Why is the US nuclear industry making more money than ever?
Posted On July 29, 2021
The US nuclear energy industry is making more than ever before, and with it, a lot of money.
According to a report from the US Nuclear Energy Institute (NEI), the US has more than $1.5 trillion in installed nuclear power capacity, with $1 trillion of that being nuclear fuel.
That figure is more than triple what it was just a few years ago, and makes the US the third largest nuclear power market in the world.
The US government spent $2.8 trillion on nuclear power in 2021, and has invested in nuclear power for the last 15 years, and is set to spend $3.4 trillion by 2030.
In total, the US spent more than 4.7 trillion dollars on nuclear energy last year.
That includes the billions spent on new reactors and the construction of new facilities, as well as subsidies for the nuclear industry.
The Nuclear Energy Association (NEA) is an industry group that represents US nuclear power plants.
The NEA, which represents about 80% of all nuclear plants, said it has invested $4.3 trillion in nuclear projects since 2009.
The report comes as US President Donald Trump is seeking to cut subsidies to the nuclear power industry.
He wants to cut the cost of power for consumers, which would likely have a negative impact on nuclear capacity, as nuclear plants rely on subsidies to generate electricity.
But the NEA said it would be unfair to compare nuclear power to fossil fuels because nuclear plants use different types of fuel.
For example, nuclear power produces more carbon dioxide per unit of energy than coal or oil, the group said, while natural gas, which is much cleaner than coal, emits less.
The nuclear power sector has been expanding at a faster pace than the energy industry in the last few years.
The average capacity factor of nuclear power units has increased by 40% since the mid-1990s, and nuclear power generated more electricity in 2021 than it did in 2030.
According, the report, the nuclear energy sector has more capacity than any other industry in a single year since 2009, with a total of 7,072 megawatts of nuclear capacity.
It has also increased its share of the U.S. electricity mix by 4% since 2021.NEI said that this growth has been driven in part by the economic impact of the Affordable Care Act and its reforms.
The legislation has allowed millions of low-income and working-class Americans to access health insurance that is often more affordable than that of their more affluent counterparts.