CANBERRA, May 22 (NNN-AAP) – A large-scale nuclear power plant in Australia would generate electricity at more than twice the cost of renewable sources, a report from the national science agency found.
The Commonwealth Scientific and Industrial Research Organisation (CSIRO) and Australian Energy Market Operator (AEMO) today published the annual GenCost report for 2023-24, charting the cost of building new electric generation and storage and hydrogen production projects through to 2050.
For the first time since its inception in 2018, the latest GenCost report compared large-scale nuclear technology with other power generation options.
It found that, building a 1,000 megawatt (MW) nuclear power plant would cost at least 8.5 billion Australian dollars (5.6 billion U.S. dollars) and take over 15 years to develop, due to the absence of a development pipeline and additional legal, safety and security steps required.
If operational by 2040, it is estimated that a large-scale reactor would generate electricity at a minimum cost of 141 AUD (94 USD) per megawatt hour (MWh) and a maximum of 232 AUD (154.7 USD) per MWh.
By comparison, the report estimated that onshore wind farms would produce electricity for a maximum price of 74 AUD (49.3 USD) per MWh by 2040, and solar photovoltaic (PV) technology for a maximum of 55 AUD (36.6 USD) per MWh.
Nuclear power has been prohibited in Australia since 1998, but the governing Labour Party has faced calls to repeal the ban, which it has ruled out doing.
The GenCost report found that renewables remained Australia’s cheapest electricity generation option, despite inflationary pressures and the associated costs of storage and transmission.
A separate report, published by NGO, the Clean Energy Council earlier in May, found that nuclear energy would cost up to six times more than renewable sources of electricity.– NNN-AAP