Following the steep declines recorded in 2022, nuclear power generation is ramping back across key gas and LNG imports, further contributing to an easing of market fundamentals.
The strongest yoy gains were recorded in Japan, where nuclear power gen jumped by over 50% (or 20 TWh) amidst the gradual return of nuclear power plants.
In China, nuclear output continued to expand and grew by an impressive 18 TWh yoy in Q1-3 2023.
In Korea, nuclear output increased marginally compared to last year.
In Europe the picture is rather mixed: French nuclear output surged by 11% (or 24 TWh), however this increase was more than offset by the nuclear phase-out in German and lower output in Sweden.
Altogether, nuclear power generation rose by 4% (or 34 TW) across these key Asian and European markets in Q1-3 2023, albeit remaining below the levels reached in 2021.
Higher nuclear output reduced the call on gas-fired power plants, especially in Japan and northwest Europe, further contributing to the easing of market fundamentals.
What is your view? How will nuclear power output evolve in the coming years? Could we see a revival?
Source: Greg MOLNAR
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