The World’s Safest Source of Energy Will Surprise You
When it comes to conversations on energy, it’s hard to leave your feelings at the door.
It’s arguable that energy is the single most important driver of human progress – it’s a multi-trillion dollar industry that powers our daily lives, technological advancements, and even the economic development of entire countries. At the same time, our choices around energy can have significant consequences. How we decide to generate energy can decimate the environment, fuel political conflicts, and even cause human deaths as unwelcome side effects.
The outcomes from our choices around energy are so vivid, that we’ve developed strong and polarized associations with the subject at hand.
The Empirical Perspective
Today’s visualization on the safest sources of energy comes to us from Cambridge House, the company hosting the International Mining Investment Conference 2018 on May 15-16 in Vancouver, BC, and it uses an empirical approach to compare different energy sources with one another.
Based on the data, this comparison provides a perspective that will be surprising to many viewers. Despite its perceived dangers, nuclear is actually the safest type of energy.
|Energy Source||Deaths per 1,000 TWh||% of Global Primary Energy Supply (2015)|
That’s right – even when including seemingly catastrophic incidents such as Chernobyl and Fukushima in the calculations, the math says that the amount of energy generated by nuclear is so vast that it more than outweighs these incidents over the long-term.
The reality is that nuclear energy is much more comparable to renewables like solar or wind, in terms of safety. More importantly, it’s on the polar opposite of the spectrum from coal, which manages to kill 4,400 people daily in China alone.
The Nuclear Option
Interestingly, multiple studies have come to this exact same conclusion, including the ones used in an analysis by economist Max Roser’s project called Our World in Data.
Even though the conclusion on nuclear is pretty cut and dry, it’s still hard to absorb. After all, the relative safety of nuclear ends up being extremely counter-intuitive to our human brains, which are seemingly wired to put more weight on big, memorable events (i.e. Chernobyl) rather than slow, consistent deaths that occur over time with other energy sources.
Today, nuclear provides about 11% of the world’s electricity from about 450 power reactors, generating about 2,500 TWh of electricity each year.
And while there are still questions that remain – specifically revolving around how to store certain types of nuclear waste – the above data explains why the majority of scientists classify nuclear as a sustainable and safe energy source, along with other renewables.
This post originally appeared on Visual Capitalist’s new VC Metals channel, home to data-driven visual content on metals, commodities, and energy.
Visualizing Nuclear Power Production by Country
Nuclear power accounted for 10% of global electricity generated in 2020. Here’s a look at the largest nuclear power producers.
Nuclear Power Production by Country
Nearly 450 reactors around the world supply various nations with nuclear power, combining for about 10% of the world’s electricity, or about 4% of the global energy mix.
But while some countries are turning to nuclear as a clean energy source, nuclear energy generation overall has seen a slowdown since its peak in the 1990s.
The above infographic breaks down nuclear electricity generation by country in 2020 using data from the Power Reactor Information System (PRIS).
Ranked: The Top 15 Countries for Nuclear Power
Just 15 countries account for more than 91% of global nuclear power production. Here’s how much energy these countries produced in 2020:
|Rank||Country||Number of Operating Reactors||Nuclear Electricity Supplied|
|#5||South Korea 🇰🇷||24||152,583||6.0%|
|Rest of the World 🌎||44||207,340||8.1%|
In the U.S., nuclear power produces over 50% of the country’s clean electricity. Additionally, 88 of the country’s 96 operating reactors in 2020 received approvals for a 20-year life extension.
China, the world’s second-largest nuclear power producer, is investing further in nuclear energy in a bid to achieve its climate goals. The plan, which includes building 150 new reactors by 2035, could cost as much as $440 billion.
On the other hand, European opinions on nuclear energy are mixed. Germany is the eighth-largest on the list but plans to shutter its last operating reactor in 2022 as part of its nuclear phase-out. France, meanwhile, plans to expand its nuclear capacity.
Which Countries Rely Most on Nuclear Energy?
Although total electricity generation is useful for a high-level global comparison, it’s important to remember that there are some smaller countries not featured above where nuclear is still an important part of the electricity mix.
Here’s a breakdown based on the share of nuclear energy in a country’s electricity mix:
|Rank||Country||Nuclear Share of Electricity Mix|
|#13||South Korea 🇰🇷||29.6%|
|#17||United States 🇺🇸||19.7%|
|#19||United Kingdom 🇬🇧||14.5%|
European countries dominate the leaderboard with 14 of the top 15 spots, including France, where nuclear power is the country’s largest source of electricity.
It’s interesting to note that only a few of these countries are top producers of nuclear in absolute terms. For example, in Slovakia, nuclear makes up 53.6% of the electricity mix—however, the country’s four reactors make up less than 1% of total global operating capacity.
On the flipside, the U.S. ranks 17th by share of nuclear power in its mix, despite producing 31% of global nuclear electricity in 2020. This discrepancy is largely due to size and population. European countries are much smaller and produce less electricity overall than larger countries like the U.S. and China.
The Future of Nuclear Power
The nuclear power landscape is constantly changing.
There were over 50 additional nuclear reactors under construction in 2020, and hundreds more are planned primarily in Asia.
As countries turn away from fossil fuels and embrace carbon-free energy sources, nuclear energy might see a resurgence in the global energy mix despite the phase-outs planned in several countries around he globe.
How Energy Prices Performed in 2021
Energy commodities surged in 2021 as demand picked up and supply remained constricted, but which fuels flew highest?
How Energy Prices Performed in 2021
A year after the start of the COVID-19 pandemic, the world started to reopen and generate insatiable energy demand. Supply shortages and the clean energy transition further fueled the rise of all energy commodities.
Even in a year where markets and commodities performed strongly, energy prices stood out. The energy component of the Goldman Sachs Commodity Index (GSCI) rose by 59% in 2021, returning more than double any other component in the index.
How Much Did Energy Prices Climb in 2021?
After dipping into negative prices in April of 2020, WTI crude oil had a strong bounce back.
Many of crude oil’s derivative products also increased in price by double digits, resulting in higher gas prices at the pump. The U.S. average retail price for gasoline increased by 45.8% to close at $3.28/gal, while wholesale prices of RBOB gasoline also climbed by 57.8%.
|WTI Crude Oil||56.4%|
|Brent Crude Oil||50.7%|
Natural gas prices in Europe and the UK saw the biggest price increases in 2021, jumping more than 200%.
They were followed by ethanol, a biofuel that oil refiners are required to blend with their products. This requirement, along with the price rises in corn and sugar (ethanol’s primary raw materials around the world), made this hot commodity even more expensive.
Rising Natural Gas Prices Fuel Tension and Unrest
While the U.S. saw increases in its gasoline prices as well, these were mild compared to surges in Europe and elsewhere.
With close to 43% of Europe’s total gas imports coming from Russia, no additional supply was provided during the cold winter months. This was compounded as Germany’s approval of the Nord Stream 2 pipeline has remained in limbo.
So far, 2022 has been a continuation of these trends. For example, liquified petroleum gas (LPG) prices have nearly doubled due to unrest in Kazakhstan. The Kazakhstan government’s decision to lift price controls on LPG (the primary fuel for Kazakh cars) saw prices surge and led to days of protests and Russian intervention.
Coal Stays Strong Despite the Clean Energy Transition
Despite 2021’s emphasis on the clean energy transition, coal prices nearly doubled as the world was unable to shake off its dependence on the fossil fuel.
Even pledges from the COP26 climate change conference, such as China’s to reduce coal consumption after 2025, are not yet having an impact on prices. That’s because the country is still planning to add up to 150 gigawatts of new coal-fired capacity before then.
On the other hand, uranium couldn’t keep up with the price rises of fossil fuels. Although the energy metal had a breakout year as one of the recently renewed hopes for cleaner energy, the outlook for nuclear energy adoption and development is still mixed.
After the surge of energy prices in 2021, nations will need to carefully manage their clean energy transitions to avoid further unsustainable price rises.
The latest news from our sponsors:
Real Assets2 years ago
Prove Your Metal: Top 10 Strongest Metals on Earth
Real Assets1 year ago
Visualizing China’s Dominance in Rare Earth Metals
Misc10 months ago
All the World’s Metals and Minerals in One Visualization
Real Assets12 months ago
What is a Commodity Super Cycle?
Real Assets11 months ago
How the World’s Top Gold Mining Stocks Performed in 2020
Electrification4 months ago
Ranked: The Top 10 EV Battery Manufacturers
Real Assets1 year ago
Visualizing the Life Cycle of a Mineral Discovery
Real Assets12 months ago
Why Gold is Money: A Periodic Perspective