Switching from coal to nuclear power would cost Australia $387 billion, modelling says
New modelling shows using nuclear energy to replace Australia’s ageing coal-fired power plants would cost $387 billion.
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Energy Minister Chris Bowen has seized on the analysis from his department to attack the opposition, which says nuclear energy should become an important part of Australiaās energy mix in the transition to net-zero emissions.
The analysis says the retiring coal fleet would need a minimum of 71Ā small modular reactors.
Mr Bowen says switching to nuclear āflies in the face of economics and reasonā, with the method of power generation being three times more expensive than firmed renewables.
He said the small modular technology was largely untested and that he ācanāt think of a worse fit for Australia than nuclear powerā.
āThere are two small modular reactors in the world being in Russia and China, neither of them is operating commercially,ā he told ABC radio on Monday.
The capital costs of small modular nuclear reactors would be $18,167 perĀ kilowatt compared with $1058 for variable large-scale solar and $1989 for variable onshore wind.
The cost per megawatt-hour is set at $198-$349 for nuclear, $35-$58 for large-scale solar and $44-$75 for variable onshore wind.
But Liberal frontbencher Dan Tehan said Bill Gates supported the oppositionās argument, saying nuclear was the only way to get to net-zero and pledged to press ahead with their policy.
āWe have to do it here in Australia as well, the Labor Party are happy to do it when it comes to submarines,ā he told Sky News.
āChris Bowen is trying to use every underhanded way, using bodgy figures to try and put the Australian people off having nuclear as part of our energy mix.ā
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Mr Bowen said the transition to renewables more broadly was going well but could be better.
āWe have a very substantial pipeline of investment that the private sector is planning but I want to see more of that,ā he said.
He added that the federal government wouldnāt be stepping in to keep the NSW Eraring coal-fired power plant open, saying he agreed with the state ministerās comments that āshe doesnāt want to see Eraring stay open a day longer than it needs to or close a day earlier than it has toā.
He said there had been no proposals for the federal government to contribute to the plan.
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