An independent report has found nuclear power is the most costly form of new energy generation in Australia, up to six times more expensive than renewable sources like wind and solar.
The review was commissioned by the Clean Energy Council and conducted by consulting and engineering firm Egis. It analysed research from the CSIRO, Australian Energy Market Operator (AEMO), Lazard Review and Mineral Council of Australia (MCA).
Key findings include nuclear requiring strong safety regulations and enforcement bodies that don’t currently exist in Australia, with establishing these frameworks needing significant government funding passed onto taxpayers.
Waste management and decommissioning costs were also omitted from previous nuclear cost calculations, potentially making it even more expensive. Economic viability will further diminish as more renewables and battery storage enter the grid.
“This report confirms the CSIRO’s findings that nuclear energy is six times the cost of renewable energy and that replacing renewables would cause power prices to explode,” Kane Thornton, Clean Energy Council CEO said.
“Taxpayers also need to understand the costs that will be borne if they are forced to foot the bill for building a nuclear industry from scratch over decades.”
Thornton said nuclear is a “poor fit” with Australia’s increasingly renewable power system, unable to ramp up and down to match fluctuating renewable output.
The review found the MCA’s research on small modular reactors (SMRs) is outdated and flawed, not anticipating current delays in SMRs projects globally. Cost estimates were uncertain for unconstructed projects.
The MCA considered the NuScale Power project which has since been cancelled due to large cost overruns.
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