled with public perception, a problem amplified by catastrophic events such as those at Chernobyl and Fukushima. Despite these challenges, numerous industry participants continue to see potential in this energy source, especially as an alternative to fossil fuels which are significantly more harmful to the environment. One of the appealing aspects of nuclear power is its ability to generate energy without producing greenhouse gases during operation. However, issues of safety and the handling of nuclear waste have contributed to the negative outlook on this energy source.

Around the globe, many nuclear power plants are approaching the end of their operational lives, and it appears that replacements are not being built quickly enough to maintain the current capacity. This trend raises questions about the future of energy generation, and how we can maintain a sufficient supply without relying heavily on carbon-intensive sources. Many efforts are underway to reduce the risks associated with nuclear power and make it a more viable alternative.

New approaches are being explored to make nuclear power safer and more manageable. For instance, industry participants are working on developing next-generation nuclear power systems that are smaller, more digitally operated, and constructed with advanced materials to increase safety. Additionally, new methods of storing or reusing the waste from decommissioned nuclear power plants are being tested. Among the exciting developments are small modular reactors (SMRs), which offer a safer and more scalable alternative to traditional reactors, and the renewed interest in molten salt reactors. 

Disruptive impact

SMRs, due to their smaller size and lower cost, could make nuclear energy more accessible to countries and communities which previously might have found the investment and infrastructure for traditional nuclear power plants daunting. By reducing the time and resources required to establish a new power plant, SMRs could make it possible for more diverse stakeholders to participate in nuclear power generation. This development could potentially decentralize power generation, giving smaller entities more control over their energy sources.

The introduction of molten salt reactors, which use a unique type of fuel and can operate continuously, brings more promise for the future of nuclear power. The ability of these reactors to gradually consume nuclear waste over time could help address one of the major concerns associated with nuclear energy: the management of nuclear waste. As a result, the perception around nuclear power could see a significant shift, becoming a solution for waste management as well as energy generation.

In another stride towards safety, some stakeholders are working on creating fuels that are less likely to overheat, reducing the risk of accidents. Furthermore, experiments are underway to explore the potential of using radioactive waste encapsulated in diamond structures as a power source. If successful, these efforts could significantly reduce the risks associated with nuclear power, making it a safer option. 

Implications of next-gen nuclear energy

Wider implications of next-gen nuclear energy may include:

• Providing power for both commercial and industrial use, and at the consumer level.
• Contributing to the carbon-free energy mix, along with renewables like solar and wind.
• Making nuclear power environments safer to work and operate in.
• A new industry creating job opportunities in scientific research, engineering, and maintenance, enhancing the labor market and technical skill requirements.
• The use of smaller, more efficient reactors enabling local communities and smaller countries to produce their own power independently, impacting geopolitical power dynamics.
• Changes in national and international energy policies, guiding the shift from carbon-intensive energy sources to low-carbon alternatives.
• Reduced energy prices for consumers, contributing to economic relief for households and businesses.
• Communities living near nuclear power plants experiencing an improved quality of life due to enhanced safety measures and reduced risk.

Questions to consider

• With all these innovations, could you learn to see nuclear energy as a safe option? 
• Which next-gen nuclear energy initiative do you believe will generate the most positive feedback?