The Fukushima nuclear accident and its effect on global energy security

The March 2011 nuclear accident at the Fukushima Daiichi nuclear power station affected both shortand long-term energy-security in Japan, resulting in crisis-driven, ad hoc energy policy and, because of the decision to shutter all nuclear reactors, increased the country’s demand for fossil fuels, primarily natural gas. However, the effects of the accident on energy security were not restricted to Japan; for example, the worldwide availability and affordability of liquefied natural gas were affected by Japan’s increased demand; while the accident itself resulted in the loss of public acceptability of nuclear power and led countries, such as Germany and Italy, to immediately shut down some of the nuclear reactors or abandon plans to build new ones. This paper examines some of the short-term effects on global energy security following the accident at Fukushima, focusing on the main replacement fuel, liquefied natural gas. It shows, amongst other things, that the accident increased investment in liquefied natural gas projects around the world. The paper shows that despite Fukushima contributing to nuclear power’s loss of acceptability in most developed countries, it is still seen as an essential way of improving energy security in many countries and, despite what its critics may say, will probably continue to be used as a significant source of low-