No cost advantage from nuclear, CSIRO report finds
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The news: An annual assessment of Australia’s future electricity generation costs has found renewables continue to have the lowest cost range of any technology, while building large-scale nuclear generation presents no cost advantage.
The numbers: The joint report published by CSIRO, Australia’s national science agency, and the Australian Energy Market Operator (AEMO), found large-scale solar photovoltaics (PV) capital costs have fallen 8% two years in a row, while battery costs recorded the largest annual reduction with capital costs down 20%.
It also reported that global median nuclear construction times have increased from six years to 8.2 years over the last five years, placing a development timeframe of between 12 to 17 years. Based on this analysis, the total development lead time for nuclear power plant in Australia will be at least 15 years, it said.
The context: CSIRO chief energy economist Paul Graham said the draft report, which has opened for consultation, found no unique cost advantage in nuclear technology.
The report comes after the federal opposition led by Peter Dutton, earlier this year pledged to build seven large-scale nuclear reactors, including two by 2037.
What they said: “Similar cost savings can be achieved with shorter-lived technologies, including renewables, even when accounting for the need to build them twice,” he said.
“The lack of an economic advantage is due to the substantial nuclear re-investment costs required to achieve long operational life.”
The source: CSIRO
