In this article, we will take a look at the Top 15 Nuclear Energy Producing Countries in the World. You can also check out 10 Countries with Most Nuclear Weapons in the World for our discussion on global defense industry.
Nuclear energy is the use of nuclear reactions to produce electricity and is considered as one of the cleanest and lowest emission sources of power. Being one of the largest global contributors of carbon-free electricity historically, nuclear power accounts for almost 10% of electricity generated globally and even rises to about 20% in advanced economies, according to International Atomic Energy Agency.
The increased demand of nuclear energy comes from the global energy and climate crisis. Given the energy crisis, countries are reducing reliance on imported fossil fuels and have made energy security their top priority and as of today, nuclear energy stands as the second largest source of low emissions power after hydropower. In the last 50 years, nuclear energy has helped avoid over 60 gigatons or 20% of the global carbon emissions.
The International Atomic Energy Agency has predicted that the nuclear generating capacity will increase to 873 gigawatts net electrical by 2050, and nuclear energy will account for 14% of global electricity generation. However, S&P Global has forecasted an increase in the global nuclear capacity from 415 gigawatts to 555 gigawatts. This increase will come from the 355 gigawatts that will be added between 2022 and 2025, mainly in China.
Despite its ability to produce emissions-free power, nuclear power still has unsure future prospects. Because of its uncertainty regarding possible billions of tons of secondary carbon emissions and nuclear waste, it faces public opposition in many countries. Large up-front costs, long lead times, and poor record of on-time delivery, are some of the reasons why it has trouble competing with other alternatives.
However, the challenges must outweigh the benefits because many companies have been making waves in this industry. The two biggest ones are NextEra Energy, Inc. (NYSE:NEE) and Cameco Corporation (NYSE:CCJ).
NextEra Energy, Inc. (NYSE:NEE)
NextEra Energy, Inc. (NYSE:NEE) is a clean energy leader and the world’s largest producer of wind and solar energy. The Florida-based company owns seven operating nuclear units and provides electricity and natural gas.
According to the company’s financial statements, for the full year 2023, NextEra Energy reported net income of $7.310 billion and an earning per share of $3.60. The company showed impressive financial performance as compared to last year when it reported a net income equaling $4.147 billion and an EPS of $2.10 per share.
Cameco Corporation (NYSE:CCJ)
Cameco Corporation (NYSE:CCJ) is a Canadian mining company that boasts the highest uranium production in the world. The company alone accounts for almost 17% of the global production. One of Cameco Corporation’s operating areas is the McArthur River Uranium Mine, which is the world’s largest high-grade uranium deposit, boasting a proven uranium reserve of 265.5 million pounds, as of the 2023 year end.
During the financial year 2023, Cameco Corporation (NYSE:CCJ) had a revenue of $2,588 million which showed that it grew almost 39% from the prior year at $1,868 million. The company’s gross profit however had a change of even more than 110% as it grew from $233 million in 2022 to $562 million in 2023.
Also see: 10 Most Advanced Countries in Nuclear Fusion and 18 Countries That Produce the Most Nuclear Energy.
Photo by Frédéric Paulussen on Unsplash
Methodology
For the purpose of this ranking, we referred to data on Nuclear Electricity Supplied from Power Reactor Information System (PRIS). PRIS is a database on Nuclear Power Reactors developed and maintained by the International Atomic Energy Agency (IAEA). Through this source, we gathered data on Nuclear Electricity Supplied by every country in the year 2022. The data was then arranged in ascending order and 15 countries with the highest nuclear production were picked.
At Insider Monkey we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points. (see more details here).
15. Finland
Nuclear Production in 2022: 24,241.97 GWh
Finland currently has two power plants in the Baltic Sea that house its 5 nuclear reactors which are some of the most efficient ones in the world. According to the World Nuclear Association, these reactors boast an average lifetime capacity factor of over 90% and an average capacity factor over the last ten years of almost 95%. Nuclear power is responsible for almost 35% of the country’s electricity generation.
14. Czech Republic
Nuclear Production in 2022: 29,310.30 GWh
With a nuclear production of 29.31 TWh, the Czech Republic has six nuclear reactors that supply one-third of the country’s electricity. The Czech prime minister announced in December 2019 that construction on the country’s next unit was expected to begin in 2029, with the reactor in operation by 2036, bringing nuclear power’s share of electricity to 40% by 2040.
13. Germany
Nuclear Production in 2022: 31,892.24 GWh
In 2021, 13.3% of the total electricity produced in Germany came from nuclear energy, according to DW. However, in December 2021, Germany shut down its 3 nuclear plants followed by its decision to phase out nuclear power due to its risks exceeding the benefits. The remaining three nuclear power plants were shut down on 15 April 2023.
12. Belgium
Nuclear Production in 2022: 41,744.41 GWh
Belgium initially planned to withdraw from nuclear energy by 2025 but given the war in Russia and Ukraine, the country decided to continue its energy generation for the next ten years in two of its nuclear reactors. Currently, 46.4% of the total electricity produced in the country comes from nuclear energy, based on reports from the International Atomic Energy Agency.
11. India
Nuclear Production in 2022: 41,973.14 GWh
At present, India has 23 reactors commissioned that have a total installed capacity of 7480 MW, and the country plans to further increase it. India is in talks with private firms to invest about $26 billion in its nuclear energy sector. The funding would help India to achieve its target of having 50% of its installed electric generation capacity use non-fossil fuels by 2030, up from 42% now.
10. United Kingdom
Nuclear Production in 2022: 43,604.79 GWh
Nuclear power in the United Kingdom generates about 14.2% of the country’s electricity. Most existing capacity is to be retired by the end of the decade. However, the government plans to have nuclear account for 25% of total electricity generated by 2050.
9. Sweden
Nuclear Production in 2022: 50,018.23 GWh
Sweden has three operational nuclear power plants with 6 operational nuclear reactors, which produce about 40% of the country’s electricity. In November 2023, the government announced plans to construct two large-scale reactors by 2035 and the equivalent of 10 new reactors, including small modular reactors, by 2045.
8. Japan
Nuclear Production in 2022: 51,907.51 GWh
Japan, which once stood as the third largest country with 54 nuclear reactors, now only has 33 units of nuclear reactors remaining and two are currently under construction according to The Diplomat. So, the government’s plans to generate 20 to 22 percent of electricity by 2030, which currently stands at a mere 6.1%, seem a little unrealistic.
7. Spain
Nuclear Production in 2022: 56,150.36 GWh
Spain currently has seven nuclear reactors that are responsible for producing one-fifth of the country’s total electricity, according to the World Nuclear Association. In December 2023 the government announced its intention to close all nuclear power plants in the country with the cost amounting to €20.2 billion ($21.74 billion). The first reactor is planned to be taken offline in 2027 with the phaseout being completed by 2035.
6. Canada
Nuclear Production in 2022: 81,717.65 GWh
Canada has been commercially producing electricity through nuclear power plants since the early 1960s. According to the Government of Canada, the country currently has 5 nuclear plants that operate twenty-two nuclear reactors. These five power plants are spread across 3 provinces and are responsible for generating 15% of Canada’s total electricity.
5. Republic of Korea
Nuclear Production in 2022: 167,513.86 GWh
There are twenty-six active nuclear reactors that account for one-third of the country’s power source mix. President Yoon Suk-Yeol has set a target for nuclear to provide a minimum of 30% of electricity by 2030. The country is also involved in building UAE’s first nuclear power plant, under a $20 billion contract.
