Nuclear power more costly than wind and solar: CSIRO study
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The news: Electricity produced from small modular nuclear reactors (SMRs) would cost five times as much compared to firmed wind and solar power, according to the CSIRO's latest GenCost report that compares the lifecycle costs of various energy technologies.
The numbers: The levelised cost of energy (LCoE) per megawatt hour of renewables in 2030 is predicted to be between $82 to $120/MWh, whereas SMRs are forecast to cost $382/MWh by the same date.
The context: The annual GenCost survey included the cost of producing power from large-scale nuclear reactors for the first time in 2023-24, after receiving requests to do so in its annual consultation process. The survey found that unless Australia commits to a continuous production program for nuclear reactors, the cost of large scale plants would be prohibitive.
Based on costs from South Korea, which regularly rolls out large-scale reactors, Australia could produce power from large-scale nuclear for $163 to $264/MWh, although the study noted it was unlikely to be able to commission its first plant until after 2040.
What they said: Commenting on the findings of the GenCost report, Climate Change and Energy Minister Chris Bowen said it showed that SMRs could cost up to eight times more than firmed renewables, if a "first of a kind premium" was factored in.
“Peter Dutton’s half-baked plan would see Australians foot massive bills to build risky reactors that have been shown by experts to be the most expensive form energy, and too slow to keep the lights on," Bowen said in a statement.
The sources: CSIRO GenCost survey executive summary , Chris Bowen media release
