A recent report by CSIRO has raised significant concerns regarding the fiscal feasibility of nuclear energy in Australia. The GenCost report reveals that nuclear power is expected to be over twice as costly as a renewable energy mix, primarily comprising solar and wind with storage options. It asserts that renewables not only yield power at lower costs—between $98 and $150 per megawatt-hour (MWh) this year— but are also set to become even cheaper, dropping to between $67 and $137 by 2030. Conversely, the costs associated with large-scale nuclear power range from $155 to $252 MWh and are unlikely to decrease significantly.
CSIRO’s chief energy economist, Paul Graham, emphasised that nuclear power does not offer a unique cost advantage compared to other energy technologies, noting that substantial reinvestment costs impact its economic viability. As the ongoing debate continues, Opposition Leader Peter Dutton is set to disclose costings related to the Coalition’s proposal for constructing seven nuclear plants. However, he has questioned the validity of the CSIRO’s findings, despite acknowledging the lack of a clear economic benefit for nuclear energy. This stark assessment highlights the growing consensus in the renewable energy sector regarding its superior cost effectiveness compared to nuclear power.