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Nuclear Power to Grow at a Slower Pace than Other Power Generating Sources
Nuclear technology is one of the major base-load power-generating sources and accounted for 10.7% of global power generation in 2015. Nuclear Power Plants (NPP) generated 2,425 Terawatt hours (TWh) of electricity in 2015. Installed capacity for nuclear power increased from 370.8 GW in 2006 to 380.8 GW in 2015 at a CAGR of 0.3%, and is expected to reach 576.6 GW in 2030 at a CAGR of 3% for the forecast period 2015–2030. In terms of the installed capacity in 2015, though Europe was leading the table with 42.3%, the leading position is expected to be taken over by the Asia-Pacific region by 2030 with a share of 46.16%. Global nuclear power generation decreased from 2,661,330 gigawatt hours (GWh) in 2006 to 2,425,396 GWh in 2015 at a negative CAGR of 1.2%. It is expected that by the year end 2030, the total nuclear power generation will reach 4,079,954 GWh.
Renewable Expected to Account for More than 50% of Installed Capacity in Belgium by 2030
Renewable power capacity is expected to dominate the power mix in Belgium in 2030. Thermal power market is expected to be the second leading source in terms of contribution to the installed capacity in Belgium with a share of 29.8% in 2030 as compared to 63.1% share of renewable power capacity in the year 2030. Renewable power is expected to have maximum growth during the period 2015–2030. Share of renewable power is expected to increase from 32.1% of the cumulative power capacity in the year 2015 to 63.1% in the year 2030. The market growth of renewable power will be driven by the government initiatives and programs.
Belgium to Phase out Nuclear Power by 2025
Base load power demand in Belgium is met through renewable, thermal power from gas, and nuclear power. The importance of nuclear power is steadily declining, but that of gas-based thermal power generation is growing. Nuclear power generation is expected to decrease from 24,825 GWh in 2015 to 10,614 GWh by the year 2030 at a negative CAGR of 9% during the period 2015–2030. This is due to the decommissioning of the existing nuclear plants. No new nuclear reactors are expected to come online during the forecast period and by 2025, it is expected that all the nuclear plants will be shutdown.