In this article, we will take a look at the Top Nuclear Energy Producing Country in the World. We have also compiled a full free list of the Top 15 Nuclear Energy Producing Countries in the World.
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 the 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, as given in Insider Monkey, however, also getting offset by retirements to be made in North America and Europe.
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 additional carbon emissions, 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, according to Insider Monkey. 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 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.
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).
1. Is United States Top Nuclear Energy Producing Country in the World?
Nuclear Production in 2022: 772,220.52 GWh
With Nuclear production of 772,220.52 GWh production in 2022, United States is the Top Nuclear Energy Producing Country in the World.
The USA is the world’s largest producer of nuclear power and accounts for about 30% of global generation of nuclear electricity, according to World Nuclear Association. The country has 93 nuclear reactors that are operated by 30 different power companies across 30 different states. Nuclear power currently produces 18.2% of the total electricity generated by the United States, according to the International Atomic Energy Agency.
The U.S. has also achieved efficient nuclear power plant utilization through establishing well improved maintenance & safety infrastructure at the plants, and also through enhanced refueling. As a result of this, the average electricity generation costs have jumped down from $51.22/MWh in 2012 to $30.92/MWh in 2022! This reduction was an outcome of 41% reduction of fuel costs, 51% reduction of capital expenditures and 33% reduction of operating costs.
You can see the full free list by going to the Top 15 Nuclear Energy Producing Countries in the World.
If you are looking for an AI stock that is as promising as Microsoft but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: 15 Biggest Nuclear Energy and Reactor Companies in the World and 15 Countries That Have Nuclear Weapons Or Nuclear Power Technology.
Disclosure: None. This article is originally published at Insider Monkey.