As Southeast Asia grapples with rising energy demand and air pollution, the region is turning to nuclear power as a potential solution. Despite past setbacks and safety concerns, the allure of clean and reliable energy is driving nations like Indonesia, Vietnam, and the Philippines to explore nuclear power options.
Southeast Asia 's only nuclear power plant, built in the 1970s in Bataan, Philippines, remains idle after four decades due to safety concerns and corruption. It has never produced a single watt of energy. Now, as Southeast Asia seeks cleaner and more reliable energy, the region is looking to nuclear power as a solution. Proponents argue that nuclear energy is a climate-friendly alternative because reactors do not emit greenhouse gases, unlike fossil fuels.
Technological advancements have also reduced risks associated with radiation, making nuclear plants safer, more affordable to build, and smaller in size. The International Energy Agency (IEA) predicts a surge in nuclear-generated electricity by 2025, driven by new plant constructions, national plans, and the growing interest in smaller reactors. Nuclear energy already accounts for about 10% of global electricity production, with 413 gigawatts of capacity operating in 32 countries. The IEA emphasizes the need to significantly accelerate the construction of new nuclear power plants this decade to meet global emissions reduction targets.Southeast Asia is projected to account for a quarter of global energy demand growth by 2035, and fossil fuels currently dominate the region's energy capacity. Many countries are exploring nuclear power to combat air pollution and increase energy output. Indonesia plans to build 20 nuclear power plants, a Korean company is evaluating the restart of the dormant Philippine plant, Vietnam has revived its nuclear plans, and Malaysia's future energy mix includes nuclear. Singapore signed a nuclear cooperation agreement with the US last year, while Thailand, Laos, Cambodia, and Myanmar have also expressed interest in nuclear power. However, nuclear power plants are expensive, time-consuming to build, and require a considerable time to become profitable.Vietnam's $18 billion nuclear project was suspended in 2016 due to cost overruns, but the country recently signed a deal with Russia for atomic energy cooperation. International financing for nuclear energy is becoming more accessible, with 14 major financial institutions endorsing a goal to triple global nuclear capacity by 2050 at the latest Climate Week NYC. Nevertheless, financing sources remain limited, as the World Bank does not fund any nuclear energy development projects.Developing robust nuclear energy policies and regulations, which are currently lacking in many countries, could encourage more investment by assuring investors. Technological advancements, such as small modular reactors (SMRs), are making nuclear power more affordable. SMRs, which can generate up to a third of the power of a traditional reactor, can be built faster and at lower costs, scaling to meet specific location needs.Advocates claim that SMRs are safer due to their simpler designs, lower core power, and increased coolant, providing operators with more time to react in case of accidents. Critics, however, question the actual cost-effectiveness of SMRs as they haven't been widely commercially deployed. Putra Adhiguna of the Energy Shift Institute in Jakarta points out that existing SMRs are operated by state-owned entities that lack transparency regarding their performance and costs. The cost of the first commercially deployed SMR in the US increased by about half before its cancellation. The Idaho-based project initially aimed to deliver 40 years of electricity at $55 per megawatt-hour but ultimately reached $89 per MWh, according to a report by The Institute for Energy Economics and Financial Analysis.Nuclear disasters, such as the 1986 Chernobyl accident in Ukraine, have dampened earlier enthusiasm for nuclear power in Southeast Asia, contributing to the shelving of the Philippine project.
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