Federal Coalition Set to Unveil Nuclear Power Costings Soon
The federal coalition plans to reveal its nuclear power costings amid ongoing debates about energy sources in Australia
Nuclear Power, Australia, Renewable Energy, Peter Dutton, Andrew Forrest
Canberra: The federal coalition is gearing up to share the much-anticipated costings for its nuclear power initiative in Australia. This comes after some recent research suggested that nuclear energy might not be the best deal for the country.
On Friday, Opposition Leader Peter Dutton is expected to present his party’s figures on nuclear energy. Interestingly, a report from GenCost 2024-25 revealed that renewable energy sources have been the most affordable option for new electricity generation for the seventh year in a row.
According to the national science agency CSIRO and the Australian Energy Market Operator, generating power from nuclear would cost 1.5 to two times more than large-scale solar. Just to give you an idea, a one-gigawatt nuclear plant could set you back around $9 billion.
Experts have pointed out that energy market operators would also need to create new connection points to safely integrate nuclear power into the national electricity grid.
The coalition is advocating for lifting Australia’s nuclear ban and has promised to have reactors up and running within ten years if they win the 2025 federal election.
Recently, The Australian reported that the coalition’s nuclear policy could cost a whopping $331 billion over the next 25 years. They argue that their plan would be cheaper than the Labor government’s model, which they estimate at $642 billion, based on some commissioned modeling.
The government has previously stated that its renewable energy plan would cost around $122 billion, according to forecasts from the national energy grid operator.
As per The Australian, the coalition’s baseline plan is to have the first nuclear power plant operational by 2036 to replace retiring coal sources.
Fortescue chairman Andrew Forrest weighed in on the debate, saying that nuclear power doesn’t make financial sense for Australian families or businesses. He emphasized that ‘firmed’ solar and wind are the most cost-effective electricity options available.
Forrest pointed out that electricity from a grid dominated by renewable energy in 2030 would be half the cost of what it would be if it came from nuclear, according to CSIRO’s findings.
He also mentioned that without a focus on low-cost, high-efficiency renewable energy, Australians could face higher electricity prices and aging coal stations.
Polling from Nine newspapers showed that renewable energy solutions are more favored by Australians compared to nuclear. The Resolve Political Monitor found that only 21% of voters supported taxpayer investments in nuclear power, while 45% backed subsidies for rooftop solar and 34% for home batteries.