Three factors will drive nuclear exports: energy security, decarbonization, and geopolitics. Recent power prices in Europe, coupled with the situation in Ukraine, demonstrate the interplay of all three factors. Nuclear exports have to be viewed in the context of the current geopolitical climate, particularly relative to Russian and Chinese competitive offerings. Finally, the critical importance of nuclear energy in meeting global decarbonization efforts can be a driving force for exports, further enhanced by the inclusion of nuclear energy in clean/green taxonomies and the accompanying support from the ESG (environmental, social, and governance) investor community.

Aerial view of Angra 3 nuclear reactor construction site in 2017. Source: Agency Brazil

The Bulletin of the Atomic Scientists published on February 16 an article questioning the logic of completing construction on Brazil’s long-dormant Angra-3 nuclear power plant.

The Brazilian government in 2019 decided to resume construction of Angra-3, after 35 years on hold. The article, Brazil’s Angra 3 nuclear reactor: A political undertaking, not a common good, states that “the work was supposed to restart last year, with the reactor entering commercial service by late 2026, but COVID-19 and the quest for private partners to invest in the project have pushed back the schedule.”