Russia looks set to dominate the business of exporting nuclear power plants worldwide, as its share of the market has now reached 60 percent after concluding contracts with countries like India, Turkey, Egypt and Hungary for the construction of new plants and technical cooperation.
This is attributed at least in part to disasters that struck two major competitors: Westinghouse Electric Co. of the United States, once a subsidiary of Toshiba, has gone bankrupt, while Areva SA of France is fighting an uphill battle to recover from stagnancy. Having gained a near monopoly in exporting nuclear power equipment, Russia is now also expanding its diplomatic clout in the Middle East, Asia and Europe.
Russia's strength was best illustrated by its negotiations with India, which has an ambitious plan to treble the number of its nuclear reactors from the present 22 by 2024. Previously, India signed a contract with Westinghouse to build six reactors but had to look for a new partner following the U.S. firm's collapse. This provided Russia with a golden opportunity.