Developing safe, sustainable nuclear energy in the Kingdom

Most G20 economies have implemented initiatives to develop and generate nuclear energy that is safe, clean, and economical. More than a decade ago, Saudi Arabia set up a dedicated center for nuclear energy under the name King Abdullah City for Atomic and Renewable Energy. The city aims to integrate atomic and renewable energy with the national energy system by activating the comparative advantages and creating new ones from all value chains in atomic and renewable energy for sustainable development in the country.

Due to the rapid increase in energy demand across the industrial and residential sectors, and to reduce the reliance on hydrocarbons, the Kingdom is planning a sustainable energy mix that includes atomic energy to meet the needs of the Kingdom to produce electricity, desalinated water, and thermal energy. This will contribute to the process of balanced economic development.

It is worth noting that the Saudi National Atomic Energy Project was launched to enable peaceful nuclear energy in the Kingdom to contribute to the national energy mix under local requirements and international commitments under the Kingdom’s Vision 2030.

In addition, nuclear energy will play a significant role in reducing the increasing consumption of the nation’s fossil fuels while diversifying the nation’s economy.

The project has four pillars to perform its mission. First, a large nuclear power plant, a reactor with an electrical capacity of 1200-1600 megawatts, aimed at supporting the base load in the electrical grid throughout the year.

Secondly, small modular reactors are a nuclear energy option for processing heat applications and electrical power generation. The country currently uses a significant amount of fossil fuel for processing heat applications such as water desalination, refineries, and petrochemical plants, besides generating electricity.

For the Kingdom to have a pioneering role in the atomic and renewable energy sector, regionally and internationally, strategic partnerships with leading companies will be beneficial to accelerate its implementation plans.

Thirdly, the nuclear fuel cycle where uranium is one of the essential elements in civil applications of atomic energy. Saudi Arabia has uranium resources that can produce nuclear fuel for future national power reactors.

Fourthly, establishing a legislative and regulatory framework for nuclear energy and radiation sources to ensure the highest levels of safety to protect individuals, society, and the environment from the undue harms of ionizing radiation and radiological activities in Saudi Arabia.

For the Kingdom to have a pioneering role in the atomic and renewable energy sector, regionally and internationally, strategic partnerships with leading companies will be beneficial to accelerate its implementation plans.

Recently, BMG has signed an advisory mandate with a leading nuclear energy developer, newcleo, to raise about €1 billion ($1.09 billion) capital by inviting strategic partners from Saudi Arabia and other Gulf countries to develop sustainable and safe energy utilizing innovative technologies.

newcleo’s exclusive technology is leveraging the European experience on fast reactors to develop the next generation of nuclear power that will increase safety and reduce costs while dramatically reducing nuclear waste.

newcleo 30 MWe and 200 MWe reactors are indeed using MOX (mixed oxides), a fuel developed in Belgium and France from the nuclear waste of other reactors that allows to extract from mined uranium, 200 times more energy, with multi-recycling in a closed cycle: A much more sustainable approach to nuclear energy.

Basil M.K. Al-Ghalayini is the chairman and CEO of BMG Financial Group.