IEA says nuclear power enters revival phase with 70GW under construction

Fatih Birol, executive director of the International Energy Agency (IEA), said “nuclear is back” during his keynote at the World Nuclear Exhibition in Paris. He cited IEA data showing 2025 nuclear generation at its highest level and 70GW of new construction under way.

The IEA report, commissioned in June 2024, finds 40 nuclear newcomer nations exploring power plants. Birol identified three primary drivers for the renewed interest: energy security, climate mitigation, and a fast-growing demand for electricity driven by AI, rising air-conditioning use, and EV adoption. He said countries with reliable 24/7 power will gain a competitive edge as data centres and AI scale up.

The analysis highlights risks alongside the opportunity. On average, recent projects in many countries finish eight years late and cost 2.5 times the initial estimate. The IEA flagged concentrated supply chains, noting more than 40 percent of global uranium enrichment capacity is in one country, and urged diversification of fuel-cycle capabilities. Birol also pointed to licensing and regulatory barriers, especially for emerging technologies such as small modular reactors (SMRs).

China accounted for more than 80 percent of new nuclear capacity in the past five years, the IEA said. SMRs are gaining interest because they can be easier to finance and quicker to build. The IEA expects commercial SMRs to reach markets in the 2030s, with interim demand likely met by gas, renewables, and potentially expanded geothermal deployment.

On waste management, Birol acknowledged progress on long-term disposal plans and technology, but said most waste remains stored onsite and continued innovation and policy action are required. He urged predictable, sustained policy support to avoid stop-and-go cycles that undermine industry learning and supply-chain development.

The Atlantic Council discussion, hosted by Frederick Kempe, reinforced the report’s call for coordinated public and private investment. Birol said governments must design financing instruments and guarantees to attract private capital, while public funding will remain essential for large projects and supply-chain diversification.

The IEA view is clear. Nuclear is resurgent. Delivering that potential will require faster, more disciplined project execution, wider supply-chain choices, and regulatory frameworks that enable new technologies.