LONDON (Reuters) - Nuclear power has become hard to justify as the shale gas revolution creates an abundance of natural gas that makes it the fuel of choice to back up renewables, the chief executive of General Electric told the Financial Times on Monday.
A sharp rise in shale gas production in North America in the past five years has pulled U.S. natural gas prices down close to 10-year lows and could turn the country into a gas exporter soon.
Large conventional offshore gas findings in Europe and Africa in the past two years, vast existing reserves in Russia and Central Asia and increasing production in Australia also mean gas is abundant elsewhere as well.