A new report has suggested that the United States could be as much as 15 years behind China when it comes to developing high-tech nuclear power.
The report, issued on Monday by the Information Technology & Innovation Foundation, suggested that China’s approach to nuclear power that’s backed by the state, and the extensive funding the country puts behind the technology, is currently giving it a massive edge over the U.S.
The foundation, which is a non-partisan research group based in Washington, revealed that China currently has 27 nuclear reactors that it’s building. The average timeline for construction is only roughly seven years, the report said, which is much faster than most other countries.
As the report said:
“China’s rapid deployment of ever-more modern nuclear power plants over time produces significant scale economies and learning-by-doing effects, and this suggests that China enterprises will gain an advantage at incremental innovation in this sector going forward.”
The U.S. is actually home to the most nuclear power plants in the world. In addition, President Joe Biden looks to them as being crucial to fighting climate change, as the electricity source is virtually free from emissions.
But, recent new nuclear projects in the U.S. haven’t been so successful. Two large new plants came online in Georgia last year and this year, yet they cost billions of dollars above their original budgets and ended up being delayed by years.
Right now, there are no new nuclear power plants being constructed in the U.S. There was one that was supposed to be built at a lab in the U.S., but that ended up being canceled last year.
State-owned financial institutions in China offer loans with interest rates that can be as low as 1.4%, which is much lower than what’s typically available in economies in western countries. The nuclear power industry has significantly benefited from this and support from the government that has been sustained over the years.
As a result, China has come to dominate sectors including electric vehicles and renewable power.
Last December, the first fourth-generation, high-temperature reactor that’s cooled by gas came online at Shidao Bay. According to the China Nuclear Energy Association, this project involved deploying in excess of 2,200 sets of “world-first equipment” that had a localization rate of 93.4% for materials that were produced domestically.
Those who support such high-tech reactors say that they’re much more efficient and safer than the current plants that are online. Those on the opposite end of the spectrum argue that some of these new reactors can introduce material risks and proliferation.
It hasn’t been all rosy for China when it comes to nuclear power, though. The China Nuclear Energy Association said there was a big glut in production of nuclear components, while “excessive competition” was also causing losses because prices were being driven down.
The author of the report, Stephen Ezell, said that it’s not all doom-and-gloom for the future in the U.S. He said:
“While America is behind, it can certainly catch up technologically.”