The Best Opportunity for Nuclear Industry

[After the war on climate change….]Russia’s war in Ukraine has created the “best opportunity” for Japan’s nuclear industry to stage a comeback since the 2011 Fukushima disaster, according to the country’s largest reactor maker. Akihiko Kato, nuclear division head at Mitsubishi Heavy Industries, said in an interview with the Financial Times…” Japan’s heavy reliance on Russian gas imports has rekindled a debate over nuclear power in the country more than a decade after regulators took most plants offline following one of the worst nuclear disasters in history. The world’s third-largest economy has been plunged into a power crisis exacerbated by the soaring cost of liquefied natural gas and oil. Japan imports about 9 per cent of its LNG from Russia, putting it in a difficult diplomatic position as its western allies impose sanctions on Moscow.

But in contrast with the US, which sources close to a quarter of its processed uranium from Russia, Japan imports about 55 per cent of its processed uranium from western European countries, according to Ryan Kronk, a power markets analyst at Rystad Energy. Kato’s remarks underscored a shift in the country’s nuclear narrative, with an industry that had been in retreat now emboldened to speak out. His remarks come after Prime Minister Fumio Kishida told investors this month in London that Japan would use nuclear power to “help the world achieve de-Russification of energy”. “

Mitsubishi Heavy expects an increase in orders for components from Europe in the coming years, as countries including the UK and France commit to building new nuclear plants.  

Excerpts from Ukraine war is ‘best opportunity’ for nuclear comeback since Fukushima, industry says, FT, May 15, 2022

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