Iraq to bridge energy demand gap with nuclear reactors

Iraq is drafting a plan to build nuclear reactors after numerous blackouts triggered social unrest throughout the country.

The move comes as Baghdad prepares to meet a 50% jump in demand before the end of the decade for its growing population. 

"Iraq seeks to build eight reactors capable of producing about 11 gigawatts," said Kamal Hussain Latif, chairman of the Iraqi Radioactive Sources Regulatory Authority to Bloomberg.

"It would seek funding from prospective partners for the $40 billion plan and pay back the costs over 20 years," he said, adding that the authority had discussed cooperation with Russian and South Korean officials.

Iraq, which is OPEC's second largest producer of oil, saw its economy devastated by the market downturn, leading to an outbreak of protests.

“We have several forecasts that show that without nuclear power by 2030, we will be in big trouble,” Latif said.

Additionally, Iraq is cutting emissions and focusing on water shortages using desalination, making nuclear power an attractive greener alternative for the country's energy needs.

The government is already in talks with Russia's Rosatom Corp. to have support in building the reactors, Latif said to Bloomberg.